Financial advice technology provider SimplyBiz has unveiled a set of online resources to help its member firms cater for vulnerable clients.
The hub will be available to the group’s more than 10,000 advisers and brokers, and is made up of three different parts:
- Training and awareness;
- Guidance and documentation; and,
- Solutions.
Additionally, the online service will host a directory of specialists and charities that intermediaries can refer to when working with vulnerable clients, as well as access a forum where advisers can share best practices, experiences and ask questions.
Janice Laing, who is leading SimplyBiz’s work on vulnerable clients, said: “Despite the increasing importance of identifying and addressing customer vulnerability from not only a regulatory, but also social, perspective; we understand that it can still sometimes be a difficult area for advisers and brokers to approach with clients.
“For that reason, we are providing support on not only the regulatory requirements of working with vulnerable clients, but also providing tools, interactive training and material to help our member firms grow their understanding of types of vulnerability, and how to recognise and address vulnerability, as well as work with these clients, in practical terms.”
Wide range of partnerships
Laing continued: “In addition to expertise within the group, we are working with both our partners within the industry and external charities and specialists to ensure we are delivering the most informed and valuable insight possible through the hub.
“Support around vulnerable clients remains a priority for the group and over the next few months we will be providing focussed campaigns on bereavement, later life, mental health and domestic abuse through financial coercion.
”Although the material on the hub was predominately collated to support advisers and brokers in their work with clients, we recognise that many of us are more vulnerable currently than ever before, and we hope that our members can also utilise these resources with their staff, loved ones and even when facing challenges themselves,” she added.
IFA services and charities
But SimplyBiz is not the only firm boosting its efforts to support vulnerable clients.
Financial advice company Frenkel Topping entered into a joint venture (JV) with UK spinal cord injury charity Aspire.
It will be named Aspire+ Wealth Management and provide the charity’s users post-settlement investment advice, “an often-essential service after a life changing event”, the firms said.
The charity estimated that, in 2019, 16% of people who suffered spinal injuries received compensation ranging from £500,000 to £5m ($6.2m, €5.5m).
The average person that has been paralysed due to spinal cord injury is currently 55 years of age. This means that providing financial advice, which takes into consideration their injury and compensation, can be fundamental for later life planning.
Frenkel Topping will receive 40% of the profits made by the JV, while the remaining 60% will go back to Aspire to help those users that were not able to get compensation for their injuries.
‘First of its kind’
Mark Holt, managing director at Frenkel Topping, said: “Innovation has always been at the core of Frenkel Topping. We look for opportunities to improve outcomes for our clients and for the wider community of people who are living with life-changing injuries.
“Our partnership with Aspire allows us to do that in a number of ways. We share the same values and look forward to bringing our services together to reach more people in an impactful way.”
Brian Carlin, chief executive of Aspire, said: “We welcome Frenkel Topping as our preferred IFA partner. We want to provide sound financial planning advice to our users, an important element in ensuring people can lead independent and financially secure lives.
“Unfortunately, some people are injured at the very beginning of their adult lives which means financial planning is key.”
Richard Fraser, chief executive of Frenkel Topping, said: “It means a great deal to be working with Aspire and we believe our partnership is the first of its kind in providing investment advice to the users of a national spinal cord injury charity.
“This is a subject very close to my heart; my brother was paralysed at age 18 and has been a wheelchair user for over 30 years. I understand first-hand that spinal injuries are often life-changing and, as such, receiving the right awards and knowing how to plan financially for the future is essential to helping people regain a level of independence.”
