As an adviser, you are likely to have seen clients facing difficult life circumstances.
In such situations, providing pastoral support can be really essential to help clients deal with emotional situations, make the right decisions, to shoulder any additional responsibilities and challenges that they may have to face.
This feature aims to help advisers and planners equip themselves best to help clients, and colleagues, especially at this time of year in the run up to Christmas, and thus be more effective in their vocation.
I have tried to listen, not judge, provide support and help manage the financial practicalities.Mark Harper, Trinity Wealth ManagementMark Harper is a financial adviser at Trinity Wealth Management.
He describes a pastoral approach from a financial adviser, as understanding the client, “how they are feeling, what issues they face, family circumstances, health issues".
Relationship built on trust
Harper believes that truly understanding the client, should provide the foundation of the advice given.
It also aids building up a relationship of trust with clients, for whom often the adviser is the most trusted professional working with them and their family.
Advisers are often confronted with clients who find themselves in difficult situations, such as the death of a spouse or the diagnosis of a serious health issue or relationship troubles.
In these situations, Harper says: “I have tried to listen, not judge, provide support and help manage the financial practicalities that arise."
He says this will involve “patience, integrity, good listening skills and empathy". He receives help through his faith, personally “praying for an individual or situation".
Intersection with ESG
People are becoming more aware that the choices they make financially can have a big impact on the world in which they live.
When it comes to discussing values-based investing with advised clients, often that pastoral role comes into the fore as advisers seek to understand their clients, their values and their visions, and to enable clients to invest along their principles.
Harper adds: "We are fortunate as financial planners to offer choices in the types of funds that we invest our clients money in.
He says this can be “traditional ethical and ESG funds Trinity is able to offer all clients, funds that aim to make a positive social impact within society.”
Power of non-financial advice
Edward Grant is director of Technical Connection, St James's Place, and a current board member - and a past president of - the Personal Finance Society.
He believes that when evaluating financial advice many people focus on the financial value of advice which is easier to quantify.
However, Grant says: “The non-financial value of advice is also impactful and reduces anxiety and stress.
"It can also be incredibly powerful, giving stability and confidence during vulnerable circumstances such as bereavement, relationship breakdown or ill health.”
Quality financial advice makes planning understandable for the client.Edward GrantFrom Grant’s perspective, a pastoral approach to financial advice can be especially important to surviving family if something happens to the main breadwinner, or if there is one person who normally manages the family’s finances.
“Often in a relationship one partner takes the lead in financial matters. When bereavement or relationship breakdown occurs, surviving spouse can be left without capability of confidence to manage their affairs.
"A financial planner can support them emotionally and practically to restore their confidence,” he says.
Grant sees the pastoral approach as fitting with consumer duty which “places great emphasis on consumer understanding”.
He says: “As part of my masters' research on vulnerability, financial planners discussed how they demystified the situation for their client, built a plan and presented the plan in a way that was understandable and gave confidence.”
According to him, quality financial advice makes planning understandable for the client. This empowers clients and rebuilds their confidence and capability.
Grant adds: “As a chartered financial planner, I could deal with finances myself, but I have a financial planner. Why? I chose my financial planner because I wanted someone my wife and children would trust and turn to if I have an accident.
"They have helped empower my wife who has historically left me to manage our finances. They have taken time to explain and share a plan for our family. They have nudged us to take action and have been sensitive to our needs.”
Harper highlights the fact that, in financial advice, the ‘hard facts’ are important, but the finances are there to enable individuals to live in a way that enables them to achieve their goals and ultimately provide the best outcome for them.
Angus McCrum is a self-employed independent financial planner. He believes that often, financial advisers can be amongst the most trusted professionals for a person to rely on.
“We get to see the bank statement. The bank statement not only shows what someone is buying, it also shows their core values and what they think about money.
"What our bank statements say about us, how we spend our money, what we spend our money on reveals a lot about our inner workings.
"When a client opens up their financial situation, I begin to see the way they think or approach money,” he says.
A pastoral approach implies gentleness, patience, and a lot of listening. “As advisers we tend to be good with people. The next step is to be sensitive, and a calming influence, guiding clients to make tough decisions.”
McCrum believes a pastoral support approach enables clients to move from anxiety to peace as their financial journey moves from difficulty to order.
He says: “Transitions like these are largely facilitated through giving time to listen, and having listened being able to bring insight, guidance and wisdom to their situation.
"Some situations need more time than others, but after a year or two of seeing a plan settle down, it is incredible to see the peace that a client can move into and enjoy.”
Workplace benefit
Providing pastoral support is also vital in the workplace, in supporting colleagues, according to Laurie Edmans financial inclusion ambassador and co-founder of GAIN, the Group for Autism Insurance, Investment and Neurodiversity.
He explains: “From my experience over many years, I believe I have applied, or tried to, principles akin to those I understand as pastoral.”
Edmans believes there are many benefits of a pastoral approach in the workplace, where GAIN is aiming to make positive changes for Neuro-diverse people.
"Looking at it from the particular perspective of improving the employment prospects of neurodivergent people, a ‘whole person’, pastoral approach is important at all times, not only - although perhaps particularly - when there is a crisis or a difficult challenge.”
GAIN was set up to address the skills gap existent in the industry, with the insight that many neurodivergent people had the abilities and skills to provide a solution to area of recruitment problem.
Like McCrum, Edmans believes that pastoral support is built on understanding and acceptance.
He says: “understanding someone well enables that person’s skills, strengths - and any weaknesses - to be recognised.
"Improving the match between a person and their role leads to greater efficiency – this is good for the business - and with greater job satisfaction - good for the individual.”
He believes this helps create a “virtuous circle of achievement for both parties”.
Well-matched
In the workplace especially, Edmans feels pastoral support “avoids the stress which arises when there is not a clear comprehension of how someone’s abilities and attributes match their job".
For example, many neurodivergent people, feel the need to ‘mask’ their differences and don’t ask for adjustments - often small, like avoiding noisy environments.
Therefore, moving a person somewhere they feel more comfortable like a quieter part of the office, can improve the individual’s ability to do their job well.
“There is a strong body of evidence which sets out the negative effects of such stress. The deleterious effect on both productivity and attendance is manifestly clear", Edmans adds.
Ultimately would employers rather have (a) well matched employees happy and productive in their roles, or (b) stressed and inefficient employees ‘masking’ their true nature?
A pastoral approach should lead to these:
- Listening and understanding
- Looking at the whole person – seeing their circumstances
- Personal support given confidentially, engendering mutual trust
- Honesty - enabling even difficult areas or shortcomings (on both sides) to be discussed openly and constructively.
These thoughts are supported by many in the financial advice and wealth management industry, who believe that creating a safe space for a client or staff member to articulate concerns and questions, and having a multiplicity of channels to do so, is important.
These factors can truly help create an environment that enables the person to 'flourish' and, in turn, to help those clients who come to them needing support at critical and difficult times in their lives.
Anita Boniface is a freelance journalist
