Virtually all financial advisers want the Australian Securities and Investments Commission (ASIC) to take a more facilitative and understanding approach as both advisers and clients seek to navigate the panic-inducing volatility of the COVID-19 pandemic, according to a survey conducted by Money Management.
Asked what would help them navigate the current period of uncertainty, nearly 93% of respondents to the survey answered that they believed ASIC should adopt a more facilitative approach, while the second biggest issue nominated by respondents was a more supportive approach on the part of their dealers.
Asked what their clients should or should not be doing at the current time, virtually all respondents nominated that clients should be discouraged from panic selling.
Asked what would be the worst thing their clients could do, well over 90% of respondents nominated ‘crystallising losses’.
Most advisers believe it will take between one and five years for their clients to fully recover from the financial and economic consequences flowing from the pandemic, with most of the advisers working harder than ever before to provide the right advice.
The survey revealed more than half of the adviser respondents (51.72%) to the survey reporting that client enquiries are running at levels much higher than expected, while a further 30.34% said it was about in line with what could be expected during a period of increased market volatility.
The survey revealed that 86% of respondents believed it would take between one and five years for investors to recover from the consequences of the current market.
What further support do you believe is required for planners to carry on businesses for another six months?
Source: Money Management