One in three certified financial planners (CFPs) is receiving more incoming calls from potential new clients despite the extreme market conditions, an Institute of Financial Planning (IFP) study suggests.
The institute questioned CFP professionals on their views and the practices of their clients in the current global financial crisis, with 32.5% of respondents reporting an increase in calls.
It says the need for quality professional advice is all the greater during turbulent times and this is reflected in the survey results, with 58% of CFPs also revealing increased communication with existing clients.
Just over 83% report their clients are sticking with their longer term financial plans, rather than lapsing into "short-termism".
Over 40% of respondents said clients were keen to take advantage of the current market weakness to add to their investment portfolio.
"It is good to see that most clients of CFP professionals are sticking with their long term financial plans, with many actually taking advantage of market downturns to add to their portfolios," says Nick Cann, chief executive officer of the IFP.
"The fact that so many are reporting an increased in calls from potential clients is really encouraging, and shows that more and more consumers are recognising the value of working with Financial Planners.
"Effective communication with clients is key here to be able to build strongly on the relationship when the economy starts to improve."
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