“Adviser skills are unparalleled in this area and best-placed to ensure clients’ entire financial needs can be properly taken care of.”
Tim Morris, IFA at Russell & Co Financial Advisers, added: “For me, a key factor is the impact of the pandemic on people’s retirement plans.
"Those who have just retired and had made big plans eg. to spend much more time travelling have experienced massive disruption to their plans. They may not even be able to realise them at all.
“The elderly and young appear to have suffered the greatest impact to their wellbeing. The former generally find it more difficult to adapt and change their lifestyle.”
According to the report, technology (44 per cent) and training (29 per cent) are seen as key in helping to provide solutions.
Boylan added: “Financial wellbeing plays such an important part in determining how we feel about other areas of our lives, in both our sense of security as well as our ability to pursue life goals.
“The financial challenges many households have faced during the past year will undoubtedly have added to the uncertainty resulting from the pandemic and placed further strain upon their overall wellbeing.
"Advisers can provide invaluable support as they look to overcome both short and longer-term concerns.”
Last week, research by Investment Trends, which surveyed 1,371 financial advisers in March 2021, showed three in ten financial advisers have seen profitability decline in the past year, a record since the study began in 2012.
sonia.rach@ft.com
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