Podcast #108 - Supporting Vulnerable Clients: Insights for Brokers

Growth series

Added 15/08/24 - 2 min read

Navigating the complexities of the mortgage industry while ensuring vulnerable customers receive the support they need is no small task. In episode #108 of our Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages dives into this critical topic with the help of an industry expert, Paul Shearman, Mortgage Proposition Director at the Openwork Partnership.

Supporting vulnerable customers goes beyond regulatory compliance; it's about doing the right thing for our clients. Paul Shearman brings a wealth of experience and shares invaluable insights on how brokers can better identify and support clients facing various vulnerabilities, whether they are permanent, temporary or episodic.

During the conversation, Paul emphasises the importance of education for advisors. Recognising signs of vulnerability—whether stemming from life events, health conditions or financial challenges—requires a keen eye and a compassionate approach. Building trust and fostering open dialogue with clients are crucial steps in understanding their unique situations.

Paul provides practical strategies that brokers can implement to tailor their support for vulnerable clients. From adapting communication methods to involving family members in discussions, the goal is to make clients feel comfortable and understood. Additionally, Paul highlights the significance of incorporating considerations for vulnerability into product design, marketing and promotion.

The introduction of Consumer Duty has further reinforced the need for the mortgage industry to focus on delivering good outcomes for vulnerable clients. Paul discusses how brokers are adapting to these changes and the importance of capturing evidence to demonstrate the measures taken to support vulnerable clients.

Effective support for vulnerable customers requires collaboration between brokers and lenders. Paul shares insights on how lenders can simplify processes and share good practices to aid brokers in their efforts. At the Openwork Partnership, comprehensive training programs and centralised support facilities ensure that advisors are well-equipped to handle complex vulnerability issues.

This episode is a must-listen for brokers and others in the mortgage industry looking to enhance their support for vulnerable customers. With actionable insights and practical strategies, you’ll learn how to better serve your clients and improve your business processes. Tune in to gain a deeper understanding of vulnerable clients and take the next step in your business growth.

The Growth Series is a dedicated and FREE resource for mortgage brokers, containing blogs, guides and podcasts to help you scale and grow your business. For more hints and tips on how to grow your business, you can sign up to the Growth Series here.

01:35 to 20:57