Kershaw suggests advisers apply the following tips:
- Allow extra time for older clients.
- Minimise visual and auditory distractions.
- Listen without interrupting the client.
- Speak slowly, clearly and loudly.
- Use short, simple words and sentences.
As you’ll have worked out for yourself, your virtual meetings with clients can be just as effective as face-to-face ones.
Be just as alert as you would be in person
Just as you would in a face-to-face client meeting, it’s important to keep an eye out for any capacity issues.
“Don’t ask closed questions,” says Hanifan. “And if you have doubts about capacity and you are going ahead, do make sure you record what you were uncertain about and why you went ahead.”
Don’t let the pandemic deny clients the advice they need
“Making sensible financial planning decisions is recommended still,” says Milton. Hanifan agrees. “This isn’t going to change any time soon,” she says. “We’ve got to get advice happening.”
There’s a strong case to make that the current situation is an opportunity for advisers to show the value of getting advice from a knowledgeable human being.
“Because of lockdown, people have lost their physical day-to-day contact with people who they’ve relied upon as a kind of emotional support structure and advice support structure, and that lifestyle change has made people more vulnerable,” says Hanifan.
“Financial advisers can fulfil that role of being a trusted friend. They should be actively positioning themselves as a trusted source of advice and guidance in a time when their clients are looking for some reassurance harbour. I see it as an opportunity to embed the role of a financial adviser in later life planning.”
To hear more on this topic, sign up now to watch the Octopus Online Show on Friday 26 June at 10am. For more details, and to get your name down, click here.
Octopus inheritance tax investments put investor capital at risk and are not suitable for everyone. We do not offer investment or tax advice. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London EC1N 2HT. Registered in England and Wales No.03942880. Issued: June 2020. CAM009793.