A third (33%) of financial advisers say clients want more contact time with them outside of traditional working hours, according to a new report.

Over a third (35%) of advisers say clients want to meet more frequently and have more contact time.

A third of the advisers surveyed by Charles Stanley said the demand for face-to-face contact has increased since Coronavirus pandemic restrictions began to ease.

A quarter of advisers said clients want to continue with virtual meetings.

It was not just the pandemic advisers said was driving a new way of working with clients, but also generational change.

Advisers are also being pulled into the social media and digital space by younger clients.

A quarter (24%) of 18-21 year old clients surveyed by Charles Stanley and 26% of 22-25 year olds said they engaged with their advisers via social media or messaging post-Covid-19.

Among older age groups, such as those aged 31-35 and 46-55, 40% and 26% respectively said they conducted meetings via video conference calls post-Covid-19. This compares to 27% and 8% respectively who said they conducted meetings this way pre-Covid.

Sean Osborne, group head of sales at Charles Stanley, said: “Advisers were quick to adapt to the “new normal” last year, and as we become more settled with hybrid and flexible working, they are having to adapt again to meet changing client demands and their financial priorities.

“The pandemic is largely responsible for shifting the way in which people access and seek advice, but advisers are also being drawn into social media environments by younger clients, while simultaneously being expected to maintain and increase face time with others. 

“As such, advisers are having to diversify their approaches on how they interact with clients on more personal and bespoke levels.”

• Research was carried by Censuswide on behalf of Charles Stanley among 200 financial advisers and 1,021 general consumers who have previously or currently seek financial advice. The surveys were completed between 28 October and 4 November 2021.