UK wealth platform and investment management firm Quilter has boosted support for for advisers dealing with clients facing redundancy with a resource hub.
The spread of Covid-19 has caused financial difficulties for thousands of firms increasing the number of people losing their positions, Quilter said. The group highlighted the Office for National Statistics recorded the number of redundancies in October to December 2020 reached 12.3 per thousand employees, up 8.4 per thousand on the year. This is expected to rise further as government support schemes are withdrawn.
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.”
As a result, the firm has launched the redundancy support hub featuring resources on navigating redundancy, creating a growth mindset and adapting skills, for example. It will also highlight the importance of looking after mental health – in May 2020, Quilter rolled out a mental health support hub for advisers called Thrive.
For the redundancy hub, Quilter said it had drawn on the expertise of 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. Additional content is provided by Spill, Quilter’s partner in workplace mental health.
Goodland added: “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.”