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Financial advisers: how to get through a lockdown

20 April, 2020John Somerville

So, four weeks into lockdown – how are you doing? Working from home and trying to maintain some sense of normality? Or have you been furloughed? Financial advisor

Whatever your situation, if you’re anything like me you’ll be feeling a range of emotions about the current situation – mostly driven by uncertainty and many questions.

How long will the lockdown last? Will you and your family stay safe? (I hope you are all well). And what will life after lockdown be like? What part will technology play? Will the pace of change continue?

Keeping in touch

Then there’s your work and business. How can you keep in touch with your clients during these times? What help do they need? How do you develop new contacts and new clients? You may also be trying to cover colleagues who are ill or on furlough, or you may be on furlough yourself to help your business get through this period.

Volatility and change

There’s been a lot of volatility in the markets – how will that play out, and what does it mean for your clients? And how will your business change once the lockdown is over and markets, businesses, and individuals, start to recover.

Here are a few tips from us on how to get through this difficult period:

  • Take advantage of free resources and guidance on offer
  • Look at what’s available from your network if you’re in one – many have set up online coronavirus hubs, offering advice and free resources.
  • If you’re an LIBF member you have access to Knowledgebank, our online library, which is full of resources and offers free access to industry publications.
  • We’re also regularly producing podcasts, webinars and articles covering key issues for the advice community.

Reach out now to maintain relationships for the future

Reach out to your clients now and see if you can help – people remember those who helped them through uncertain times. And they are likely to help refer you onto friends and family as a trusted professional.

So, what will your clients need?

  • They may just want to talk about what’s happening in the market, and want reassurance.
  • Some of your clients may need help managing interruptions to their cash flow. You can help them understand their options – for example they could look at equity release to release capital, or they may need help understanding what financial assistance is on offer from government, or their mortgage and other lenders. Or they may need help managing debt. Read my article on FTAdviser for more on this.
  • When the current crisis is over, your clients will need your help to recover and build for the future. Decumulation is one area you might want to look at – to build up your skills and knowledge. There is likely to be more scrutiny on this from FCA in the future, along with pension transfers. Be at the top of your game to get the best outcomes for your clients.
  • Finally, protection. It’s still the cornerstone of all the best financial plans – it may be worth revisiting this vital area.

Talking of building skills…

Is now a good time to develop your skills and build up CPD?

  • If you’ve been furloughed, or do have more time on your hands, why not make the most of that and build up your own future resilience. · You could look at doing a specialist qualification – such as in equity release, pension transfers, or long term care and later life planning. Alternatively, you could look to take the next step in financial advice qualifications, with our Level 6 Advanced Diploma
  • You could also sign up for our new specialist membership category designed for financial advisers. We’ve introduced Certified Financial Adviser membership to help advisers maintain CPD, network with peers and keep their knowledge and skills up to date. You also get a digital badge to display to your clients and colleagues.

Find out more about Certified Financial Adviser

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