Rachel Whittaker, a senior paraplanner at Oakmere Wealth Management, has developed an innovative traffic light system to identify vulnerable clients. This tool assigns a color to each client based on their vulnerability level. Green signifies potential vulnerability, amber indicates a higher risk of harm, and red highlights clients at significant risk.
Whittaker’s team at Oakmere Wealth Management conducts weekly meetings to review and provide appropriate attention to clients marked as red or amber. This proactive approach ensures that vulnerable clients receive the necessary support and assistance.
The traffic light system allows for a tailored approach to addressing client vulnerabilities. Whittaker emphasizes the importance of considering each client’s unique circumstances, as different individuals may react differently to similar life events. By documenting vulnerability ratings in client databases and review documents, the team ensures ongoing assessment and support.
Additional support is tailored to meet individual client needs. Face-to-face meetings, extended session durations, or involving third parties are among the strategies employed to assist vulnerable clients effectively. Whittaker notes that this system has enhanced client-adviser relationships by enabling advisers to be more responsive to client cues.
Whittaker advocates for the adoption of similar vulnerability identification systems by other paraplanners and advisers. Recognizing that clients may not always perceive themselves as vulnerable, she emphasizes the professional responsibility to identify and address such situations effectively.
By aligning with the Financial Conduct Authority’s consumer duty requirements, the vulnerability process implemented by Whittaker’s team ensures fair outcomes for all clients. This systematic approach helps mitigate risks, enhance client understanding, and support clients in achieving their financial goals.
Whittaker took the initiative to create a vulnerability policy within her practice while pursuing a professional qualification in ‘Inclusive Financial Planning.’ Drawing on her research and coursework insights, she developed a practical and informed strategy aligned with the company’s values.
The traffic light system, adapted by Whittaker for vulnerability assessment, has proven effective in enhancing client support and team responsiveness. By leveraging this tool, advisers can better identify and address client vulnerabilities, ultimately strengthening client-adviser relationships and improving outcomes.
Whittaker’s proactive approach exemplifies the evolving role of paraplanners in ensuring client well-being and financial security. By championing vulnerability assessment tools and processes, she sets a standard for industry best practices and client-centric service delivery.
🔗 Reddit Discussions
- We’re living through an experiment by the Federal Reserve and it’s gone terribly wrong. Economic intervention since 2008 has fueled Wall Street’s greed, caused significant inflation, widened income & wealth gaps, & is responsible for a completely broken labor market – All to help the rich get richer
- The Future is Now – The New Financial System
- Warning: Crush File Transfer Tool Vulnerability Open to Exploitation by Ransomware Gang