What are the main problems for advisors caused by Covid-19?

The latest research study from investment services platform FundsNetwork has asked mortgage advisors what they have found most difficult about adjusting to the Covid-19 lockdown.

The issue cited by the largest number of advisors who took part in the study was needing to try to stay in regular contact with clients without being able to meet face-to-face. More than half (51%) of advisors named this as the most challenging aspect about the industry since the virus hit.

Furthermore, 35% stated that they have ongoing worries about the reduced amount of in-person contact that they will be able to have as they begin to return to office-based work, with 40% stating that they are concerned that the ‘new normal’ will restrict them. The research found that one of the changes that advisors expect is a lot less face-to-face fact-finding, with online and telephone fact-finding replacing this.

The second biggest problem identified by mortgage advisors during the pandemic and lockdown was an overdependence on paper documentation, with 30% naming this as an issue. However, many of them also stated that they had managed to transition successfully to digital documentation. In further positive news, the FundsNetwork study also found that 16% of advisors are optimistic about the changes to their working lives going forward, arguing that they present opportunities.

Advisors must embrace revised working practices and those who have done online CeMAP courses or other remote training will have a head start in that.


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