Mary Waring, founder of Surrey-based Wealth for Women, said that advisers and family laywers could benefit each other and offer additional value to their clients by carefully chosen referrals across the two professions.
She said: “When dealing with a divorce, family lawyers will frequently refer their client to a financial planner or IFA in order that the settlement can be implemented.
“For their part, financial advisers will often find themselves dealing with clients who require family law advice. The relationship between the two professions can, and should, be beneficial for both.”
Ms Waring said advisers could help with specific issues relating to investments, endowments, mortgages and financial plans.
In the case of divorce, a financial adviser could help the couple to look at the whole financial arrangements, such as the pension or the family home.
She added: “Which option is most suitable for the client depends on their specific goals, priorities and objectives. The adviser can work alongside the family lawyer to review the various settlement options and advise which option is more appropriate for the client.”
Family lawyers, on the other hand, could bring quality referrals to advisers, and could help when advisers are asked questions about legal matters, such as maintenance payments in retirement or sorting out issues around power of attorney in later life care situations.
Solicitor view
During Symponia’s annual conference in May, Jon Wilkey, solicitor for Monmouth-based Gwyn James Solicitors, said that lawyers should look to financial advisers for lessons in building client relationships and growing business.
He praised financial advisers for their ability to develop client relationships through regular contact and long-term planning, saying: “Solicitors should forget the stigma of working with financial advisers and instead to learn from those at the coal face.”
