A ‘vulnerable client’ is defined by the Financial Conduct Authority (FCA) as “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”

At Forrester Boyd Wealth Management, we have a specialist team of Independent Financial Advisers who are trained to identify and work with ‘vulnerable clients’ and their dependents, carers or professionals working alongside to support their needs.

What constitutes a 'vulnerable client'

A vulnerable client is not necessarily an elderly client. Certain life events can expose some clients to short-term vulnerability, such as (but not limited to):

  • Divorce
  • Death of a family member
  • Redundancy
  • Physical or mental illness
  • Sudden increase or decrease in financial circumstances
  • Poor credit history, such as ex members of Armed Forces
Pension faqs grandpa and girl playing

Other experiences may be more permanent in nature, such as:

  • Becoming a carer for a family member
  • Critical Illness
  • Mental Breakdown
  • Mental incapacity
  • Financial exclusion
  • Physical disability
  • Literacy skills
  • Financial inexperience

Our aim is to understand the needs of our vulnerable clients and provide advice and solutions that will meet their needs, whether short-term vulnerable or long-term vulnerable, which could often require planning for life expectancy beyond that of their family or carers.