Lakey points out that discussing a client’s mental health can be very difficult for advisers, and might “make some advisers feel uncomfortable, but it is essential to ensure full disclosure and to avoid any future rejected claim”, he says.
Specific tools, methods and approaches are available to help advisers broach particularly difficult and sensitive conversations.
For advisers, Timpson says the knowledge and skills areas to focus on include:
- Observation, listening and open questioning. It is important that you do not assume the client will disclose a vulnerability or vulnerabilities as they may have more than one, with these being compounding.
- Understanding the different types of potential vulnerability, plus the factors and circumstances that could move a client from being potentially to actually vulnerable – be this vulnerability temporary or permanent.
- Being economic and financial abuse aware.
- Understanding a client’s circumstances and identifying a client's potential vulnerability. Asking the question, 'What is it that would make them vulnerable?'.
- Being empathetic and able to have challenging conversations.
- Making difficult decisions about the advice process.
- Making signposting recommendations to enable clients to access further specialist support services.
He adds: “It’s important to remember that the ‘factors’ and ‘situations’ are indicators and in themselves do not automatically mean that the client is vulnerable.”
To help advisers working with vulnerable clients, there are questioning tools such as Care, Bruce and Texas, outlined here.
Timpson reminds advisers: “Do not label a client as a ‘vulnerable’ or ‘potentially vulnerable’ person, rather, be empathetic, understanding and give them the time they need.”
Another way of looking at the situation, is that it is society and what it caters for that makes a person vulnerable or disabled because they are not provided for sufficiently. An accessible building enables a person in a wheelchair. It is the lack of accessibility that disables the person.
Among the training and resources available to help advisers, the ABI offers a free, online mental health training platform for advisers and other customer-facing staff.
Personal experience
Advisers with lived experience of vulnerability often come equipped with understanding and compassion developed through their own learning.
Kathryn Knowles set up and runs advice business Cura Financial Services with her husband, specialising in providing insurance for people with pre-existing health conditions. She has a PhD in business and has lived experience of physical and mental health disability and neurodiversity.
Knowles reminds everyone that those with vulnerabilities are no less human than anyone else and deserve to be treated with equal priority.
