Governance series:

Your governance framework is what turns business ethics into team behaviour.  As a principal adviser, the goal is to shift vulnerability from a compliance checkbox to a lens through which your firm's advice processes and recommendations operate.

Vulnerability is universal

Vulnerability isn't a label for a type of person; it is a result of drivers or circumstances - such as health issues, life events (like bereavement or relationship breakdowns), or low financial resilience and comprehension challenges - these can affect anyone at any time. Without being able to identify potential vulnerability, your team's ability to deliver extra care and good customer outcomes could impact the businesses reputation and your duties and obligations.

Team meeting activity: Spotting the signals

In your next meeting, ask your team to share signs of client vulnerability they’ve witnessed.

• For example, look for behaviours: Clients who are teary or emotional, struggle to communicate clearly or demonstrate understanding, or feel "rushed" and "flustered".

• Discussion: How does our process adapt? What ways could we demonstrate extra care for these clients? Do we offer face-to-face meetings in neutral environments or suggest a support person? How would our advice look to an outside observer?

• Remember to flag these clients in MyCRM so the wider team is aware of what extra care is required.

Moving your team’s focus on vulnerability from simply a compliance requirement to an empathetic advice process consideration is a great way to support delivering good customer outcomes.

MyHub has material to help you and your team understand client vulnerability, or if you have any additional questions please reach out to your Relationship Manager or the compliance team on [email protected].