How should advisors approach clients with financial worries?

November 26, 2020 by Brendan O'Neill

Mortgage Advisors

The pandemic has created financial difficulties for many people this year, as it has led to widespread loss of employment and income, which is even more stressful if you have a mortgage. While the situation may be temporary for many, mortgage advisors still need to approach it carefully.

This does not mean restricting contact with clients that you suspect may have money worries though – they need your support and guidance more than ever. It can be easy to avoid this, as often, clients in that situation will not get in touch with you out of embarrassment, so it is encouraged to reach out yourself. This is a chance to use your CeMAP training to help them find a way forward, which will also enhance your professional reputation.

Once you have evidence that one of your clients is experiencing financial problems, your role is to act as a voice of restraint and reason. People often panic when they are faced with costs such as mortgage repayments that they cannot afford, and that will lead them to make bad decisions. You should stay calm and show them what options they have for addressing the problem, with the primary focus always being on finding a solution that will work in the long-term.

Finally, you and any staff that you employ should all be trained on how to approach clients with money worries, in order to direct them towards organisations that can assist with anxiety, depression or any other symptoms they are experiencing.