Advisers encouraging clients to remain invested even during the predicted recession will be looking after their clients’ long-term well-being and wealth, the head of Dynamic Planner has said.
Ben Goss, chief executive of Dynamic Planner, said even with whole economies shut down, the role of the adviser in supporting investors in making the right decisions has never been more critical.
He said while clients are likely still focused on their physical health, advisers have been playing a “crucial role” in protecting not just their financial futures but also their overall mental health and wellbeing in the longer term.
The Bank of England last week presented an economic scenario in which house prices might fall 16 per cent and GDP might contract 14 per cent over the course of 2020.
Mr Goss said: “When investment risk shows itself in a client’s portfolio, and with a backdrop of such negative news, it is understandable that for some it may be tempting to exit.
“This is where advisers really come into their own – and those conversations between adviser and client can be the critical difference between feeling anxious and acting.
“The support that advisers are giving clients today will help their prospects tomorrow, not just in terms of their financial wellness, but their overall well-being too.”
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