Some 5,000 professionals have studied a recent report which sets out steps they need to take in order to position themselves as the “go-to financial adviser” for anybody going through separation or divorce.
Resolution, the family justice organisation representing over 6,500 professionals, published the report in partnership with the Personal Finance Society.
The report highlights the growing need for specialist financial advisers in family law, the long-term sustainability of the market and key skills required for success in this field.
Authored by a group of financial advisers and planners, the report estimates the size of the divorce and separation market as £500m annually. However, with only 42 financial adviser specialists currently accredited in family law, that leaves just one professional for every 5,000 potential clients.
Steven Hennessy, a financial adviser who joined Resolution to develop his skills and networks in this area, said: “This report is an invaluable first step for any financial adviser wanting to work – or do more work – in this area. I’d urge anyone reading this to download the report today.”
Margaret Heathcote, national chair of Resolution, said: “The widespread interest in Resolution’s report shows how many financial advisors are keen to tap into the divorce and separation market. At the same time, our members report a huge need for targeted professional financial advice to further support their clients going through family breakdown.
“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.”
Keith Richards, chief executive of the Personal Finance Society, said: “The value of professional financial advice has been recognised by Government within Pension Freedoms legislation, as it increasingly is by other organisations and the public for areas of complexity such as retirement and tax planning.
“Many of our 38,000 members continue to proactively develop their general and specialist technical knowledge as well as soft skills to help deliver a better client experience and outcomes.
“The Resolution network provides a unique community for those financial advisers looking to be part of a multidisciplinary, collaborative professional advice team providing essential guidance for families going though separation and divorce.”