Advise Wise has joined forces with Comentis to enhance vulnerability support for advisers in later life sectors.
- The collaboration provides a new tool, integrated via API, allowing advisers to assess client vulnerability effectively.
- The tool aligns with the FCA’s four drivers of vulnerability and Consumer Duty regulation, offering thorough client analysis.
- Advise Wise members benefit from streamlined processes that save time and improve client support.
- This partnership sets a new industry standard for addressing client vulnerability within the financial sector.
Advise Wise, a later life sourcing platform, has announced a collaboration with Comentis, a duty of care assessment company, to enhance how financial advisers identify and support vulnerable clients. Through API integration, Advise Wise members now have access to Comentis’ advanced vulnerability assessment tool. This tool enables advisers to objectively and consistently document potential vulnerability areas among clients.
The tool adheres closely to the Financial Conduct Authority’s four drivers of vulnerability and complies with Consumer Duty regulations. By combining technology with expert insights from mental health and psychology professionals, the tool integrates seamlessly into the existing systems Advise Wise provides to its members. This improves the precision and efficiency of the client vulnerability assessment process.
The integration offers a more straightforward process for advisers, allowing those registered with Comentis to access the tool with the click of a button from the Advise Wise Platform. Client information prefills automatically from their Advise Wise account, significantly reducing the time needed for comprehensive vulnerability evaluations. This allows advisers to focus on identifying specific risks to clients.
Benjamin Wells, head of product and development at Advise Wise, notes that this partnership underlines their commitment to equipping advisers with essential resources to give superior advice in situations involving potential client vulnerability. Wells expressed optimism that this efficient, reliable tool will positively impact advisers, clients, and the broader industry.
Jonathan Barrett, CEO at Comentis, emphasised that even though it has been over a year since the introduction of Consumer Duty, regulatory scrutiny on vulnerability remains intense. Barrett highlighted the importance of advisers being fully prepared to identify all signs of vulnerability, with Comentis’ market-leading software ensuring that Advise Wise members can quickly and efficiently recognise financially vulnerable clients.
The partnership between Advise Wise and Comentis marks a significant advance in supporting financial advisers with tools to better identify and support vulnerable clients.
