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
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.
