Just over one in three financial advisers (34%) say clients want more emotional support - in addition to financial advice - post the pandemic.

The pandemic has meant that clients want wider guidance and assistance with their day-to-day lives and not just help with financial matters, according to a new survey.

Since Covid-19 restrictions have lifted, 33% of advisers say that client demand for face-to-face contact has increased.

The study suggests clients increasingly want advisers to go beyond providing just financial advice, the study by wealth manager Charles Stanley found.

Charles Stanley says clients are becoming much more demanding about additional support and adviser skillsets need to expand.

Almost a third (31%) of financial advisers surveyed said that clients now required more support in general.

More than a third (35%) of financial advisers said clients wished to meet more frequently and have more contact time with them. 

Covid-19 has added to the skillsets required of advisers. 

• 29% of clients want more ‘personal touches’ and advisers to understand their “personal situation” whether that be family life, employment status, or day-to-day struggles

• A quarter (26%) want their adviser to build their relationship with them 

• When asked about what clients want most from meetings, 31% of advisers said that clients wanted answers to any questions they have 

• The same number (31%) said clients wanted them to use real-life examples

In addition to the traditional adviser role and being masters in their field, many consumers expect financial advisers to go “above and beyond”, becoming more like counsellors. 

Nearly one in five clients said that regular communication from their adviser would also make for a better experience while 15% said support after core traditional working hours would be helpful. 

Sean Osborne, group head of sales at Charles Stanley, said: "Clients no longer only seek financial advice from their adviser, but also look for someone who can go above and beyond the traditional role and demonstrate their skillset as a counsellor, mediator, and listener, all the while being more contactable and accessible out of hours.

“Covid-19 has thrown huge curveballs to both advisers and clients, changing the ways we work, digitisation, the financial priorities everyone has, and the moments that matter which prompt conversations between the two. Advisers have been quick to adapt to a more virtual model of advice, but things are shifting again as clients want more face-to-face contact and a broader skillset from their adviser. The lines are being blurred between professional and personal advice in a post-Covid world, and advisers are under pressure to deliver on all fronts.”

Charles Stanley is launching a ‘Moments that Matter’ report looking at life stages and milestones that trigger client conversations with financial advisers and how advisers can adapt to new demands from clients.

• Research was carried out by Censuswide with 200 financial advisers (Aged 18+) and 1,021 consumers who have previously or are currently seeking financial advice (Aged 18+). The surveys were completed between 28 October and 4 November.