The ultimate service an adviser can provide: Showing up at the worst time

As advisers, we hope that the insurance policies we put in place never need to be claimed on but inevitably some will. While no claim is ever welcomed, some conversations are heavier than others.

A client breaking their collarbone and missing work for several weeks is one thing but a client calling because they’ve been given a limited time to live or diagnosed with a total and permanent disability is something else entirely.

I still remember the call I got from Bob [name changed] and his partner requesting an urgent meeting. I’d never met Bob’s partner before, as they’d always kept their financial affairs separate. Yet here they both were on Zoom.

They looked solemn and Bob shared that he’d been diagnosed with several brain tumours.

“Given where they are, they’re inoperable and I won’t be getting any better,” he said.

Another time, again on Zoom, a client was there waiting in darkness, camera off and on mute.

Then his shaky voice began, “I need to let you know, we’re all here”. I could hear the sound of medical equipment and machines in the background. Surrounded by his family, including his parents and children, he said, “I’ve got some hard news to share with you”.

My client then quietly outlined his circumstances ‘healthwise’ and asked questions about the unknown ‘wealthwise’: “What does my insurance cover again? Did I put in place the appropriate amount of cover? What do we do from here?”

As advisers, it is a privilege to be able to support our clients at their most vulnerable.

In my experience, there are ways that we can best support clients in these situations.

Firstly, reshape how meetings are conducted.

Many of us start our client conversations in a certain way, almost like a routine. This usually involves general pleasantries, such as asking “how are you?” before settling into the purpose of the meeting. But someone who has been given a catastrophic medical report is not going to reply, “I’m fine thanks, how are you?”

Adding a simple word to your initial enquiry can make all the difference.

Ask, “how are you, today?”

This one change demonstrates an understanding that things are not good for them and their family right now, however, you’re asking about how they feel today compared to others of late.

Remember that this meeting is to inform clients about next steps. It could involve detailing the claims process or outlining the ideal strategy for them given the recent change in circumstance. It could involve other kinds of ‘next steps’ conversation.

Whatever the need, advisers should prepare a short appraisal of what they need to bring to the meeting. This can be a short, bullet-point note, such as:

• Thank you for letting me know how you’re travelling.
• Today, we’re going to go through X, Y and Z. Do you think you have capacity for all of these items today?
• We’re focusing on X, Y and Z because these items relate to your objective/preference to ensure A, B and C.
• Let’s start on the most important item and then reassess if we can continue today or pick things up at another time?

At this point, A, B and C will represent a client’s most important priorities. That may be getting an insurance claim completed or ensuring that children will be taken care of via cashflow modelling (as payments are received).

If there are things that they need to do to achieve a specific outcome, remind clients gently that being able to cover off item ‘X’ will allow for outcome ‘A’ to be achieved. This provides the reason, and then sometimes the energy needed, to face a difficult decision, persevere with an uncomfortable conversation or complete an arduous piece of paperwork.

Introducing the items you’d like to cover in this way gives clients an understanding of how ‘in depth’ and detailed the session will be. It allows them to assess if they have the bandwidth to manage all the things on the agenda and prioritise the most important points.

Supporting clients in this way is the ultimate service an adviser can provide. Advisers can provide clarity to clients about the financial impacts of their situation. They can reduce a client’s worry and give them confidence that the structures and insurances put in place will do exactly what they were designed to do. This can enable clients to focus their energy on getting better and spending time with family rather than worrying about money. This is the true purpose of insurance and the value of advice.

Shayne Sommer is a private wealth adviser at Shadforth Financial Group.