Cost of living and market shocks drive up demand for financial advice

“As finances come under increasing pressure, with daily spending, savings and investments of households and businesses coming under increasing pressure, they are turning to advisers.”

deVere says year-over-year inquiries from new customers are up more than 25% through August 2022.

Nigel Green, CEO and Founder of deVere, commented: “Inflation is stubbornly at multi-decade highs and rising prices are having a real impact on people.

“As finances come under increasing pressure, with daily spending, savings and investments of households and businesses coming under increasing pressure, they are turning to advisors.

“They are looking to see what options they have to ease the burden. They are looking for financial opportunities to help them raise their standard of living, which for many is currently declining.

Besides the steep and painful rise in the cost of living, deVere says there is another major contributing factor driving requests for financial advice.

Nigel Green continues: “Stock markets have been extremely volatile this year. The MSCI World Stock Index fell 20.9% in the first half of 2022.

“This follows impressive market performance in 2021, after the Covid selloff, which attracted an army of new investors – many of whom might have assumed valuations would continue to soar in a straight line forever.

“The major market downturn this year would therefore have been an unpleasant surprise for much of this new cohort, many of whom had been investing for the first time.”