Advisers are in a “privileged” position when it comes to their ability to understand client vulnerability, according to KPMG’s regulatory risk consulting director Jane Wilson.
Speaking at the Personal Investment Management & Financial Advice Association's Consumer Duty Conference today (28 February) Wilson shared the importance of understanding vulnerable clients and how this can be done. Wilson started the session by saying that vulnerability is transitional and a client may not always be vulnerable. "Firms need to understand customer's needs and that vulnerability can be temporary depending on the circumstance." People dismiss the concept of vulnerability when it comes to idea of having wealth, according to Wilson. "Just because someone may have a l...
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