Economic challenges leave advisers with concerned clients

Advisers say they are experiencing increasing demand for client support

Isabel Baxter
clock • 1 min read
Economic challenges leave advisers with concerned clients

Advisers are experiencing increasing demand for client support due to economic challenges, Fidelity International has found.

Fidelity Adviser Solutions' latest IFA DNA1 study has revealed almost half (49%) of advisers said clients are increasingly worried about their financial wellbeing with levels of concern now at their highest since the launch of the study in 2020.

More than four-fifths (87%) of advisers said that the cost of living and inflation are the main drivers for unease amid their client base, and doubts about market returns (74%) are also a significant factor.

Meanwhile, more than half (51%) of IFAs expect the number of people seeking financial advice to increase over the next five years. Many have already seen evidence of this growing demand. Just over nine out of ten (93%) of advisers have taken on new clients in the past 12 months compared with 91% a year ago and 84% in 2021.

The need for support in navigating more complex areas of personal finance (68%) is expected to be the main reason behind this demand for advice, along with increased awareness of the importance of financial planning (48%) and uncertainty of market conditions (42%).

Head of proposition, strategy and growth Sam Christopher said: "The need for financial planning has never been greater. With concerns rising for the second year in a row - with more advisers noting increased concern among their clients about their financial wellbeing than during the pandemic - advisers have a vital role to play by helping clients navigate these challenging times.

"It is more important than ever for advisers to build strong and trusted relationships with clients. As these findings show, more and more people are recognising the value of financial advice and as an industry we need to look at how we fulfil this."

Read more: Knowing where to turn: Reassuring clients in turbulent times

More on Your profession

Aveni forms AI advisory board with wealth management leaders

Aveni forms AI advisory board with wealth management leaders

Senior execs from Aviva’s Succession Wealth, Schroders Personal Wealth, 7IM and Rathbones join forum

Sahar Nazir
clock 01 July 2025 • 2 min read
Majority of UK wealth management sector eyes acquisitions this year

Majority of UK wealth management sector eyes acquisitions this year

Continued appetite and momentum in M&A space

Isabel Baxter
clock 30 June 2025 • 3 min read
How can firms improve client engagement with wealth products?

How can firms improve client engagement with wealth products?

Consumer first focus; Simplifying prodcut information

James Wood
clock 30 June 2025 • 4 min read

In-depth

Why Gen Z still trusts financial advisers in the age of finfluencers

Why Gen Z still trusts financial advisers in the age of finfluencers

A digital generation with a human touch

Sahar Nazir
clock 23 June 2025 • 4 min read
QROPS class actions: What next for frustrated UK expats?

QROPS class actions: What next for frustrated UK expats?

Calls for reform across the board as insurers fight back in IoM

Isabel Baxter
clock 29 May 2025 • 7 min read
AI on trial: FCA's Live Testing opens new path for advisers

AI on trial: FCA's Live Testing opens new path for advisers

Offering regulated firms a controlled space to trial advanced technologies

Sahar Nazir
clock 21 May 2025 • 7 min read