More than half (55%) of advisers surveyed for new research predicted an increase in demand for financial advice within the next five years. They said the increase in demand will be driven by clients’ changing circumstances and goals (29%), and a greater awareness of the value of financial planning (20%).

Over three quarters (77%) of advisers surveyed for Fidelity International owned FundsNetwork’s research said they are looking to take on new clients. This compares to 67% when they were questioned at the start of the year.

Four in five (79%) of advisers surveyed said they have already addressed clients’ concerns about volatility following the significant market falls during lockdown.

Jackie Boylan, head of FundsNetwork, said: “Many of us will have found our plans and priorities for the future significantly disrupted by the events of this year. While our long-term financial goals may not have changed, the way we go about achieving them may have to.

“As we know, financial advisers can play a valuable role in supporting clients during this unsettling time, demonstrating the value of advice and financial planning. While markets may have recovered much of their losses from the start of the year, the outlook remains far from certain, and now is the time for IFAs to help clients reassess their situation and prepare for the future.”