What can advisors do to help vulnerable clients through the crisis?

July 30, 2020 by Brendan O'Neill

Advice & Tips

While it may appear as if the worst of the Covid-19 crisis is past us, the effects that both the pandemic and the locking down of the country will have had on the mental health and financial situations of many people are more long-term. Knowing which clients this applies to can be tough – especially with face-to-face meetings impossible – so what can advisors do?

There are indications that advisors are already taking action, as new data from more2life shows that roughly 21% of mortgage advisors are treating every customer as potentially vulnerable. Even the most comprehensive CeMAP mortgage advisor course will not teach this, but emotional intelligence and people skills are just as important in being a good advisor – especially in difficult times.

Learning to discreetly find out all you need to know about the financial situations and general wellbeing of your clients via technology, rather than face-to-face, is now a must. Many advisors will have only started using video conferencing tools and phones to talk to clients during this crisis, but becoming confident enough with these tools to be able to spot signs of vulnerability is of upmost importance.

If you believe that a particular client is struggling emotionally or financially, you can seek out additional support from a qualified outside source. There are companies that specialise in helping vulnerable clients and they will be able to offer advisors remote mental health capacity assessments for any borrowers they are concerned about.