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Advisers must protect client’s mental health with realistic conversations – Accord podcast

  • 13/09/2019
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Advisers must protect client’s mental health with realistic conversations – Accord podcast
Brokers have a responsibility to protect their client’s mental health by having realistic conversations about money and affordability, according to a former adviser and financial wellbeing expert.


Jason Butler, author and speaker was being interviewed for the latest Accord Growth Series podcast and gave his thoughts on the role advisers have in helping clients be more resilient against future financial shocks. 

Butler, who was a financial adviser for 25 years, said his mission was to “help humans master money” and get them talking about finances, which for many people causes pain, anxiety and is often overwhelming.  

He said: “Regardless of salary, money can often be the cause of mental health problems and part of a mortgage adviser’s job is to get people to buy the houses they can afford, not the ones they think they should have.”


Looking into client’s soul

Referring to brokers as ‘financial priests’ Butler added: “You’re looking in the soul of someone’s priorities and values and how they use money in a way that no one else sees. It’s almost like going for a confession.” 

He added: “Mortgage advisers should try and see beyond just the transaction in front of them. The clients who stay within their limits will have budget for protection and are more likely to be a customer for their whole life cycle of events, rather than just a one-off house purchase.” 

He continued to say that as well as being beneficial to the client, brokers would ultimately reap the rewards of having financially sound customers. 

“If you get a client a lower cost deal and give them proper counsel to get the house they can afford, not only would the client be more financially secure but you’d also earn more money, that’s the paradox because you don’t do it to earn more money,” he said. 

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages said: “Given the sensitivity of the information shared, brokers often develop strong relationships with their clients and have a key role in ensuring they fully understand the commitment they are making and providing them with the protection they need against a financial shock like a loss of income or a prolonged period of illness.” 


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