In financial planning, it’s crucial to recognise that some individuals may be more susceptible to financial difficulties or harm due to their personal circumstances. Although the financial services industry often uses the term “vulnerable” to describe these clients, we prefer to see them as people who may simply need a bit more care and attention at certain times in their lives.
Vulnerability can stem from a variety of factors, such as health issues, significant life events, limited financial resilience, or a lack of financial confidence. For example, someone dealing with the loss of a loved one, managing a long-term illness, or facing an unexpected financial crisis may require additional support and a more personalised approach to financial advice.
Chartered Financial Planners are trained to identify and support clients who may be experiencing vulnerability, using a compassionate and flexible approach to ensure fair treatment and positive outcomes. Here’s how:
- Listening and understanding: Advisers take the time to get to know each client’s unique circumstances and the challenges they face. By practising active listening and asking the right questions, advisers can better understand a client’s needs and offer appropriate support.
- Tailoring communication: Clear communication is essential. Advisers simplify complex financial information, using straightforward language and visual aids to ensure clients fully grasp their options. They also provide written summaries so clients can review details at their own pace. Additionally, advisers take extra time or hold multiple meetings to ensure clients feel comfortable and informed.
- Developing personalised solutions: Advisers create bespoke financial plans that take into account the client’s health, financial resilience, and life events. These plans may include strategies for tax efficiency, long-term care funding, or estate planning. Advisers also offer regular reviews to adapt strategies as a client’s situation evolves.
- Promoting informed decisions: Advisers ensure clients feel empowered to make choices that are in their best interest. This can involve double-checking that the client understands key points, encouraging the involvement of a trusted friend or family member for support, and offering extra time to process complex decisions.
- Protecting against financial harm: Vulnerable clients are often more at risk of scams or financial exploitation. Advisers provide education on protecting themselves from fraud and may recommend safeguarding measures, such as granting power of attorney to a trusted individual if necessary.
Our commitment to care and support
At the heart of our approach is a commitment to thoughtful, empathetic financial advice. We believe that everyone deserves to feel confident and secure in their financial decisions, no matter what challenges life presents. By offering customised support and understanding each client’s unique needs, we aim to help our clients protect their financial well-being and future.
