Vulnerable Clients

YorWealth believe that all clients require care. But, there are a number of vulnerable clients that are more likely to need additional support to navigate their finances.

The Financial Conduct Authority (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.

It may be quickly evident that some customers require additional support like the very elderly and frail, but it is not always as clear cut as that.

Vulnerability can affect any of us, at any time. We all see our friends and family facing times of stress and difficulty at various times in their lives.

It can be just short term difficulties such as being made redundant.

There is no exhaustive list of clients who are vulnerable but below are a few examples:

• The elderly or those living with dementia

• The young and students

• The recently bereaved

• Clients diagnosed with serious or life threatening conditions

• Divorce, moving home or changing jobs

• Customers with disabilities

• Clients with language barriers

• Resilience – low ability to withstand emotional or financial shocks

• Capability – low knowledge of financial matters or low confidence in managing money

How can we help?

Once we have identified someone that needs a little extra help it’s generally common sense on how we deal with it. Some common advice includes:

• It could be getting a family member or close friend involved to support them

• Reaching out to get professional support such as Solicitors / Care Professionals.

• Sometimes it’s just giving people some time, reassurance and support and empathy.

• Making things easier to understand – finance can be full of jargon and reams of documents, our role is to make this easier to take on board.

• Referring them to the Citizens Advice Bureau.

Although our regulator has set out guidelines for dealing with clients who may be vulnerable it frankly should be just doing the right thing by people, and something we pride ourselves on at YorWealth. If you’d like to talk to us about your finances, please get in touch.