willow financial planning ltd older client care procedures
Whenever an adviser in the firm is looking to liaise with an older client (aged 75 or older) or a ‘vulnerable’ client then the following areas should be considered:
Arranging and conducting a meeting:
Ensure correspondence to the client can be provided at a slightly larger font.
Ensure all correspondence is free from jargon and is written in Plain English.
Provide a follow up letter to the client confirming the venue, time and date of the meeting and an overview of what had been discussed (the purpose of the meeting).
When arranging a meeting, provide due consideration as to the time of day
Ask whether the client would like a third party to sit in on the meeting i.e. a relative (ensure that the file records the answer to this request).
During the client meeting, ensure that it does not last any more than an hour and a half.
Check pace of the meeting.
Check the clients’ understanding of what you have just explained on a regular basis.
Do not rush the client and be prepared to see the client and their representatives a number of times if they require further information and/or explanations.
Always consider the impact of age allowances and any other state benefits which the recommendation may have.
Invite other professionals and local authority where necessary to attend future meeting and/or to review advice.
When conducting the meeting, first establish who the client is (important where family members are involved) and to whom your advice will be directed.
when considering ‘risk’:
When discussing risk with a client first establish what previous investment experience did have they have. What did the client used to do for work? How did they acquire their wealth?
Do not rush discussing risk with the client. Apart from establishing what the client’s priorities are, this could be the bulk of the time spent during a meeting.
Work through the risk profiling tool with the client and provide examples to provide clarity of the question where required. Be careful not to guide to the client to a set answer.
Ensure ample emergency funds are in place with instant access.
Consider the term of the investment given the client’s age.
Consider how liquid the funds are.
Investigate capital guarantees paying particular attention to any underlying underwriting company, tie in periods and charges applicable.
Consider the protection amounts of regulatory bodies.
making a recommendations:
Ensure that this is issued to all/any family members.
Issue report ahead of recommendation meeting.
The report should provide a summary of advice and the detail should support this summary document.
Establish clear timescales and information on ‘what happens next’.
Agree a review period and offer a suitable time of the year for the next meeting.
Make sure that the Family or personal representatives are able to contact you/the office at all times.