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According to a survey conducted by SimplyBiz, market volatility and the effects of inflation were the most common topics of conversation between consultants and their clients.
The survey, which was conducted to understand the changing landscape of challenges and opportunities faced by consultants, as well as the changing needs and concerns of clients, showed that these topics were followed by a cost-of-living and interest rate crisis.
The results showed that 41% of firms were positive about the coming 12 months, and only 13% said they were worried about the future.
The rest were cautious, with more optimism for the second half of the year.
At the same time, 40% of respondents reported an increase in the number of clients over the past 12 months.
This trend continued after a 2022 SimplyBiz survey in which 75% reported an increase in customers.
Nearly half of respondents (44%) said they had an increase in vulnerable clients over the past 12 months.
Consultants’ primary focus was on finding ways to further support clients, with 45% choosing this as their top priority.
Other areas of activity for the consultants included improving efficiency, expanding the client bank, and reducing the administrative burden.
Many of the changing work patterns during the pandemic have persisted as consultants have sought to strike a balance between virtual and physical interactions.
SimplyBiz Marketing Director Richard Ardron comments, “Our survey of consultants provides a better understanding of their mood and direction.”
“Given the obvious challenges facing all of us, we wanted to get first-hand information about where consultants will focus, what problems they solve for their clients, and how they prefer to work. In turn, this ensures that we can align our support with the needs of our members and customers.”
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