With reports that the advice gap is still on the rise , we spoke to Protection and Mortgage Adviser , and SimplyBiz Member , Amanda Ormond of Derbyshire Mortgage Services about her passionate belief that financial advice should be , and can be , for everyone .

Hi Amanda . You believe passionately that advice is for everybody . What do you think drives that passion ?

Hi ! I think my belief around advice being for everyone stems from an upbringing of not having advice readily available . I didn ’ t come from a family background of wealth or investment knowledge , but I bought my first house when I was 22 with the help of a lovely mortgage adviser . That ’ s why I believe firmly that advice can be pivotal in life and anyone ’ s journey . I feel in an extremely privileged position to get the opportunity to help people and offer them some support in making advised choices .

I have a diagnosis of ADHD , my sister has an ASD diagnosis and my eldest son is deaf , ASD and ADHD . I don ’ t think any of us would necessarily identify as vulnerable , but neurodiverse , absolutely . I have talked openly to clients about this , and I genuinely think it allows people a platform to share their own challenges and needs .

The arena we work in can be extremely daunting for some people and can present a hefty amount of worry and confusion . I ’ m keen for us to tackle this as an industry and I ’ d like to see us having more confidence dealing with an everevolving socio-economic demographic .

What are the main barriers that can stop some communities or individuals from seeking financial advice ?

I think we need to look and feel like the clients we want to work with . Our industry is not always reflecting Gen Y or Gen Z and , somehow , we need to keep up with Generation Alpha as well !

It can be really simple – maybe individuals feel barriers simply in the way we might dress . I know that we work in a historically suited and booted role but maybe we need to consider this can be a barrier at times . Other times I think communities or individuals can feel a sense of judgement and so to then ask for help financially can be a step too far . Maybe it ’ s a step too far to sit in a room with someone who is asking lots of very personal questions !

I can ’ t sit still easily and for a very long time have had to mask that . I ’ m well versed now in explaining to people that I need to move around in order to process my thoughts and to concentrate . I have learned to explain my needs to others – not because I require many additional things but because I don ’ t want to wear myself out trying to be something that I ’ m not . I think we need to be mindful of this when communicating with our clients – ask them what works for them . Sometimes those direct , but maybe difficult , questions can result in a lifelong professional relationship .

I think as an industry , as well as a society , we need to be mindful of what difference and diversity really is . You may make assumptions that somebody is financially literate because of their job role and income , but it can then transpire that actually they need much more support than one might have assumed .

I recently advised a paediatric consultant who held their hands up and said : “ financial stuff is an absolute blind spot for me , it panics me , and I don ’ t understand it , so I largely ignore it ”. They cried when I ’ d made them a plan because I ’ d made it make sense and didn ’ t make them feel any level of humiliation . Ultimately , I want people like that to be brilliant at doing what they do and by making the right connections , they can be well protected and looked after because I can be brilliant at what I do . My eldest son has had countless surgeries on his head and very near to his brain – I wouldn ’ t entertain trying to do that so why would I assume that financial literacy comes easily to a person that can navigate a child ’ s skull ?!

How can advisers help overcome some of these barriers ?

I think that mostly this is about empathy and sensitivity but also coupled with some braveness . These can be awkward situations for an adviser , but I don ’ t imagine our uncomfortable is anything compared to some clients ’ uncomfortable . I believe that this is a real shift in attitude – the minute you move your perspective to this is the minute you become a more empathetic adviser . Just like how we keep on top of market developments and changes , we can try and keep on top of social changes too . If you aren ’ t

10 | PROTECTION ADVISER | AUTUMN 2023 |