A report, authored by a group of advisers and planners, has found there were just 42 financial advisers accredited in family law. This equated to just one for every 5,000 people that divorce each year.
Resolution, which represents 6,500 family justice professionals, has published the document, highlighting the growing need for specialist advisers in family law, in partnership with the Personal Finance Society.
The report comes hot on the heels of an Office for National Statistics release, which showed that that the average age at divorce is continuing to rise. Over 30 years, from 1985-2015, the average age at divorce has increased by over eight years. The average age at divorce for a man in 2015 was 45.9 years, and 43.5 years for a woman.
Chartered Financial Planner Mary Waring, MD of Wealth For Women, a divorce finance specialist, said: “Therefore, for a spouse with no retirement provision, overlooking his or her soon-to-be-ex’s pension could prove costly. Factor in many stay-at-home parents’ gaps in state entitlement and it’s clear pensions have never been a more important consideration for divorcing couples.”
Nigel Shepherd, national chair of Resolution, 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.”
Keith Richards, chief executive of the Personal Finance Society, said: “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.”