financial advice

Why you should consider a contactless financial advice service

It’s been said that social distancing can help us control the current coronavirus outbreak. As the virus spreads and cases rise, cities, regions and entire nations are going into lockdown. Enforced or self-imposed isolation is slowly becoming the norm and this means that many, many aspects of everyday life have been affected. People won’t be able to access many physical businesses and resources. This includes not being able to meet their financial advisers as they usually would for financial advice. Thankfully, we live in an age of digital innovation, and there’s a possible solution for this too.

Financial advice is crucial right now

We’re moving into murky waters, as many have predicted by now. A huge economic downturn is upon us as markets begin to plunge into a downward spiral, negative interest rates are revealed and investment decisions turn chaotic, amid volatility brought on by the current pandemic.

Financial stability is on the minds of investors, and now, they need their advisors. In order to create, build-up and safeguard wealth while the world struggles to adapt to the situation, investors need to revise their portfolios, mitigate risk, take advantage of opportunities and recalibrate their strategies. Financial guidance is a crucial part of economic survival.

financial advice

Contactless advice could be the answer

With people quarantined and experiencing lockdown regulations, social distancing practices may make it difficult for financial advisors to see their clients. Of course, this doesn’t mean that they still can’t communicate with them.

Hampton Wealth Group, Managing Director Tyrone Skipper said the company will continue to offer its long-standing service of contactless advice across borders. Mr Skipper said it would offer free advice to clients on a remote basis to help them deal with the impact on their portfolio and personal finances as a result of Covid-19.

This isn’t anything new for Hampton Wealth, which has offered clients the option of being remotely guided for some time now. However, this contactless service coincides with a dangerously volatile period in the stock market. Markets have apparently fallen as much as 10%, and it’s imperative that investors are aware of how the current economic turmoil is affecting their portfolios.

Making full use of digital capabilities

A contactless advice service can easily ‘go digital’. Clients get to enjoy remote consultations, recommendations and portfolio tracking.

Hampton Wealth provides easy access to Bonds and Loan Notes, Equity and Fund opportunities, and more. Clients can monitor their investment portfolios via a platform dashboard with analytical, data-driven features for effective decision-making. Users can even receive automatic coupons and minimize the hassle of filling up paperwork and other lengthy application forms.

Raising standards of financial planning

Outside of the current pandemic, contactless advice is likely to remain as a framework to be built upon. Investors need to be able to benefit from an increasingly complex array of financial solutions, like apps, platforms and advanced systems with a well-rounded arsenal of financial tools.

Clients can then be given the option to book an e-meeting with advisers. A financial assessment of their current portfolios along with sound advice can then follow. A free contactless advice service can include a wealth analysis in which the advisor will discuss financial goals and answer any questions. The advisor can also discuss the current financial position of the client.

All of this can continue to happen via devices from the comfort of their homes.

A change in the economic landscape

A deep recession due to the Covid-19 pandemic will likely have a significant effect on the economies of many (if not all) nations. More and more cities, regions and countries are going into lockdown and people are being pushed into isolation or self-imposed isolation to help fight Covid-19.

The World Health Organization recommends that customers do not handle banknotes and instead turn to contactless payments in order to prevent the spread of this new coronavirus. Wealth management as a whole may also be impacted via remote tech.

With social distancing becoming a norm in many parts of the world, financial advisors can still work with their clients through the use of technology. Contactless advice can help people get professional help with their portfolios. If people decide to slow down (or temporarily stop) investing due to current market conditions, financial advisors can help get their clients accustomed to the idea of using contactless payments to transfer large sums of money or liquidate assets.

Hampton Wealth specialises in sourcing high quality, listed bonds and funds with a focus on providing returns in excess of normal off the shelf investment options.

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