I work mainly as a divorce specialist in Cambridge. About 95 per cent of my new clients are sadly going through some form of separation and the work is varied and challenging. Some of the clients I have worked with in recent months have faced particularly tough reasons for splitting up. I am often faced with both the financial and emotional consequences and impartiality is crucial
Before long an email from a lawyer pops into my inbox. I am asked to comment on the technical aspects of some transfer values for a potential pension-sharing case. It is complicated involving an armed forces pension including non-shareable rights and some other personal arrangements. Thankfully I can give the lawyer the pointers he needs, although we agree that an independent actuarial report would be needed to provide objective pension sharing calculations. I offer to help compose the letter of instruction.
My spaniel puppy decides that she needs some attention and takes me out for a walk. It seems I have no choice.
The afternoon is spent with a post-divorce client reviewing her Sipp portfolio. It has performed well and she has enough income to meet her needs without any changes. She is pleased with the outcome, and I am chuffed that she is managing her accounts.
Tuesday
Today is all about cash flow and budgets. I have been asked to ‘reality test’ a divorce settlement offered to a client to see if she can cope with the various sources of income. I soon realise that she is struggling with the change of lifestyle, and it will take time and patience to achieve a realistic outcome. We create two cash flow statements. One shows she will run out of money fairly quickly at her current spend rate, and the other demonstrates that with some rational changes she could manage reasonably, although Amazon’s profits may suffer. The results are powerful, and it gives her a sound basis on which to conquer her fear of change.
When I get home I have the local British Legion accounts to prepare – with a glass of wine and a spaniel snoozing on my feet.
Wednesday
I have a three-way meeting with clients who are getting divorced. I am a financial neutral in a collaborative (hopefully cordial) divorce, and the aim is to provide sufficient information and guidance to help the clients agree their own settlement. I have learnt from experience that language needs to be unbiased and both parties’ concerns need to be addressed equally. There is an underlying friction in the room today, which I try to dispel quickly so that our discussions can be fruitful. I reassure the couple that I will not be a party to implementing any outcome and their interests, not mine, are at the heart of any debate. The house and the pensions are the two main assets, and between us we arrive at some useful options to be discussed with their respective lawyers. The feedback is that I am “good value” and not as “scary” as my photo might suggest. Note to self: change photo.
I come home to a frantic email asking for some short-notice mortgage capacity calculations for a case going to court imminently. I am happy to help post-dog walk, and Coronation Street is recorded for later.
Thursday
It is Almary Green’s team meeting day today so it is off to doggy day care for the puppy. Normally it is a day when everyone, including advisers, admin and paraplanning, get together. We discuss compliance, report writing, RDR, share classes, model portfolios, auto enrolment, VAT, client services and anything else that may be topical. It is an open forum and all views are welcomed. Today is different, however, as we are embarking on a team-building treasure hunt around Norwich. The twist is that each team is effectively tied together, which creates a bit of stir around town as we try and find the clues. It is good fun and the post-hunt drinks and curry go down well.
Friday
I use Twitter as it is a great way to have focused, time-conscious networking, and so I am excited to accept an invitation to a family law ‘tweet up’ in a few weeks’ time. Last year’s event was great for building professional connections, and good referrals.
I am in the middle of one or two pension sharing cases that need research and suitability reports. Paraplanners help me out with the illustrations I have requested, and we discuss the nuances of the reports.
Finally I manage to close the laptop lid, organise the puppy and negotiate the A14 to get back to Stratford-upon-Avon, and my husband, for the weekend.
Fiona Sharp is a chartered financial planner for Almary Green
