Most financial professionals are predicting an increase in revenues this year, with many saying growth will be as much as 10%, according to an Incapital Pulse survey released today.

Thirty-seven percent of 641 financial professionals polled by Incapital, a financial services firm based in Boca Raton, Fla,, said they expect growth of more than 10%, including 7% who said growth will top 30% or more. Another 38% said they expected growth of up to 10%. Conversely, 19% expect 2020 revenue to be from flat to down 20%, with 6% saying the drop will be more than 20%. Thirty-eight percent said they would be serving more households in 2020 compared to 2019, according to the survey.

In addition, financial professionals on average said their confidence level in the economy was at a 7 out of 10, with 10 being the highest confidence rating. Seventy-eight percent of the wealth managers, fiduciaries, financial planners and brokers who were surveyed in June said they would be communicating more frequently with clients during 2020 than they did in 2019.

“It is impressive the way financial professionals and clients have adapted to the new realities of serving clients,” Chris Mee, managing director and head of wealth management solutions distribution at Incapital, said in an interview. The pandemic has shown professionals that having a plan is important for any kind of potential business disruption is vital. “I think this has been a wakeup call for all of us.”

The survey showed that only 23% of financial professionals planned to hold any face-to-face meetings with clients this year. However, those who are having in-person meetings and events are taking great care to protect clients and staff alike, Mee said. Forty-one percent said they would primarily communicate with clients by phone, while 36% said they would use virtual video tools.

Half of the respondents said they expected to be back to their offices in July. Another 30% said they would be there by October, and 17% said not until 2021. Almost half have a written plan to return to their offices.

“Financial professionals are embracing technology and increasing communications frequency. They are also growing increasingly confident with virtual prospecting to drive their business growth despite the crisis,” Mee said in a statement.

The top three barriers to a successful 2020 are potential repeated office shutdowns, volatile markets and social and physical distancing requirements, survey respondents said. “The barriers that ranked the lowest—lower fees, increasing competition and margin compression—may have been more significant not long ago but now take a backseat to Covid-19 issues,” Incapital said.

Sixty-seven percent of financial professionals said they are confident they can attract new business through virtual meetings and 62% report that they already have conducted a virtual prospecting meeting. Almost all said they are comfortable meeting with prospects virtually.

“From an investment standpoint, the pandemic has created an enormous amount of uncertainty, which means the role of the financial professional to help clients understand and weather this storm has never been greater,” Mee said.