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

Willingness to pay for financial advice falls as other options open up

Willingness to pay for financial advice falls as other options open up

Perceived need for financial advice has fallen, Boring Money report finds

Isabel Baxter
clock 13 June 2025 • 2 min read
Women in Financial Advice Awards 2025: Complete your entries!

Women in Financial Advice Awards 2025: Complete your entries!

Entry period closes on 20 June

Professional Adviser
clock 12 June 2025 • 1 min read
Robo-advisers 'disrupting' self-directed client segment

Robo-advisers 'disrupting' self-directed client segment

Emotional value of advice still a ‘completely human endeavour’

Isabel Baxter
clock 12 June 2025 • 3 min read

In-depth

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
Behind the advice: The hidden mental health struggles of financial advisers

Behind the advice: The hidden mental health struggles of financial advisers

As Mental Health Awareness Week spotlights wellbeing across industries, advisers speak out

Sahar Nazir
clock 16 May 2025 • 7 min read