Remote Financial Advice During Lockdown

Published by Godiva Wealth Management at 22nd June 2016

Meeting a financial adviser face to face-may not be an option for a while.

Traditionally, a financial adviser will meet with clients in person, often meeting at the financial adviser’s office or client’s home. Financial advice such as investment planning or pension advice may be received on the telephone if the distance is an issue.

Thankfully, Godiva Wealth Management has considered conducting investment advice remotely and securely. We understand that some clients may be concerned about the technical aspects of this, confused by the plethora of remote options; Skype, Microsoft Teams, Zoom, Google Meets – the list is endless.

We can walk you through this ensuring that you feel reassured not just by the technology but also by the quality of financial advice. As a Coventry financial adviser, our focus is on fact-finding the right information for your financial security.

At an initial consultation, the financial adviser will research information: establish needs and objectives, conduct risk profiling, and engage in a discussion regarding investment planning, retirement, pensions, tax, and trust planning. Discussing financial needs and offering carefully considered responses is where Godiva Wealth Management excels, building rapport and trust in the process.

In addition, our Coventry financial adviser will follow up with recommendations. We will give detailed proposals relating to retirement planning and investment advice; how the recommendations are suited to the client’s needs, and how the recommended strategy is formed, explaining the process behind it.

Retirement concerns

Whilst living amidst the global pandemic of COVID-19 we may be unable to meet new people due to self-isolation or social distancing. Those aged over 70 have been advised to limit contact with others as a precaution against contracting COVID-19. Those in and around this age range will have retirement planning and retirement income decisions to make – important decisions at a landmark time of their lives.

Those approaching retirement may wish to maximise retirement benefits.

Consideration will be required as to how to access their private pensions. Those who have accessed their pensions flexibly will want to know how global stock market volatility affects their pension arrangements. Financial advice may be needed to navigate turbulent periods where pension pots are shrinking.

Those at the point of retirement will want to understand their options regarding income and pension lump sums, along with other factors such as making full use of tax reliefs, tax-efficient investments and perhaps trust arrangements. All the above mustn’t be done without taking informed advice from an expert financial adviser.

Delaying a financial decision may have undesirable consequences, and in general, it is better to act in plenty of time. Therefore, during the COVID-19 crisis, remote advice will be the way forward for many more people.

Accessing financial advice remotely

In general, most clients and advisers agree that meeting face-to-face is the most preferred and easiest method. But under the current circumstances, we are all having to change our methods even though remote financial advice has been available in one shape or another for many years.

Communication platforms such as Skype, Facetime and Microsoft Teams enable effective communication between client and adviser. We can use video conferencing, audio and screen sharing for presentation purposes. As mentioned, not everyone is familiar with these methods of communication and may seek help from members of their household to assist in setting up the communication platform, either by downloading software or an app. If this is not possible our Coventry financial adviser will talk you through the tech quagmire.

Should your financial adviser need to have sight of certain documents these can be either posted, shared, or scanned and sent electronically.

Moving forward

With the suggestion that a return to normality post-COVID-19 is likely to take some time, the financial advice realm for the over 50s may have changed significantly, investment and pension reviews may need to be conducted remotely and those seeking advice from a financial adviser will need to adopt new communication practices. This Coventry financial adviser is determined to give the right financial advice at the right time and can help you do it remotely. Do not let technology get in the way of your retirement planning or receiving the best investment advice, especially in these turbulent times.