'Park your own beliefs about money': Adviser tips on helping clients deal with the recession

Recession confirmed today

Sophie King
clock • 2 min read

The Money Panel founder Catherine Morgan said advisers should “park their own beliefs” about money when handling clients during a recession, following the news this morning that the UK is now in "its largest recession on record".

This morning (12 August), the Office for National Statistics (ONS) confirmed the UK is in a recession, as GDP figures showed a record 20.4% contraction in Q2. The data followed a more modest decline of 2.2% in Q1, leaving the UK economy more than a fifth - 22.1% - smaller than it was at the end of 2019. Morgan said it is important to understand the client's own behaviours and to be self-aware when giving them advice. She said advisers should understand their clients will have their own beliefs about money which will affect how they respond to a drop in the market, for example. "One of...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Higher proof-of-value demands and operational challenges keep private markets on margins of UK advice portfolios

Sahar Nazir
clock 19 December 2025 • 9 min read
Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Business development exec Lawrence Patrick joined charity The Mehiel Foundation

Professional Adviser
clock 19 December 2025 • 1 min read
Why human connection remains central in a digitally enabled advice sector

Why human connection remains central in a digitally enabled advice sector

'It is clear that the sector is moving through a significant period of transformation'

Tim Riseborough
clock 17 December 2025 • 3 min read