Wealth manager St James’s Place (SJP) has added two new tools for partners to help them to identify and support clients showing signs of financial vulnerability.

The new tools are from Comentis and MorganAsh and are being made available to partners to help them work better with vulnerable clients, the company says.

SJP says the launch is timely as research suggests nearly 28m UK adults are estimated to be at risk of financial vulnerability at any one time.

The wealth manager will provide access to Comentis’ technology which enables partners to “proactively” identify financially vulnerable clients through an online assessment process. The assessment provides a report determining the nature of any vulnerability, what it means, and what to do. The reports can be stored to create an audit record of vulnerabilities and actions taken.

SJP has worked with Comentis over the last year to run trials and provide feedback on the tool, which has been created by experts in mental health and capacity, financial vulnerability assessments and psychology.

SJP partners also have access to the MorganAsh Resilience System (MARS), a platform that uses answers from client consultations to calculate an objective rating on the degrees of vulnerability for each client and provide recommendations on next steps. 

MARS also supports advisers when conducting mental health assessments, when introducing clients to the concept of power of attorney, in bereavement counselling, when providing tailored longevity estimates to inform retirement planning, and when assisting customers in sourcing care for later life.

The company says it is responding to increasing regulatory pressure on firms to identify and fairly treat financially vulnerable clients.

Edward Grant, director of Technical Connection, part of SJP, said: “Supporting clients in vulnerable circumstances is hugely important so we are thrilled to be able to provide our partners with two ground-breaking technologies that quickly spot signs of financial vulnerability which will ensure our clients receive the best possible support. Not only does this lead to a better outcome for clients, but it provides much-needed support for advisers navigating some of the complexities in supporting vulnerable clients.”

Jonathan Barrett, chief executive of Comentis, said: “At a time of mounting regulatory pressure and increasing customer vulnerability, deploying tech powered solutions that will better support firms such as SJP in the identification and triaging of vulnerable clients has never been more paramount.”

Andrew Gething, managing director of MorganAsh, said: “Increasing regulatory pressure from the FCA to ensure vulnerable clients are treated fairly means it is more important than ever for financial advisers to have the capabilities to fully understand and support their customers. MARS provides advisers with a range of consistent and comprehensive services that align with FCA regulations to help support vulnerable customers. We are delighted to be partnering with SJP.”