New research conducted by the listed platform group found that one in three people who experienced a family breakdown such as divorce in the last three years suffered from physical or mental health and relationship issues because of their finances.
“In times like these it is important for financial advisers to provide strategies and advice to help their clients get a fair deal when going through a difficult divorce or separation situation,” Netwealth’s head of technical services, Keat Chew, said.
Mr Chew said advisers can influence “valuation strategies, asset choice, tax impacts and other factors” that could make a substantial improvement to the outcome for both parties.
Advisers can also provide value through understanding the interactions between family, superannuation and tax law, as well as account for the “real net value” of an asset.
“We’re seeing how crucial it is for advisers to understand the intricacies of family law, binding financial agreements (BFA) and other means by which clients can structure their super split alongside tax and preservation issues,” he said.
Many divorces are amicable (many not too) but FARSEA won’t let Advisers continue to help couples through a divorce.
How bloody stupid.
FARSEAcal as usual.
Advisers are needed during hard times. Divorce is one of those and guiding a less sophisticated partner through the process makes a huge difference. Just evaluating offers from the other side and helping with client offers can be worth a lot.