Maintaining client trust during divorce
For IFAs there is a dangerous time in the client relationship that can unintentionally be damaged or strained, and that is during a client’s divorce.
For a relationship that is built on trust, IFAs can unwittingly give false hope to a client about their future finances and expected standard of living, which quite simply might not be realised in the actual divorce settlement. Therefore, divorce also presents an opportunity for a trusted IFA to really impact a client relationship in a positive way.
Divorce lawyers and IFAs should ideally work closely together to ensure that the client receives the best and realistic advice at every stage of the divorce process. Having a ‘team’ to ensure that all scenarios are considered can be of enormous reassurance to a client.
Financial vulnerability is alarming for most people.
Very broadly, divorce lawyers will tend to have two types of clients: those who have never managed their own finances and do not know where to begin; and those who will already have an IFA so there are no financial surprises, but they may arrive with a figure in mind because they have gone through the options with their IFA first.
Both present challenges to their lawyer and a good working relationship with an IFA can really help….
To continue reading, please follow the link to The Financial Times Advisor, where Tamara’s full article is published.
Disclaimer: General Information Provided Only
Please note that the contents of this article are intended solely for general information purposes and should not be considered as legal advice. We cannot be held responsible for any loss resulting from actions or inactions taken based on this article.
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