Blackfinch - The trouble with "I'm Fine..."

Some of the best things about being British include our good manners, our ability to queue without being told, making light of the weather and in 2020, our ability to adapt to a virus that no one had ever heard of before. Part of being British is also that standard response to the rhetorical opening gambit of every conversation, when asked how we are: “I’m fine thank you, how are you?”.  Sound familiar?

Concern for Vulnerable Clients in Financial Services

Now the trouble with “I’m fine” is that it’s not always true, especially this year. Working in financial services, financial advisers know a lot about how to ‘treat customers fairly’. They make sure that they take into consideration every different possible emotional state of their clients.

These could cover bereavement, job loss, divorce, physical or mobility issues, mental health issues, illness – the list goes on. This is what the Financial Conduct Authority (FCA) categorises as ‘vulnerability’. Sometimes it’s a permanent state, sometimes it’s short term and sometimes it’s transient; it comes and goes. 

Considering Adviser Vulnerabilities in Lockdown

But what do you say when you are faced with the opening gambit? When was the last time you stopped, just for a moment, and thought about yourself and whether you were actually fine or not?

This year has been a rollercoaster for everyone. Home working for most has become the norm. Trying to juggle everything and balance exercise (don’t forget your hour a day – who’s still doing that?), business as usual, business of any kind, finding the best signal in the house, not shouting at the kids, virtual meetings, virtual events, virtual everything, trying to achieve anything has, frankly, been a bit stressful, even for those that love not having to commute!

We know that business has been tough for a lot of the adviser community. In fact, Megan Butler, the FCA’s Director of Supervision, stated recently that they have already seen a key impact of the pandemic in the significant downward pressure on many firms’ revenues.

Even if this may not be the case for you or your firm, the added pressure and stress of the past six months may have had an impact elsewhere on your business or personal life.

Managing Vulnerabilities

But you know what, it’s ok not to be fine, to be fed up, to not complete your to-do list. It’s also really good to talk because if you’re stressed or feeling the pressure, sharing that is often the best release valve out there.
Or if you’re not ready to talk, then do something else that helps you relax, to give yourself a break. Most importantly though, remember you’re not alone in how you are feeling and that help is out there if you need it.
So, ask yourself that question again. “How are you?” And this time be honest.

To find out more about Adviser Vulnerability, including ways to help yourself in stressful times, home survival tips, planning for retirement or just planning for the future, then visit the Blackfinch Partner page or follow this link