The COVID-19 crisis has been a wake-up call for individuals the world over to get their finances in order, with one financial advice provider noting a massive jump in new enquiries.
Global financial advisory organisation deVere Group has reported a 24 per cent surge in new client enquiries across the month of April, which it attributes to individuals, households and businesses readjusting and looking to the future – a direct result of the COVID-19 crisis.
“Disruption and dislocation have hit entire economies and businesses of all sizes and in all sectors,” the group’s chief executive and founder, Nigel Green, outlined.
He explained that this has had “a very real and very immediate impact on the finances of individuals, households and businesses around the world”.
“Suddenly, unexpectedly, many have realised that they didn’t have sufficient money behind them, they didn’t have contingency plans.”
Flagging that, already, “2020 has been a year of change”, Mr Green said the majority of new clients are seeking advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning.
Mr Green commented that a lack of forward planning in relation to the above could have consequences for not only the lifestyles and life opportunities of themselves and loved ones, but for those in business, the long-term sustainability of their firm.
“With financial matters back in sharp focus, for many, ‘I should have’ becomes ‘I need to have’,” he said.
“This most unusual situation has dramatically underscored that no one really knows what is around the corner.”
Mr Green said that now more than ever, people are seeking to be as financially prepared as they can for any eventuality.
“For an increasing number, this includes a change in the way we prioritise, with long-term financial security for ourselves and our loved ones ever-more important.”
The same thing happened following the 2008 global financial crisis: “That too served as a wake-up call to many people to ensure that they become financially secure and there was a subsequent increase in demand for advice.”
“Even then – when confidence in financial institutions, especially traditional banks, was at an all-time low – people understood that as the world evolves, your financial planning strategies might need to also,” he expressed.
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Article reproduced from Nest Egg by Grace Ormsby