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Published: 14th July 2017
In a report published in conjunction with the Personal Finance Society, family law organisation Resolution have indicated a significant need for more specialist financial advisers to enter into the area of family law. The report showed that there are only 42 financial advice specialists within the UK family law sector, which is just one specialist per 5,000 people that acquire a divorce each year.
Not only did the report highlight the need for more of such skilled specialists to work within family law, but it also suggested what skills are needed in order to work within the role, as well as the long-term sustainability for financial advisers.
An opportunity for financial advice specialists
The national chair of Resolution, Nigel Shepherd, said: ‘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 Chief Executive of the Personal Finance Society, Keith Richards, also commented saying: ‘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 impact of the financial adviser report
A whole host of different professions within the family law sector work closely with financial advisers, and many different people including solicitors, barristers, family consultants and mediators agree that there is a large shortage of specialists available. It is thought that the report will hopefully indicate the benefits that come with working within this sector, encouraging more financial advisors to choose divorce and separation as a route for them to take.
The national chair of Resolution, Nigel Shepherd, continued to say: ‘At Resolution, we already have a network of 6,500 family justice professionals that all share the same positive values and principles about divorce and separation. We have the right infrastructure to help financial advisers meet the right family lawyers.’
If you are thinking about separation or divorce then K J Smith Solicitors can help. Our team will strive to deliver a positive outcome without conflict and in the most amicable way possible.
For more information or to arrange a free 45 minute consultation, please contact us today on 01491 630000 (Henley on Thames), 0118 418 1000 (Reading Head Office), 0118 418 1200 (Reading Central), 01256 584000 (Basingstoke), 01483 370100 (Guildford), 01494 629000 (Beaconsfield), 01235 375500 (Abingdon), 01344 513000 (Ascot), 01635 785 100 (Newbury), 01962 587900 (Winchester) or email info@kjsmith.co.uk.
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