Flynn added: “Most people with elderly parents would regard them as being vulnerable while equally, most parents would regard their children as being vulnerable.”
Fraud
Owen-James wanted to touch upon fraud and how episodic vulnerability can arise and how to handle this.
She said: “When a client is experiencing fraud, or it is beginning to happen to them, even if they were not vulnerable before, they can become vulnerable in an instant.
"That can be really hard for firms to deal with, to convince the client that they're in the middle of a scam, but it's something that we can all really try hard to address.
“We've had instances of recent criminal conduct against our clients. In these situations, we have to act very quickly, but quite often it's somebody the client trusts that has got the knowledge of the client to be able to ask one extra question that shows that a fraud is underway.”
She highlighted how fraud and vulnerability were intertwined and hoped the industry would become more confident in noticing activity that is unusual.
Flynn added there was a significant benefit to advisory businesses in having a proper framework for identifying when an adviser's help is most needed through those vulnerable moments.
“When it comes to episodic vulnerabilities like fraud or bereavement or divorce or illness or redundancy, that's when people need financial help the most. That's when they need a good adviser. And putting it on the other side of the desk, it presents an enormous opportunity for the adviser.
“In my career, I have helped people through their divorce or dealing with a bereavement or when they're in a real financial pickle. And that client once you look after them, at that point, they'll be with you for life. They will be absolutely committed to your service and your support,” he said.
alina.khan@ft.com
