I was asked a question recently whilst giving a short interview for FPA Money & Life on the impact of COVID on advisers.
I think it’s impossible to look at the impact of COVID in isolation.
It’s been the most recent of five significant events that have demanded a lot of us all.
- Royal Commission
- Exit of the banks and the shutdown of multiple Licensees.
- Uncertainty around Code of Ethics.
Ironically (and maybe something certain bureaucrats should hang their heads in shame about), I feel that COVID has been the one that’s been easiest to predict.
After all, when there’s a crisis that’s when we know how to go to work, right?
As the conversation progressed an idea started to form.
I realised that like never before you can segment every adviser and every practice I’ve spoken to quite neatly into one of two categories – optimistic or pessimistic.
It’s interesting to me how such similar events can affect people so differently.
One group believe it’s the end of the industry as we know it.