Several weeks into the UK coronavirus lockdown, Charles Stanley put out a call to its customers, many of whom fall into the age group most vulnerable to the outbreak.
The wealth manager wanted to know if they needed help gaining access to essentials or were feeling lonely and needed a phone call. If so, it wanted to offer help.
“Very quickly we realised that right here, right now, it was all about health not wealth,” says group head of distribution John Porteous.
“That’s a bit of a hackneyed expression, but we really recognised that the fact that your portfolio was falling was actually a secondary issue to the real social crisis that was unfolding.”
Staff and clients alike volunteers at Charles Stanley
The initiative is called the Charles Stanley Community and clients also have the option to volunteer if they don’t have any immediate needs themselves. The webpage providing details has already attracted 2,000 hits.
Head of marketing Tessa Inglis says: “I think the thing that surprised me the most was the number of clients who actually volunteered to be part of the community to support other clients, which I wasn’t actually expecting. 
“We’ve had a large number of clients who have said, I would be very happy to call up another client and just have a chat or do something like picking up groceries and things like that.”
In just over a week, around 10 clients had asked for help, but about five times as many had offered to volunteer.
In Beverly, Charles Stanley came to the aid of an elderly woman who was housebound and unable to get out to buy milk, while up in Glasgow, one of its financial planners picked up groceries for the aunt (pictured, right) and uncle of a client who fall into the vulnerable age group category.
“Since then he’s actually had a number of telephone calls with them to just check in and see how they’re going,” says Inglis.
Communication extends beyond investment updates
Quilter Cheviot had an existing gardening club for clients that chief executive Andrew McGlone says has taken on a new importance during a period when many people are feeling isolated.
It will be introducing a video series on gardening during lockdown for the 3,000 or so subscribers.
The wealth manager is also holding virtual social gatherings alongside educational sessions and market updates.
Schroders Personal Wealth is also supporting clients with “every day activities practicalities or having someone to talk to” alongside financial advice. It is sending out information on emotional wellbeing alongside its beefed-up output of financial content.
Seven Investment Management has mostly kept communications focused on investment updates and reassuring clients about business continuity. Although, a social media campaign #7IMfromhome has been getting positive feedback, according to chief client officer Chris Phillips, who says it highlights the human side of the business.
Technology adoption moves forward ‘four years in four weeks’
Quilter Cheviot has experienced a “significant” uptick in clients using virtual meetings, McGlone says. “We know that many of our clients have appreciated personal contact during this lockdown period.”
That could be a practice that sticks even after lockdown eases.
Tilney has been contacting clients via Zoom, Skype and the phone. “Clients across all age-groups have adapted rapidly to this new normal and I am sure that many will continue to choose to interact with us in this way, rather than face to face, when the pandemic is long gone,” says managing director Jason Hollands.
Its bi-weekly podcast has gathered high audiences, Hollands says. “When people are confined to home, they have more time to participate in virtual events, listen to podcasts or read the articles we have posted every week.”
From the Channel Islands, Ravenscroft conducted an update for clients with 180 attendees.
Porteous describes technology adoption among Charles Stanley clients moving forwards “four years in four weeks”.
Alongside virtual meetings, Charles Stanley is encouraging clients who had previously done their business with the wealth manager via trips to the bank or post office to instead complete forms and transactions online, he says.
Interactive Investor has digitised the verification steps for opening an account, which had previously required hard copy documentation. Clients can still use postal applications if they have no internet access.
The tone of content has changed
AJ Bell was the only investment firm Portfolio Adviser contacted that hasn’t increased the frequency of communications with clients.
“Nearly all of our communication with retail investors was already done online and we communicate with them consistently and regularly so the frequency of our comms hasn’t changed but the tone and content of them clearly has,” a spokesperson says. “We do run some events for investors and so we’ve adapted those into webinars rather than physical events.”
In contrast, Brooks Macdonald is sending out communications plus posting a 60-second market update online each day.
“We have provided much more regular market updates seeking to address the issues as they arise and then break them down into digestible chunks, so we have daily market update and a weekly consolidation as well as weekly webinars addressing the market moves over the week,” says Robin Eggar, head of UK investment management.
Beyond lockdown, Porteous is already envisaging that Charles Stanley will keep its community support network initiative up and running.
“The tone has massively changed from talking about wealth management to talking about people and their concerns and their goals and what’s really important to them,” he says. “This crisis has brought about much more sincere and deeper conversations I would suggest.”
