Advisers encouraged to reach out to clients during National Conversation Week

National Conversation Week, spearheaded by Paymentshield, takes place this year from 11th- 17th May with Defaqto and Mind named as the official partners for 2020. Now in its fourth year, the awareness week is encouraging people to talk more, especially about their finances – one of the biggest contributors to poor mental health.

The awareness week follows a recent YouGov survey conducted by Paymentshield in March, in which 32% of respondents said that finances worry them the most, emerging as the single biggest concern. The research also found that 41% of consumers do not ask for financial advice when they need it.

National Conversation Week is therefore calling on advisers to proactively check in with their clients to offer a review of their financial products, and ensure that the policies they have in place are the most suitable for any change in financial circumstances.

Jennifer Ripley, head of marketing at Paymentshield, said: “We might not be able to see each other face-to-face, but that doesn’t mean that conversations have to stop. However they’re conducted, it’s absolutely critical that conversations continue, particularly when it comes to talking finances. Research tells us that customers might not actively seek financial advice, so we’re calling on advisers to initiate the conversation with them. We know there is a clear correlation between financial worries and poor mental health, and advisers are in the best position to guide consumers through their changing circumstances and make sure they have the best products for their needs.

“At a time when customers aren’t walking through the door of the business, advisers should reach out to existing clients, talk to them about any changes or concerns, and offer a robust review of their financial products. They also need to utilise their expertise to ensure that customers don’t make rash decisions in an effort to cut back. If we think about insurance, now is not the time to scrap policies or swap to cheaper alternatives that could leave customers financially exposed further down the line. Advisers need to use all the tools in their armoury to convey the importance of value and quality in their conversations.”