Firms might be advised to assess clients’ risks from continuing COVID disruption, supply issues and inflation…

Those at the highest risk level will be in dire need of support as the winter cycle progresses.

Time to dust off consultancy skills and make good use of digital data collection to create business plans that will help clients cope.

There are no downside risks to this approach.

If clients get to witness how the planning and review of business activity helps to lower anxiety levels, they will become open to more of the same.

To survive, advisers need to advise rather than crunch numbers for the benefit of the Treasury. Compliance costs will be seen as a grudge purchase and the sooner professionals can refocus on promoting their advisory skills, the sooner they will break through the notion that clients want the advice but are not prepared to pay for it.

COVID and Brexit are conspiring to create challenges that hopefully, are unlikely to be repeated for a generation.

Contact your at-risk clients and start the conversation. Even if they do not have the resources to engage in a serious planning exercise, they will appreciate your offer of support.

Source: New feed