North Tampa Legal Group, PA

Advice for financial advisors seeing clients through divorce

On behalf of North Tampa Legal Group posted in divorce on Thursday, July 19, 2018.

Financial advisors often work with families and couples to plan for their future. But what should a Florida financial advisor do when a couple he or she is advising decide to divorce? Not only is financial advising through a divorce a unique challenge, but dealing with both parties professionally can be difficult for an advisor. There are a few options professionals should consider in these situations.

The first thing to consider is whether it will be possible to help both parties in the divorce. Advisors who choose to do this should be extremely careful to keep advice solely financial and not badmouth the other party in any way. The couple will likely be involved in deciding whether they would both like to keep working with the advisor or if one will find another.

Divorce is a particularly difficult thing for a financial advisor to help people through. It can be time-consuming, since details of the divorce agreement can change and the financial situation is in flux. It is also stressful for the client, so it’s a good idea to make sure there is a personality fit between the advisor and the client/s.

Most people are skeptical of financial advice during a divorce as this is a very vulnerable time. It may be difficult for an advisor to start working with someone during this time as a foundation of trust is highly beneficial. People working with a financial advisor through a divorce may benefit from double checking the advice and forecasts. They should also cross reference financial plans with the divorce agreement. This can be done with the help of a Florida lawyer.