Financial advisory organisation deVere has launched contactless financial advice as social distancing has accelerated globally amid the Covid-19 outbreak.

The deVerve group, which operates in over 100 countries worldwide, is launching its Contactless Advice service with immediate effect.

The advice follows the UK Prime Minister Boris Johnson’s announcement on Monday, recommending the nation to avoid “unnecessary” social contact where possible.

Nigel Green, Chief Executive and founder of deVere, said: “We are launching Contactless Advice now – which is an industry first – for four clear reasons.

“First, social distancing is currently the only tool available to fight the spread of the coronavirus. As such, more and more cities, regions and countries are going into lockdown and people into enforced or self-imposed isolation to help fight Covid-19. This means that they might not be able to see their financial adviser face-to-face as they do ordinarily.

“And second, the economic landscape is shifting. The global economy is facing a short and deep recession. As always, new industries will emerge and, of course, there will be winners and losers in terms of sectors, jobs and wages – and this will, naturally, directly impact people’s finances.”

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Challenging environment

Green also argued that the world is moving towards an era of negative interest rates, affecting people’s investment decisions. In addition, he said ongoing volatility will also present challenges that need attention.

Over the past few weeks, Covid-19 has had a detrimental impact on the global economy and has stunted growth in numerous sectors.

Green added: “Against this backdrop, in order to create, build-up and safeguard their wealth as the world adapts to a new era, investors should be revising their portfolios to ensure they mitigate risk and take advantage of the opportunities.”

Free contactless advice 

deVere’s free Contactless Advice service will include a wealth scan in which the customer and a professional adviser will discuss financial objectives and answer any questions. Furthermore, there will also be a discussion to outline recommended next steps.

“The world is changing fast and a short coronavirus-triggered global recession and the subsequent recovery will have lasting and far-reaching consequences for people’s wealth,” said Green.

“Experts agree that very seldom is it a good idea take a DIY-approach to something so fundamental to your life as your finances. With the financial and economic landscape shifting and evolving so rapidly, this, I suggest, is certainly not the time. With this free service that offers professional, independent advice, there’s no need to do that.”

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