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Why a Divorcee needs to spend time with a Divorce Financial Planner

Why a Divorcee needs to spend time with a Divorce Financial Planner

 

As a Chartered Financial Planner, I often help women who are dealing with divorce, and in this particular case, I helped a woman who wanted to complete a divorce in an amicable fashion – but was also worried about her retirement in years to come. Would she have enough money to live off and maintain her quality of life? And how would working with me be useful to her?  What exactly is the role of a divorce Financial Planner?

At first, the lady concerned (let’s call her “Andrea”) didn’t really understand why she would need the services of a financial planner. What she did know was, that she wanted to keep her divorce peaceful, and that despite earning a six-figure salary in London, she was disillusioned with her high-pressure career and wanted a better work/life balance. At 54, Andrea and her husband had managed to accumulate savings, investments and pensions over the years and had also repaid their mortgage.

However, she was unsure about her financial capacity to change her life so dramatically, especially as she was approaching retirement age. She was worried about both her immediate financial position and the effect these changes would have on her short and long-term financial position.

She had never worked with a financial adviser before and was unsure how I was going to assist her during such a turbulent time in her life. But I had been recommended to her by a knowing friend, who understood that I was exactly the person Andrea needed to be talking with right now.

I am one of only a few UK IFAs to be qualified not only as a Chartered Financial Planner, but also as a Certified Financial Planner & a Registered Life Planner as well. Both Chartered and Certified are well-known qualifications held by a number of UK advisers. But the Registered Life Planner qualification is less commonly found in the profession.  I am also experienced in providing support as a divorce Financial Planner – helping clients navigate some of the financial aspects of divorce.

The Registered Life Planner course is aimed at questioning techniques and listening skills to actually understand whether it is retiring at 65 that is their actual goal, or whether the client is wanting to achieve something different but doesn’t yet know it – it might be a career change.

It was vital that I really understood Andrea’s aspirations and wider life-goals – way beyond her divorce situation, before we even began talking about financials. We therefore took our time to discuss her background, her vision for her future, her expectations, priorities and money handling experience. There is no point in my clients getting to retirement age for them to realise they wasted 20 years of their life in a job they hated and find out they’re worn out, tired and don’t have the drive anymore.

Over the course of a few months I managed to help Andrea move from a state of flux to a life and financial position that had greater clarity, focus, structure, but flexibility too. Andrea was even able to resign from employment because she was confident with what the future holds for her. That’s the magic of a detailed and well-constructed financial plan.

Now she sees her son much more, enjoys a less stressful life and has more than enough income to satisfy her simpler needs. I implemented a number of recommendations for Andrea that have improved her position and matched her needs.

I would encourage anyone in their fifties who has not yet made a detailed financial plan with the help of a financial planner, to think seriously about doing so. Especially if they are going through a major life shift like divorce, where the expertise of a divorce financial planner can have a very positive impact on their situation. These life events can act as a catalyst for positive change – if you have the right experts to guide you.

I offer a financial health check that is free of charge.  This meeting is about getting to know each other to see whether we can work together and it is your chance to ask questions and find out how I can help to improve your situation.

 

Contact me now on 07563529918


to arrange a time to talk or email sam@cervellofp.co.uk

 

Sam Whybrow CFPTM Chartered MCSI

Cervello

 

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