Paradigm Consulting has agreed a new strategic partnership with Comentis aimed at helping advisory firms strengthen how they identify and support vulnerable clients.
The partnership will see Paradigm Consulting integrate Comentis’ financial vulnerability software into its support services for advisory firms operating under the Financial Conduct Authority’s Consumer Duty.
Comentis provides a digital Financial Vulnerability Assessment designed to help firms identify customers who may be at risk and to evidence how those clients are supported.
The technology is intended to help advisory businesses demonstrate good outcomes and produce auditable management information around vulnerability.
Through the partnership, Paradigm Consulting said its clients will be able to embed vulnerability assessments into their advice processes with minimal disruption, while taking a more consistent and objective approach to identifying vulnerable customers.
Comentis said its Financial Vulnerability Assessment is already used by more than 1,000 advisory firms and has been deployed in over 300,000 client assessments. As part of the agreement, Paradigm Consulting clients will be eligible for a 10% discount on the service.
Bob Hunt, managing director of Paradigm Consulting, said: “One of the ongoing challenges advisory firms face is both identifying and supporting vulnerable customers in what is a difficult environment, and where the signs of vulnerability might not always be easily visible.
“At the same time, advisory firms have to meet their regulatory – and client – responsibilities in this area, and this new strategic partnership with Comentis gives our clients access to a digital solution which can do all this and much more.
“This solution is at the cutting edge of what is achievable and we’re looking forward to working with the Comentis team and highlighting its proposition to our advisory firm clients, in what is a very important area for all.”
Jonathan Barrett, chief executive and co-founder of Comentis, said: “With the FCA’s unwavering focus on the Consumer Duty, firms must ensure they are not only supporting their vulnerable clients, but doing so with consistency and depth.
“We are delighted to announce our strategic partnership with Paradigm Consulting, which will empower their clients to meet these regulatory requirements and, crucially, provide the robust evidence needed to demonstrate positive outcomes for those in vulnerable circumstances.
“The FCA estimates that one in two adults may be at risk of financial vulnerability. Identifying these individuals is a critical first step in ensuring they receive the support they deserve.
“It is time for duty of care to evolve; client vulnerability should no longer be viewed as a tactical checkbox, but rather as a core strategic driver for every firm. We are pleased to support Paradigm Consulting and its clients on this important journey.”
