Six in 10 ten advisers also say they have had more contact with clients since the start of the Coronavirus outbreak.

Advisers were optimistic about the “resiliency” of their businesses despite the impact of the pandemic, according to research for Royal London.

Royal London asked 96 advisers in a forum during the first half of April how the Covid-19 pandemic has hit their businesses and their clients.

Feedback from the 96 advisers revealed that more than two thirds (67%) expected business return to return to usual within three months of the ‘end of Covid-19’.

Nearly 4 in 10 (37%) expect this to take only one month and only 10% expect this recovery to take more than six months.

While new business demand has dipped advisers say they are spending more time speaking to their current clients.

Six in ten advisers have seen inbound contact from clients increase by 25% with demand for reassurance on investments, information on furlough, self-employment and payment deferrals.

Demand has increased for protection products with mortgage advisers looking to expand protection-related business while the housing market is subdued.

Royal London says these high levels of adviser confidence were also evident in research the mutual insurer carried out with NMG in December before the crisis.

Responses from 426 advisers showed that while nearly half (48%) had been approached to either sell or merge their business in the last two years only 17% were actively considering it with the majority of smaller firms planning to stay independent.