2020 has certainly not turned out as expected. Throughout the pandemic we have changed a lot about how we work – something that was considered in this year’s rankings. We are always looking at how we do things. Our team are dedicated to searching for new or better ways to continue best supporting our clients; so this sort of company-wide recognition is a great boost.
On reflection the changes that we have had to make as a business, has got us thinking about the financial planning industry in general. Many businesses have had to adjust and we’re now seeing a rise in trends that are changing the landscape in which we work:
Remote vs. face to face
One of the most difficult adjustments has been not being able to meet up with our clients face to face.
Our financial planning is based on the strong relationships that we form with our clients. These relationships – some spanning 20 plus years – are key to allowing us to really understand our clients’ goals and aspirations; so not being able to get together has been quite the change.
While we are looking forward to the day when we can sit down together again, one trend that we have seen emerge is the increased use of technology. We have moved at pace to roll out the use of technologies that allow us to still meet with our clients ‘face-to-face’, albeit virtually. We have been able to continue with everything from coffee catch-ups to annual financial planning reviews in this way and, so far, our clients have fed back that it’s working really well.
Events gone digital
Continuing with the tech theme, many of our events such as presentations and seminars have also made the move to online for now. While digital events have been around for some time, they have become a much greater focus for many businesses. A focus that we expect to continue until such a time as we are able to attend in person again, and perhaps even beyond.
Volatile markets shine a light on the need for holistic Financial planning
We have always believed that offering a holistic financial plan is the best thing for our clients. For example, while investing or tax planning can play an important role, they are only a part of what we can offer. Whatever the reason is for seeking professional advice, it's worth looking at the big picture.
With COVID-19 rocking markets, we’re now seeing this ethos be picked up more widely. There’s has been a growing shift away from a product-centric model to one that focuses more holistically on all round financial wellness.
UK financial scams surge
Unfortunately fraudsters have been working to take advantage of the uncertainty caused by the pandemic.
According to the Financial Times, earlier in lockdown there was a rise in impersonation scams but “recent increases in fraud have been driven by a jump in reported investment scams, in which criminals target customers looking to earn a better return on their cash.”
It’s important that we all remain vigilant. If you have any concerns, do not hesitate to contact your Financial Planner who would be happy to help. We have also compiled these FAQs to help you know what to look out for if you aren’t sure.
We’re here to help
If you have any questions about anything covered in this blog, or would like to discuss your options when it comes to your pension, your 1825 Financial Planner will be happy to help.
If you’ve yet to find a financial planner and you would like to find out more about how we can help, please get in touch.
The information in this blog or any response to comments should not be regarded as financial advice. If you are unsure of any of the terminology used you should seek financial advice. Remember that the value of investments can go down as well as up, and could be worth less than what was paid in. The information is based on our understanding in November 2020.