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SUPPORTING VULNERABLE CLIENTS - How can brokers do more?

Protecting vulnerable clients is the duty of every broker, regardless of their business size claims the manager of customer service delivery at Yorkshire Building Society.

In the latest Accord Growth Series podcast, industry specialist Janis Hambling highlights the need for those in client-facing roles to be mindful of the diverse range of vulnerabilities that may be encountered and suggests what brokers and their firms can do to ensure they are providing the most appropriate support.

Whilst positive steps have been made with the increase in awareness of mental health vulnerabilities, which can affect people’s capability to make big financial decisions, as well as impact their employability and ability to make repayments, Hambling warns that vulnerability isn’t always obvious.

She explains: “We all have the potential to experience it at any stage in our life journey so it’s vital to consider existing customers as well as new. When delivering advice, brokers need to be aware of life events, such as divorce and bereavement, which can significantly impact people’s decisions, both in the short and long term.”

In her interview, Hambling suggests how brokers can develop a strategy which fits naturally into their business. She stresses the need to have a real purpose when approaching vulnerability, being clear about what the business wants to achieve and engaging employees in what you are going to do and what you are not going to do. She also recommends using the wealth of governing bodies within the industry to learn more and share best practice.

Nick Piper from Accord, who hosts the podcast adds: “Ensuring you provide the best advice to a client is paramount for any broker, but sometimes there are other barriers or needs which need to be considered. Being aware of where you want to be in this space is important and your approach can be as big or as small as is relevant to your business size.

“The Growth Series is all about expanding knowledge in the broader business-critical areas and it was fascinating talking to Janis, who is clearly very passionate about ensuring every client is given the right support at the right time and is treated in a sensitive and empathetic way.”

To hear the podcast in full, please go here.

Brokers can sign up to receive the Growth Series material for free at ​

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