EP#23 Empowering Advocates: Being a Financial Abuse Specialist

Join Jenny on the Jenesis Gem Podcast as she welcomes Michelle Hoskins from Standards International in London to discuss a vital yet often overlooked topic: financial abuse. Michelle sheds light on the role financial advisers can play when encountering clients experiencing financial abuse and economic harm, emphasising its global prevalence across all demographics. Trigger warning: This episode addresses sensitive content related to financial abuse, with a focus on providing support and resources for financial advisers confronted with this issue. Michelle explains the concept of financial abuse and its alarming prevalence, outlining the pathway to the creation of the Financial Abuse Specialist Certification in collaboration with Australian Financial Adviser Amanda Cassar. Jenny engages Michelle on the steps financial advisers can take to obtain certification in this field and highlights key red flags to watch for. In scenarios where a client is clearly experiencing abuse, both domestic and economic, Michelle advises on immediate actions, including encouraging the client to contact the authorities if in immediate danger. She provides valuable resources and organisations for support, emphasising the importance of specialised assistance in complex cases of domestic abuse. MH: The first thing to do is to identify if your client is in any immediate danger. If so, encourage them and/or support them to phone the police. It is key that you do not put yourself in any immediate danger, but if this is the case, you can also call the police for yourself if you feel you are not safe. Check out Michelle's Standard's International Financial Abuse - Useful Resources guide (available on the Jenesis website www.jenesis.net.au) or head to the www.cwes.org.au website. In addition, encourage and support your client to reach out to a friend, family member, work colleague or, line manager or even their GP. Domestic abuse is a complex area and needs to be supported by specialists and experts in these areas. As they are your client, please make sure that you reassure them that you are here to help them and support them through this without any judgment. For information on the Standards International Financial Abuse Specialist Certification, head here.  This is an episode not to be missed! Disclaimer: If you should feel that you, or someone you know, is in immediate danger, please call the Police on 000 or call 1800RESPECT, a 24/7 hotline and speak with someone today.