Covid-19 pandemic hits advice sector as planners report 20% revenue drop - research

Smaller firms hardest hit by pandemic

Hannah Godfrey
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Heather Hopkins: “Financial planners adapted quickly to remote working but the inability to meet prospects face to face has taken its toll on financial advice businesses."
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Heather Hopkins: “Financial planners adapted quickly to remote working but the inability to meet prospects face to face has taken its toll on financial advice businesses."

Three-quarters (75%) of advisers have experienced a negative impact on gross revenues due to the Covid-19 pandemic, with a fifth forecasting a decline of at least 20%, research by the PFS and NextWealth has uncovered.

The Personal Finance Society's (PFS) and Next Wealth research found small firms with two to five employees have been hit hardest by the pandemic, with 83% of small firms reporting a decline in gross revenue....

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