Sometimes a client will be distracted and unable to concentrate because of a mental health limitation.
Following the approach summarised by BRUCE will help improve the outcome of the meeting.
- Behaviour – Look for clues of a limitation in the client’s behaviour and speech.
- Remembering – If they are struggling, repeat the advice. Write it down. Ask what might help them. Ask if someone can help.
- Understanding – Ask them to summarise their understanding. Fill gaps by repeating using different explanations and simplifying.
- Communication – How would they prefer to communicate? Allow enough time and pause regularly.
- Evaluation – Discuss each option simply, writing down any pros and cons.
It may help to record the meeting (but only with the client’s permission) or to have a third-party in the room to limit the potential for misinterpretation or misremembering of the meeting.
When writing up outcomes be particularly careful to write in plain English and avoid ambiguity.
It is not easy to ensure that vulnerable clients are treated in ways that ensure that their financial outcomes are at least as good as those of other clients.
But simple adjustments to the way that meetings are structured can increase your chances of success.
Outsourcing
Of course, if you are outsourcing client investment management you should ensure that your partner is sensitive to these issues too.
Your clients need careful handling at any point, but especially so when they are vulnerable.
Ask what their processes are to ensure they have adequate procedures in place.
See how user friendly they are by asking whether they will produce investment reports on A3 paper, in large print, for instance.
Ask them for practical examples of what they do for clients who are vulnerable.
Consider, too, how you might share insights between each other so that you can ensure you are all giving the quality of care your client deserves and are always alert to their changing needs.
It is a lot to take on board, and none of us can expect to get it right every time, but we need to try.
Having good processes, using some of these techniques and just recognising that vulnerability comes in many forms, will help.
One of the best recommendations I have heard as someone who is keen to ensure my own business meets the highest of standards around vulnerability is to ask yourself: “Would I be happy if my relative received this advice in a similar situation?”
James Horniman is partner and portfolio manager at James Hambro & Partners
