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Do brokers have a responsibility to protect their clients' mental health?

Rozi Jones
|
13th September 2019
mental health brain blocks
"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."

Brokers have a responsibility to protect their clients' mental health by having realistic conversations about money and affordability, according to financial wellbeing expert Jason Butler.

Speaking on the latest Accord Growth Series podcast, Jason 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, explained 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.”

Given the sharing of such intimate information, he highlights the duty advisers have to initiate those difficult conversations and be the voice of reason on a purchase which is rarely based purely on logic.

He continued: “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.”

Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, commented: “Promoting financial wellbeing should be intrinsic to the whole advice process and in this podcast Jason gives a real insight into what it means and why it’s important.

“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. We appreciate the task at hand for brokers and hope this podcast encourages them to continue those important conversations to ensure clients are not putting themselves into financial difficulties.”

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