Quilter today launched a support hub for financial advisers to help their conversations with clients around all aspects of redundancy.
The hub has been launched in anticipation of an increase in people being made redundant as the economic fallout of the Covid-19 pandemic takes place. According to the Office for National Statistics the number of redundancies in October to December 2020 reached 12.3 per thousand employees, up 8.4 per thousand on the year, and is expected to rise as government support schemes are withdrawn.
The hub will feature resources for advisers to recommend and use with clients covering topics from navigating redundancy to how to create a growth mindset, and the importance of adaptability. These resources will complement the practical support that advisers can provide to their clients in terms of finances, by focusing more on the mental impact of redundancy.
Advisers may feel uneasy about talking to clients about redundancy but it's during these times that advisers can add considerable value to help guide clients through what can be a worrying time."
Quilter, with its in house career coach, has collaborated with a number of experts, including psychologist and coach Roger Coles; former Formula 1 and first team psychologist of Manchester City FC, Dr Pete Lindsay; and master coach, Neela Bettridge, to deliver a series of podcasts which advisers can share with their clients. Further content is provided by Spill, Quilter's partner in workplace mental health.
The support hub follows a number of initiatives introduced by Quilter since the beginning of the pandemic. In July, the business announced its partnership with Spill to launch a personal counselling service for financial advisers and their staff.
Jane Goodland, corporate affairs director at Quilter, said: "Being made redundant is not uncommon but those who have met this fate will agree it can be really difficult emotionally and financially. Advisers may feel uneasy about talking to clients about this but it's during these times that advisers can add considerable value to help guide clients through what can be a worrying time."
"We've provided a suite of resources for advisers to help them have those client conversations and helping them be a source of trusted advice and support. Much of the economic pain from the pandemic is yet to be felt, but advisers can support clients now to help them be prepared should redundancy come their way."