MorganAsh has added a new nurse support service to its MorganAsh Resilience System (MARS) to support advisers in providing help to highly vulnerable clients.
The new service has now been incorporated within MARS, and enables advisers to be more proactive when helping vulnerable customers, providing a resolution to these customers’ issues.
Cheshire-based MorganAsh is a specialist tele-healthcare provider of support services for consumers and the financial services sector. Its nurse support service joins a range of new upgrades to MARS. This includes appropriate treatments – or next steps – which are automatically triggered when customer vulnerabilities are detected.
At the start of the year, the Financial Conduct Authority (FCA) pointed out that firms’ target markets are always likely to include vulnerable people. Under the FCA’s new Consumer Duty regulations, firms are required to consider whether their products have features that risk harm to all customers – including those who are vulnerable.
Combination of issues
Andrew Gething, managing director of MorganAsh, (pictured) said: “Cases which need assistance are typically the more complex ones, involving a combination of issues – be they health, lifestyle, family or workplace. When there is a single obvious issue, then consumers know what to do. But when there is a combination of issues, people struggle far more – and this is where our nurse support service really comes into its own.
“The first and most difficult task is to understand the real issues. Sometimes this takes several conversations; listening and probing is the most important nurse skill. Then, using counselling techniques, the consumer is helped to see the woods from the trees.
“Within MARS there is already a wide range of treatments and mitigation steps that advisers can use themselves.
“We expect advisers to only need our nurse support services once or twice a year – and only when really needed – but it’s always available and a valuable safety net.
“Simple signposting may superficially appear to meet Consumer Duty regulations, but most professional advisers will want to assist clients more proactively at the time of need. Helping clients through such challenges is rarely forgotten – and nurtures long-term loyalty.”
Felt at a loss
Sam Whybrow, managing director of Thanks Wealth Planning and MARS user, added: “There are many occasions when I have felt at a loss – unable to help a client who is in real need of assistance. Being able to access this professional support service is really attractive and gives me confidence that I can deal with any cases of vulnerability.”