MetLife is encouraging financial advisers to build on a swell of consumer goodwill and demand for advice, driven by COVID, and says those who are proactive in servicing their clients will be rewarded.

Now in its third year, the MetLife Adviser-Client Relationship Report highlighted the importance of regular client communication in building trust and advocacy with clients.

Clients were three times more likely to recommend their adviser if they received a review during the pandemic while half of advised clients who had not received a review in the past 12 months said they were thinking of leaving their financial adviser, the survey in November and December found.

Around 15% more advisers received an “excellent” score from customers following a review than in previous years.

MetLife Chief Retail Insurance Officer Meray El-Khoury says the pandemic has shown the importance of maintaining regular client reviews in driving loyalty and recommendations – although the survey found 43% of advised clients had not undergone a review in the past 12 months.

“Now is the time for advisers to be investing in relationship-building and clear, transparent communication to help their clients make sound financial decisions,” Ms El-Khoury says.

She commended advisers who pivoted their review approach with more online and phone reviews.

“This has been a significant cultural shift for the industry but the research shows that where clients have received these consultations proactively, over the phone or online, they have been happy with the experience.”

MetLife’s research found more than 40% of those considering seeing a financial adviser say they are more likely to do so now than before COVID-19.

A quarter of those surveyed say the pandemic made them feel they should increase their life insurance cover. Those feeling they had adequate life insurance cover fell from 89% to 80%.

The research surveyed 727 consumers and 202 small businesses with life insurance purchased through a financial adviser and 312 respondents who said they were very likely to seek advice about life insurance in the next two years.