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According to some estimates, over 5 crore individuals are born with special abilities in India and 50 lakh of them are visually impaired.
The government runs a host of schemes to support individuals with different abilities by offering them government jobs and providing benefits.
We spoke to Piyush Rakhecha of Royal Eastern Financial Services and Rushabh Desai of Rupee with Rushabh Investment Services to understand how MFDs should deal with clients with special abilities.
Both Piyush and Rushabh undertake a lot of initiatives for the welfare of differently-abled communities. Here are a few tips.
Approaching the Parents/Guardians
According to official data, one in every two differently-abled individuals is dependent on their families in India. Parents of the differently-abled need to plan for the financial security of the differently abled thus it is important for MFDs to reach out to them.
However, MFDs should be mindful of approaching such parents. They should reach out to them with compassion and offer valuable support that genuinely meets their needs and concerns, believes Piyush.
Engaging with them
Rushabh feels that MFDs should approach hospitals and NGO to engage with individuals with different abilities.
Secondly, MFDs may look at organizing knowledge sessions on money management for specially-abled individuals, said Rushabh.
No need to be extra sensitive
Piyush emphasizes that MFDs need to walk the fine line between sensitivity and insensitivity while reaching out to the different-abled.
Piyush said that MFDs should treat them as regular clients and focus more on understanding needs that are unique to such individuals.
Digital Accessibility
MFDs should build websites or platforms that are inclusive of differently abled individuals. In India, ensuring digital accessibility for the differently-abled is a legal obligation for both public and private entities. For instance, MFD websites should have differently abled supportive features like visual and auditory responses.
Training and sensitization
MFDs do not just need to educate themselves but also provide training to staff on how to interact with disabled clients respectfully. This includes providing training covering effective communication and sign language, empathy and knowledge about the specific needs of each disability.
Factor in additional leeway
Piyush believes that differently-abled individuals require high living expenses. He said that living expenses for an individual with physical limitations may require a full-time house help whereas a visually impaired individual may require a driver for his car. As a result, the cost of living goes up substantially.
Piyush said that severely disabled people have higher financial requirements for disabled-friendly products resulting in 1.5 to 2x spending.
