Cost of living and market shocks spike demand for financial advice
September 21, 2022 (Investorideas.com Newswire) The cost-of-living crisis and this year’s wild stock market turbulence are prompting a growing number of people to seek financial advice, according to new figures.
One of the world’s largest independent financial organizations, deVere Group, which currently has more than $12bn under advisement, affirms that year-on year inquiries from new clients are up more than 25% to August 2022.
“Inflation is stubbornly sitting at multi-decade highs and rising prices are having a real impact on people,” says Nigel Green, CEO and Founder of deVere.
“As finances come under more and more pressure, with households’ and businesses’ daily expenses, savings, and investments increasingly feeling the squeeze, they are turning to advisors.
“They’re looking to see what options they have to ease the burden. They’re looking for financial opportunities to help them raise their standard of living, which for many is currently falling.”
Besides the sharp and painful rise in the cost of living, there is another major contributing factor that is driving inquiries for financial advice.
“Stock markets have been extremely volatile this year. The MSCI global stock index was down 20.9% for the first half of 2022,” observes the deVere CEO.
“It follows the impressive performance of markets in 2021, following the peak Covid selloff, which enticed an army of new investors – many of whom might have assumed that valuations would continue to soar in a straight line forever.
“The major market downturn this year, then, would have been an unpleasant surprise to a large proportion of this new cohort, many of whom had invested for the first time.”
Many experts agree that the best way to secure financial security is to devise, implement and manage a sound, tailor-made strategy with an independent financial adviser (IFA). But choosing the right IFA, a professional who will manage your money and help you meet your long-term objectives, is not always easy.
Nigel Green says: “It’s crucial to get it right. Your finances are too important for you and your family, and mistakes are too costly, to select the wrong financial mentor.”
By asking your potential financial advisor these six questions, he believes you will avoid most of the potential pitfalls:
Is your company authorized to give financial advice by the appropriate regulatory authority?
Does your company have an international presence?
Do you have more than one option for the financial advice given?
How long has the company been in operation?
What is the total value of the company’s assets under management?
Do you offer full disclosure?
The deVere Group CEO concludes: “These unusual, and for many worrying, times have focused minds.
“It’s encouraging that more and more people are seeking professional advice as there are options out there to mitigate the issues, protect and grow your money.
“You might think I would say this, but, I would argue this is really not the time to ‘go it alone’.”
t: +44 207 1220 925
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
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