Advisers want to do the best for their clients, but it’s worth remembering that you can’t solve everyone’s problems and there’s only so much that you are able to do.
Finally, it is important for firms to keep updated records of a client’s needs, and for clients, having an up-to-date will and valid power of attorney are essential.
Access to this information is vital for everyone in a firm who deals with clients, so that there is consistency in how clients are supported, and this shared knowledge could also help to identify areas where you can enhance the overall standard of care for all clients.
If you have vulnerable clients or suspect that a client might be vulnerable, guidance on how to deal with this is available from a number of trusted sources.
As we prepare for the regulatory landscape to change further with the new consumer duty, we know that meeting the needs of vulnerable clients will be more important than ever.
Kevin Silvester is head of strategic adviser partnerships at RBC Brewin Dolphin
