Podcast #55 - Supporting clients in challenging times

In episode 55 of the Growth Series podcast, Nadine Edwards, Corporate Account Manager at Accord Mortgages, speaks with Sharon Trinder, Compliance Director at MAB to discuss how providing support for clients has never been more important for advisers. With unprecedented events causing new anxieties and new challenges to confront, it can be difficult for brokers to identify their clients changing needs. Nadine and Sharon consider which techniques can help brokers continue to provide a professional, empathetic and quality service.

They start their talk with an introduction to Sharon’s extensive industry background and current role, which makes it clear that Sharon knows a thing or two about financial services, not to mention customer journey and outcomes.

Nadine asks Sharon what she thinks the key things are that brokers need to be aware of over the coming months. This leads to an interesting discussion about the rising numbers of clients displaying vulnerable characteristics and a broker’s role in reacting to that. Sharon points to the importance of treating each customer as an individual with specific needs, the potential pitfalls of applying the label of ‘vulnerable’ to larger groups and how listening is an extremely important tool. 

Sharon gives an example of a personal experience, pinpointing areas at which potential ‘vulnerabilities’ could be recognised and explains the impact of those situations and how they should be dealt with. She then talks about how to draw the line between being a financial adviser or mortgage broker and a counsellor. She identifies that while qualified advisers may be considered counsellors in terms of responsibility for financial wellbeing, they shouldn’t be attempting to solve issues that they aren’t qualified and comfortable with solving.

Nadine opens up the conversation to the topic of third party support and when there is, or isn’t, a responsibility to escalate any concerns. This leads Sharon to cover GDPR implications, the potential to de-escalate issues before they reach a critical point and ultimately being aware of the agencies and charities that are available. They also discuss what MAB is doing to support their brokers in providing an empathetic and effective service, and how the wider industry is performing in the same area. 

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1.23 - 21.39 discuss:

• An introduction to Sharon’s role
• Increasing numbers of ‘vulnerable’ customers
• The importance of treating your clients as individuals
• How to gain the insight you need to help
• Examples of how to spot when a client may be vulnerable
• Clients often remember the bad more than the good
• Providing the right level of support without compromising your own situation
• Dealing with third party support
• What MAB is doing to support its brokers
• The measures that the wider mortgage industry has in place
• Outro