Events & Awards 

Insulate clients from shocks

Implementing a framework which shields clients from unexpected events such as Brexit would help sooth their nerves, according to the former president of the Personal Finance Society.

Brian Steeples, who is managing director of Glasgow-based advisory practice, The Turris Partnership, said debunking myths which circulate at the time of stock market crises, and informing clients of the facts, would go some way to allay their concerns.

He added: “Advisers must future-proof their clients’ portfolio to events that could have an adverse effect. If an adviser’s clients are panicking following the Brexit vote, it would suggest he or she did not do enough before the event. Advisers ought to have done a lot of work beforehand in educating them about the likely impact of an ‘In’ or ‘Out’ vote on markets and thus their portfolio.”

Communication is the name of the game, Mr Steeples said, adding advisers should aim to arrange a face-to-face meeting with clients at least once a year unless agreed otherwise.

He said: “However, when shock events occur, advisers should really contact all of their clients and share their views on the situation and the actions they should take, if any. It is important that any action taken is wholly dependent on individual circumstances.

“Clients want to know that there is somebody in the background who is managing their investment affairs.”

Mr Steeples is due to speak at the FA Masterclass, Calming Clients Post-Brexit, on 20 September. The event, sponsored by Russell Investments, will be held at DoubleTree by Hilton Hotel Edinburgh City Centre. Mr Steeples will be joined by Nick French, managing director of UK wealth management, and Neil Winstanley, an IFA at Bellpenny.

Comments