Comentis Ltd

With evidence suggesting that #financialadvisers are only identifying one-in-four vulnerable circumstances, our very own Jonathan Barrett talks to FT Adviser about why so many advisers have trouble recognising the signs that someone is at risk from #vulnerability.    Jonathan warns that vulnerability identification is often the weak link in the chain for #financialadvice firms and one that could undermine any support procedures that are in place for vulnerable clients.   As Jonathan explains, 💬 what we’re seeing is that most processes are based on what to do if someone is vulnerable and less around how to identify vulnerability beyond some basic questions. What advisers really need is the means to systematically identify signs of vulnerability – to know that they’re getting it right every time – and the only way for that to truly be achieved is for every client to undergo a specialist assessment. 💬   Find out more here ⏩ https://lnkd.in/gaU5gXWB  

With nearly a year having passed since #ConsumerDuty came into effect, we regularly hear how pleased firms are with the interventions they now provide for their #vulnerableclients. New policies have been introduced and training has been delivered for employees, empowering advisers to provide better support than ever for those who are struggling.    This is all very encouraging, and while these efforts certainly shouldn’t be diminished, on their own they’re nowhere near enough to solve the vulnerability puzzle.    Because with evidence suggesting #financialadvisers are only identifying one-in-four vulnerable circumstances, it’s clear that there are still some issues here.    But what?    For us, the fundamental issue we are seeing right now, is around vulnerability identification.    In this article for Financial Reporter, Jonathan Barrett discusses some challenges that financial advisers face when it comes to vulnerability identification and also looks at ways to make this more streamlined. Take a read here ⏭ https://lnkd.in/eTfdwyjd  

Our CEO Jonathan Barrett has been speaking to Amanda Smith at Money Marketing all about the complex issue of supporting clients through #cognitivedecline.    Jonathan stresses how important it is for advisers to be aware of the difference between cognitive decline and mental capacity. He explains, in the piece, that the two often get mixed up. 💬 When you talk about mental capacity, that’s a legal construct. Someone may have declined to the stage where they lack a threshold of understanding to make a decision — and the threshold of understanding is specific to that decision. 💬 Jonathan explains that someone may have significant cognitive decline but still have #mentalcapacity. This is something that #advisers will need to be mindful of. Take a read below to find out more 🔽 https://lnkd.in/guNWGDi9

It is more important than ever for #advisers to have robust and systematic processes in place for identifying and supporting their #vulnerableclients. But even for trained clinical experts, identifying someone at risk of a more #cognitivevulnerability can be far from easy. While the process can be multifaceted, we do tend to spot some more common (and arguably easily fixable) mistakes that advisers can make when they are working with their vulnerable clients. Why not take a read of this piece in FT Adviser and see if you recognise any of the 5️⃣ common mistakes advisers make when it comes to client vulnerability? ⏭ https://lnkd.in/eh5CpMDg

Good to see Jonathan's contribution in the latest edition of Industry Voice alongside some of the key players in the UK mortgage and protection industry. This insightful edition covers the impact of Consumer Duty and how these standards are being upheld; the affordability of advice; vulnerability and the FCA thematic review on retirement income. To download a copy, please visit https://lnkd.in/gZVnvE_i Iress Jacqueline Durbin Robert Bowes Neal Ray Laura Newman

To reflect our growth and development since our inception in May 2021, we're really delighted to announce our new brand and purpose as 'the duty of care assessment company'.   This new look represents our professionalism and passion for using technology and innovation to help organisations identify, support and report on those at risk of financial vulnerability or those who lack mental capacity within the Financial Services, Legal and Health & Social Care sectors.   www.comentis.co.uk   Our new branding will also be migrated across to our assessment platform over the next few days.

Firms should have processes in place for identifying and supporting their #vulnerable clients. That said, we understand that it's something which is much easier said than done. We have been talking to the team at Professional Adviser this week and sharing our five top tips for #advisers to keep in mind when working with vulnerable clients. Take a read here ➡ https://lnkd.in/eQw-DPRb

Jonathan is looking forward to participating in 8AM Global Limited's upcoming educational webinar next week, “Expert Insights: Tackling the Thematic Review of Retirement Income & Vulnerability”. If you'd like to join him, Andrew Storey and Sian Ulia Davies Cole CFPᵀᴹ MCSI Chartered ALIBF, here's the registration link: https://lnkd.in/erWE7CBG #8aminsights #retirementincome #vulnerability

In partnership with Equilaw, we are very proud to announce that we have launched a ground-breaking equity release mental capacity assessment.   This new assessment will enable Equilaw’s #conveyancers and #solicitors to assess the mental capacity of #equityrelease borrowers who are suspected of lacking capacity.   This assessment will reassure clients, #financialadvisers and providers that appropriate steps have been taken to identify and support those who are making serious and long-term financial commitments around equity release.   #mentalcapacity