From Grant’s perspective, a pastoral approach to financial advice can be especially important to surviving family if something happens to the main breadwinner, or if there is one person who normally manages the family’s finances.
“Often in a relationship one partner takes the lead in financial matters. When bereavement or relationship breakdown occurs, surviving spouse can be left without capability of confidence to manage their affairs.
"A financial planner can support them emotionally and practically to restore their confidence,” he says.
Grant sees the pastoral approach as fitting with consumer duty which “places great emphasis on consumer understanding”.
He says: “As part of my masters' research on vulnerability, financial planners discussed how they demystified the situation for their client, built a plan and presented the plan in a way that was understandable and gave confidence.”
According to him, quality financial advice makes planning understandable for the client. This empowers clients and rebuilds their confidence and capability.
Grant adds: “As a chartered financial planner, I could deal with finances myself, but I have a financial planner. Why? I chose my financial planner because I wanted someone my wife and children would trust and turn to if I have an accident.
"They have helped empower my wife who has historically left me to manage our finances. They have taken time to explain and share a plan for our family. They have nudged us to take action and have been sensitive to our needs.”
Harper highlights the fact that, in financial advice, the ‘hard facts’ are important, but the finances are there to enable individuals to live in a way that enables them to achieve their goals and ultimately provide the best outcome for them.
Angus McCrum is a self-employed independent financial planner. He believes that often, financial advisers can be amongst the most trusted professionals for a person to rely on.
“We get to see the bank statement. The bank statement not only shows what someone is buying, it also shows their core values and what they think about money.
"What our bank statements say about us, how we spend our money, what we spend our money on reveals a lot about our inner workings.
"When a client opens up their financial situation, I begin to see the way they think or approach money,” he says.
A pastoral approach implies gentleness, patience, and a lot of listening. “As advisers we tend to be good with people. The next step is to be sensitive, and a calming influence, guiding clients to make tough decisions.”
McCrum believes a pastoral support approach enables clients to move from anxiety to peace as their financial journey moves from difficulty to order.
He says: “Transitions like these are largely facilitated through giving time to listen, and having listened being able to bring insight, guidance and wisdom to their situation.
