Family law organisation Resolution recently published a report in partnership with the Personal Finance Society highlighting the need for collaboration between financial advisors and family law professionals.
The report reveals that there is only one financial specialist accredited in family law for every 5,000 people seeking divorce each year – a total of just 42 advisors in the UK.
National chair of Resolution Nigel Shepherd explains the rationale behind the study:
“We know from talking to financial planners and advisers who are already Resolution members that the world of financial advice is changing.
“What clients want is sound guidance and trusted support. This is especially true in times of change or upheaval, and they do not come much more unsettling than a divorce or separation.
“Advising those going through a divorce or separation is a very specialist area. There are real opportunities for those financial advisers that are able to position themselves as experts in the field, and by being part of Resolution they have great access to a large, unsaturated market.”
The report claims that Resolution members are “crying out” for financial advisors, and Keith Richards, Chief Executive of the Personal Finance Society, comments on the value of incorporating financial specialists into the family law process:
“In high stress situations, such as divorce or the loss of a partner, emotions can make focusing on the practical aspects of personal finance decisions extremely difficult. Having access to trusted financial advice as part of an integral and supportive professional network at such a key stage in life can be invaluable.
“Professional financial planning gives consumers peace of mind that their personal finances are aligned with their future aspirations and goals.
The majority of separation cases involve the financial needs of separating couples, and specialist input could provide essential support for both family lawyers and their clients in negotiating financial settlements. The Resolution network includes 6,500 family justice professionals, including solicitors, barristers, mediators and family consultants, and the organisation claims they already “have the right infrastructure to help financial advisors meet the right family lawyers.”
The proposal put forward by Resolution and the Personal Finance Society includes a plan for long-term sustainability for financial advisors working in family law, and outlines the skills required for success in the field. By publishing the report, Resolution is calling for more financial advisors to join the family law industry and offer their services to those in need of financial support and advice.Tags: arbitration, divorce, family law, family laywer, financial advisor, financial settlement, mediation, resolution, separation