Some big industry names have turned to e-learning solutions on vulnerability. In December, St James Place announced plans to roll out a client vulnerability training course across its entire wealth management business, with the help of platform consultancy Altus.
‘Not just an adviser problem’
In 2023 the Financial Conduct Authority plans to evaluate what action firms have taken to improve outcomes experienced by vulnerable consumers.
This means the entire industry, and not just advisers, need to put changes in place to identify and cater for vulnerabilities earlier on in the advice journey.
“It’s not just an adviser problem,” said Wilson. “Advisers are at the coal face, but they need the support, backing and resources of our wider industry. Whether you’re an adviser, lender or network - it’s incumbent on all of us to look after vulnerable clients.”
London-based IFA Cleona Lira said she generally meets older clients or those grieving in person, and that it was harder to fully identify vulnerability when dealing with such clients virtually.
“I think the relationship with the adviser matters most. If the adviser has created enough trust prior, Zoom is ok.
“Vulnerable clients may feel shut-down with an adviser that doesn't fully know how to be present with them or that jumps to the advice or logical left-brain side of the work too soon.”
ruby.hinchliffe@ft.com
