Demand for financial advice rose 24% in April at global financial advisory group deVere.

deVere operates from 70 offices around the world and advises 80,000 clients.

The company said the number of enquiries from new clients was up a quarter in April, compared to the previous month.

The majority of new clients sought advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning advice.

Nigel Green, founder and chief executive of deVere Group, said the Coronavirus outbreak had spurred more people to seek advice.

He said: “ The same thing happened following the 2008 financial crash. That too served as a wake-up call to many people to ensure that they become financially secure and there was a subsequent increase in demand for advice.

“Even then - when confidence in financial institutions, especially traditional banks, was at an all-time low – people understood that as the world evolves, your Financial Planning strategies might need to also.”

The company has also researched how people want to receive advice.

According to a poll carried out by deVere among existing and prospective clients, 52% still preferred ‘face-to-face’ advice, 42% preferred video-calling platforms like Zoom, and 6% answered preferred telephone advice. 

Mr Green said: “Given the circumstances and how much things have changed, I was surprised that the preferred option for the delivery of financial advice remains face-to-face. But video communication is only 10% behind, which is quite something as it is a new platform for most people.”

Some 72% of clients polled said they felt the world has changed permanently since the Coronavirus outbreak and this will bring opportunities for new companies but some previously successful businesses would falter.