The poll, which questioned over 300 entrepreneurs, found that 10% had received just one telephone call from their IFA since the stock market crashed in 2008. Another 20% had only spoken with their IFA because they proactively called them – and again this was one conversation.
This could be because IFAs are concerned about communicating bad news to investors and are ill-equipped to deal with telling them how much their investments have devalued.
Peter O’Sullivan, chartered financial planner and head of Tenon Financial Services, said: “In the current economic climate, no news from your IFA is definitely not good news. It is vital for an IFA to keep in constant contact with their clients to ensure that their strategy still meets their needs. It is hopeless if you just put your head in the sand and hope that when you pull it out in a year’s time, the sun will be shining and the assets will have recovered.”
