Advisers seeing clients withdraw funds due to uncertain economy

Clients wish to ‘plug the financial shortfall’ amid the cost of living crisis

Isabel Baxter
clock • 1 min read

Financial advisers are seeing significant changes in client behaviours as the UK’s economic outlook remains uncertain, according to a survey by AKG sponsored by Standard Life.

As the cost of living crisis persists, the research suggested that financial advisers are seeing many clients withdrawing funds to "plug the shortfall" or opting for a more cautious approach to their finances.  Close to half (46%) of advisers have noticed clients withdrawing more funds to cover essential bills and address immediate income shortfalls. Even those who may not be immediately struggling have still reassessed their approach, the research showed. Over a third (35%) of advisers have seen clients deviating from previously set plans by withdrawing money. Clients are increasi...

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

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Your profession

Impactful giving: How wealth advisers are adapting to rising demand

Impactful giving: How wealth advisers are adapting to rising demand

Adapting to the shifting values of the next generation of investors

Catherine Crowfoot
clock 03 December 2024 • 4 min read
The Adviser Incubator: Meet graduate Toby Barklem

The Adviser Incubator: Meet graduate Toby Barklem

An inside look at The Verve Foundation’s programme

Isabel Baxter
clock 03 December 2024 • 3 min read
Industry dismisses chancellor's Mansion House speech

Industry dismisses chancellor's Mansion House speech

Majority say it did not deliver a ‘forward-moving’ plan

Sahar Nazir
clock 03 December 2024 • 2 min read