Vulnerability by omission - the risk firms don't see coming

Advisers are used to thinking about vulnerability in terms of identifiable triggers: bereavement, illness, cognitive decline, financial distress. Those factors still matter. But the regulatory and supervisory conversation has moved on.  Vulnerability is no longer just about spotting characteristics. It is about understanding resilience, capacity and outcomes. And increasingly, it is about process.  Over the past few years, the market has matured. Firms moved from assuming vulnerability to identifying it more systematically. From there, the focus shifted to understanding whether a vuln...