Reassurance and in-person contact is what is most needed at the point when a client's portfolio ends up becoming someone else's inheritance.
This is the view of Duncan Stratford, Canaccord Genuity's Wealth Management's UK managing director, who said one of the challenges of managing money was helping people who suddenly find themselves beneficiaries of a portfolio.
Over time, many older clients - mostly female - have inherited portfolios their husbands used to run, and who may never have been involved with investing.
At the time, obviously there is a "big educational piece" and support when it comes to this vulnerable circumstance, although Stratford says not every widow will necessarily be, or remain, 'vulnerable'.
He has one particular client of 100 who calls him regularly to discuss the investment strategy on the portfolio she inherited in her early 80s.
"She's really clued up now", he said.
According to Stratford, reassurance is important at what can be a very traumatic time for clients.
He explained: "We often come up against this situation with the customers of our intermediary clients – a bereaved wife might find herself left holding the investment portfolio with no previous involvement in decisions about how and why investments were chosen or agreed.
"And at that time, we can step in to answer any questions which might help educate, support and reassure."
Education and inclusion
Stratford said to avoid having clients end up in this situation, where one knows all about investing and the other does not even know a portfolio exists, is to make sure that conversations are inclusive from the start.
He said: "We approach our client relationships with the financial considerations relative to their life stages. We always treat clients holistically.
"It’s important that both spouses are involved in conversations concerning their finances and we try and engender that mind set from early on in our relationships with clients."
Divorce and bereavement are good examples of how the wealth advisory industry can increase the support that is given to clients, he added, whether this is "educating them, supporting them and/or hand-holding at times of greater need".
"We place great value in meeting clients in person and being prepared to travel to their homes where they often feel more comfortable."
Big enough to matter, small enough to care
He has described CGWM as "big enough to matter, small enough to care", and says part of this is that everyone is "very hands on with the business".
He told FT Adviser: "I still have clients that I have looked after for well over two decades. We live and breathe traditional relationship management values, and this is an inherent part of our culture.
"Our set up is very modern, but our values are very traditional."
Over recent years, as reported by FT Adviser, the company has been involved in several mergers, acquisitions and restructures as it grows its UK-based operations.
