The Coronavirus pandemic will accelerate demand for Financial Planning within the next five years, according to a new report.

More than half (55%) of financial advisers told FundsNetwork, Fidelity International’s adviser platform, that they expect demand for Financial Planning to accelerate within the next five years following the uncertainty resulting from the pandemic.

Over two thirds of advisers (68%) said they anticipated a growing awareness of Financial Planning to drive this demand, with market uncertainty (58%) and shifting personal circumstances (58%) also factors.

The 200 advisers surveyed for Fidelity's IFA DNA study also expected demographic shifts (33%) and improvements in technology (16%) to contribute towards market growth.

Jackie Boylan, head of FundsNetwork at Fidelity, said: “The events of the past 18-months will have led many people to reassess their financial priorities. While this may have led to more positive reflections for some - looking at how they can create opportunities for the future - others may be looking for greater security after such uncertainty. In either case this can present complex decisions which financial advice can help to navigate.”

Over a third (35%) of advisers have seen an increase in the number of their clients experiencing money worries over the past year - with three-quarters (75%) of these reporting a decline in their clients’ overall wellbeing and mental health as a direct result.

• The IFA DNA II study was based on research of 200 advisers in February.  

Further information about the IFA DNA studies can be found here.