How we support vulnerable clients here at Chancellor
Here at Chancellor, we believe in taking care of all our clients’ financial needs. Of course, there are a number of vulnerable clients that both we and the Financial Conduct Authority (FCA) believe are more likely to need additional support.
Read on to find out how “vulnerability” is defined by the FCA, and how we strive to meet your needs no matter what your circumstances may be.
“Vulnerability” is defined by multiple factors that affect a person’s ability to access financial advice
The FCA defines a vulnerable person as “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
Types of vulnerability come in a range of guises and can be temporary, sporadic or permanent in nature.
For us as advisers, it may be immediately evident that some customers require additional support, such as the very elderly and frail, but it is not always as clear cut as that.
Indeed, vulnerability can affect any of us at any time. We all see our friends and family facing times of stress and difficulty at various points in their lives.
For example, it could be a short-term difficulty, such as being made redundant. Alternatively, it might be that a long-term experience, such as being diagnosed with a chronic illness, could change someone’s ability to access the advice they need.
There is no exhaustive list of clients who are vulnerable, but some instances include:
- The elderly
- Individuals living with dementia, or a similar cognitive impairment
- The young, including students
- The recently bereaved
- Clients diagnosed with serious or life-threatening conditions
- Those moving home, changing jobs or experiencing divorce
- Customers with disabilities
- Clients with language barriers
- Those who struggle with resilience, such as a reduced ability to withstand emotional or financial shocks
- Individuals who have limited capability, such as low knowledge of financial matters or a lack of confidence in managing money.
We can help you manage your wealth if you are vulnerable
Once we have identified someone that needs a little extra help, we use our wealth of experience to assess how best to work as a team.
Some common advice includes:
- Involving a friend or family member who can support you during financial discussions
- Reaching out for professional support, such as from solicitors or care professionals
- Offering patience, reassurance, and empathy
- Making complicated financial matters easier to understand, including breaking down jargon, talking through documents, and generally helping you take the necessary information on board.
Our regulator has set out guidelines for working with clients who may be vulnerable. In addition, we believe in simply doing the right thing by our community – something we pride ourselves on at Chancellor.
We are always available to talk to clients, providing financial support and guidance – or just a friendly, familiar face. While we pride ourselves on our technical abilities and experience, it is equally as important to be able to understand the concerns and issues that clients are facing that may or may not be linked to their financial arrangements.
Get in touch
If you would like to talk to a trusted professional about your circumstances, please get in touch. Email info@chancellorfinancial.co.uk, or call 01204 526 846 to speak to an adviser.
