A few months ago, we covered how to identify signs of financial vulnerability. But recognising that a client may be vulnerable is only the first step. The next question is: how can professionals work together to support them?

Clients may become vulnerable for many different reasons, including:

• Illness
• Bereavement
• Cognitive decline
• Disability
• Financial difficulty
• Relationship breakdown
• Abuse

Vulnerability can affect anyone, and it can change over time. For solicitors and financial planners, it’s important to take an approach that remains flexible and reflects the client’s needs.

Vulnerable clients can also benefit from collaboration between professionals, but it’s important to get this right.

Read on to discover five tips for professional collaboration when working with vulnerable clients.

1. Establish clear roles and responsibilities

When professionals are working together, it’s important that everyone understands who is responsible for what.

A client may be receiving legal advice from a solicitor while also working with a financial planner or other adviser. Without clear roles, there is a risk of duplication, conflicting advice, or the client becoming unsure about who they should turn to.

So, at the outset, professionals should establish their respective roles and communicate them clearly to the client. This allows each to contribute their expertise without stepping beyond their remit.

This can also make the experience less confusing for the client, particularly where they may already be dealing with difficult or unfamiliar circumstances.

2. Obtain the client’s consent

Collaboration depends on professionals being able to communicate with one another, but information should not simply be shared because it appears useful or convenient.

The client should understand what information is being shared and who it will be shared with, and it’s important to make sure to have their consent before sharing information with another professional.

Taking the time to explain the process can help the client feel informed and involved, rather than feeling that decisions or conversations are happening around them.

3. Bring other professionals into the conversation early

Sometimes financial and legal decisions are closely intertwined. A decision made as part of a legal process could have significant financial implications, and financial planning may influence the options available to a client from a legal perspective.

If this is likely to be the case, consider introducing the relevant professionals early.

For example, involving a financial planner before legal work is complete may allow the wider financial consequences of different options to be considered before decisions are finalised. Similarly, early communication can give professionals a better understanding of the client’s overall circumstances and objectives.

This allows professionals to identify important issues early, rather than only after a decision has already been made. This can be particularly important for vulnerable clients as the consequences of an oversight may be felt more acutely than in other instances.

4. Agree how you’ll communicate

When collaborating with other professionals, it’s a good idea to agree how and when you will communicate and what information needs to be shared. This might include agreeing who will take responsibility for updating the others when the client’s circumstances or decisions change.

This becomes particularly important where decisions are evolving over time. A professional acting on outdated information may unintentionally give advice that no longer reflects the client’s circumstances.

A clear communication process can help everyone remain up to date while also reducing the need for the client to repeatedly explain their situation to different professionals.

The communication plan should also take account of any adjustments the client needs, such as receiving information in a particular format or having longer appointments.

5. Respect the client’s autonomy

Clients can experience vulnerability for many different reasons and to different degrees. A person may need additional support in one aspect of the advice process while remaining perfectly capable of making decisions about other areas.

As such, professionals should avoid making assumptions and instead take the time to understand what support the individual actually needs.

That might mean making reasonable adjustments to communication, allowing more time for discussions, or involving another person where the client has requested or consented to their involvement.

Moreover, when professionals start talking to one another, it can be easy for the conversation to become focused on the technical aspects of the case.

However, discussions between professionals should be led by the client’s goals and circumstances, and the client should remain at the centre.

Get in touch

To find out more about how our sectors can work together for the benefit of our mutual clients, get in touch.

Email info@blueskyifas.co.uk or call us on 0118 9876655.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.