In a statement released on Tuesday, deVere Group, which services clients in over 100 countries, said it would offer free advice to clients on a remote basis to help them deal with the impact to their portfolio and personal finances as a result of COVID-19.
DeVere Group chief executive Nigel Green said the company was launching the new contactless advice initiative for four key reasons.
“First, social distancing is currently the only tool available to fight the spread of the coronavirus. As such, more and more cities, regions and countries are going into lockdown and people into enforced or self-imposed isolation to help fight COVID-19. This means that they might not be able to see their financial adviser face-to-face as they do ordinarily,” Mr Green said.
“Second, the economic landscape is shifting. The global economy is facing a short and deep recession. As always, new industries will emerge and, of course, there will be winners and losers in terms of sectors, jobs and wages – and this will, naturally, directly impact people’s finances.
“Third, we’re moving towards an era of negative interest rates, which will affect people’s investment decisions, amongst other financial matters.
“And fourth because the ongoing volatility will present challenges that will need attention, but also major – perhaps once-in-a-generation – buying possibilities and ways to shore-up your retirement income.”
Mr Green added that against this backdrop, investors should be revising their portfolios to ensure they mitigate risk and take advantage of opportunities.
He said the group’s contactless advice service would include a discussion of financial objectives and concerns with a professional adviser, a fact find and a customised report for the client and adviser to discuss.
“The world is changing fast and a short coronavirus-triggered global recession and the subsequent recovery will have lasting and far-reaching consequences for people’s wealth,” Mr Green said.
“Experts agree that very seldom is it a good idea to take a DIY-approach to something so fundamental to your life as your finances. With the financial and economic landscape shifting and evolving so rapidly, this, I suggest, is certainly not the time.
“With this free service that offers professional, independent advice, there’s no need to do that.”