Advice businesses under pressure 'on two fronts'

The Government has released a $12.1 billion economic stimulus package, including tax changes and wage subsidies, as well as a loan scheme for businesses.

Shanks said adviser businesses, many of which were small, were dealing with pressure from multiple angles.

Many were conducting a “trade of grief” with clients as some dealt with their first experience of a rapidly falling market.

They were handling more client questions, she said, while also facing the prospect that work that was “in the pipeline” would not come off because of clients’ uncertainty.