As an adviser, you are likely to have seen clients facing difficult life circumstances.
In such situations, providing pastoral support can be really essential to help clients deal with emotional situations, make the right decisions, to shoulder any additional responsibilities and challenges that they may have to face.
This feature aims to help advisers and planners equip themselves best to help clients, and colleagues, especially at this time of year in the run up to Christmas, and thus be more effective in their vocation.
Mark Harper is a financial adviser at Trinity Wealth Management.
He describes a pastoral approach from a financial adviser, as understanding the client, “how they are feeling, what issues they face, family circumstances, health issues".
Relationship built on trust
Harper believes that truly understanding the client, should provide the foundation of the advice given.
It also aids building up a relationship of trust with clients, for whom often the adviser is the most trusted professional working with them and their family.
Advisers are often confronted with clients who find themselves in difficult situations, such as the death of a spouse or the diagnosis of a serious health issue or relationship troubles.
In these situations, Harper says: “I have tried to listen, not judge, provide support and help manage the financial practicalities that arise."
He says this will involve “patience, integrity, good listening skills and empathy". He receives help through his faith, personally “praying for an individual or situation".
Intersection with ESG
People are becoming more aware that the choices they make financially can have a big impact on the world in which they live.
When it comes to discussing values-based investing with advised clients, often that pastoral role comes into the fore as advisers seek to understand their clients, their values and their visions, and to enable clients to invest along their principles.
Harper adds: "We are fortunate as financial planners to offer choices in the types of funds that we invest our clients money in.
He says this can be “traditional ethical and ESG funds Trinity is able to offer all clients, funds that aim to make a positive social impact within society.”
Power of non-financial advice
Edward Grant is director of Technical Connection, St James's Place, and a current board member - and a past president of - the Personal Finance Society.
He believes that when evaluating financial advice many people focus on the financial value of advice which is easier to quantify.
However, Grant says: “The non-financial value of advice is also impactful and reduces anxiety and stress.
"It can also be incredibly powerful, giving stability and confidence during vulnerable circumstances such as bereavement, relationship breakdown or ill health.”
