Rachel Whittaker, a senior paraplanner at Oakmere Wealth Management, has devised a unique traffic light system to pinpoint vulnerable clients within the firm. This innovative tool categorizes clients based on their vulnerability level, with green indicating potential vulnerability, amber highlighting a higher risk of harm, and red signaling heightened vulnerability. Regular team meetings are held to review and address the needs of red and amber clients, ensuring they receive appropriate support.

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During these meetings, the team discusses any new instances of vulnerability identified through recent client interactions. Whittaker emphasized the importance of recognizing each client’s unique circumstances, as reactions to life events can vary widely among individuals. The vulnerability rating assigned to each client is documented in the client database and included in their Confidential Financial Review document, with regular reassessments during client interactions.

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Whittaker highlighted that the traffic light system has significantly improved client-adviser relationships by enabling advisers to be more responsive to client needs. The structured system aids in identifying subtle cues and deviations from clients’ usual behavior, allowing for tailored support and deeper engagement with clients.

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The additional support provided to vulnerable clients is customized based on individual needs, such as arranging face-to-face meetings for those at risk of digital exclusion or extending meeting durations for clients with learning difficulties. Whittaker also mentioned the possibility of involving third parties or offering specialized assistance when necessary, ensuring clients receive the appropriate care and guidance.

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Whittaker believes that implementing a similar vulnerability identification system would benefit other paraplanners and advisers in enhancing client care and meeting regulatory requirements. She emphasized the importance of proactively identifying vulnerabilities, even when clients may not recognize themselves as vulnerable, to ensure fair outcomes and prevent harm.

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By developing the vulnerability policy within her practice while pursuing a professional qualification in ‘Inclusive Financial Planning,’ Whittaker saw an opportunity to create a well-informed strategy aligned with the company’s values. The traffic light system, adapted for assessing client vulnerability, was a tool she discovered during her research and found suitable for the purpose.

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Whittaker’s initiative in designing this tool underscores the evolving landscape of financial advisory services, where a proactive approach to identifying and supporting vulnerable clients is becoming increasingly essential. The system not only aids in meeting regulatory obligations but also fosters a culture of client-centric care and tailored support within the financial planning industry.