seCret of suCCessful teaMs
Collaborative law Section
Chairs:ShannonCiesluk–CBIZ,LMHMandJessicaFelix–Felix,Felix&Baseman,LLC
the best teams work together to
select a qualified financial planner,
helping the less financially
savvy spouse get comfortable
H
ow many times have
you come dangerously
close to an impasse
because one spouse
cannot pull the trigger? You watch
settlement options go down, costs
go up, and her fear — and his
frustration — go through the roof.
Leading a client to settlement
under these circumstances is risky
at best.
Hiring a financial planner can
help the less financially savvy
spouse get comfortable enough
with the future to make a decision
in the present. Suddenly, you’re not
to blame for suggesting she sell the
house; instead, an advisor, working
only for her, presents a clear picture
of each option long-term, and she
chooses. She now sees the value of
what you negotiate. Both clients
avoid court while reducing delays,
costs, and surprises after settlement.
To avoid mistakes, here’s what
the team may want to look for in an
aligned financial planner:
✓ Divorce Specialist. Financial
planning in divorce is far more
sensitive than, for example,
college planning for the typical
family of four. Your clients
chose family law specialists,
not dabblers. Find a financial
advisor who has similarly
dedicated the firm to divorce.
✓ Experience and Credibility.
Look for someone who has
served in divorce cases, even
30
enough with the future to make
a decision in the present.
pro bono; taken collaborative
law training; attends AAML
certification review courses
for a basic understanding of
the law; or even completed
mediation training. Do they
know what factors into
alimony — and what doesn’t?
Are they proficient with the
schedules? Did they earn the
Certified Divorce Financial
Advisor credential? How have
they worked with each attorney?
✓ A Clean Record. Recently,
I was brought into an ultra-
high net worth case to help
the wife manage her money.
Our federal background check
revealed that the family’s
broker had seven claims lodged
against him, alleging unsuitable
investments. He was later
the subject of news reports,
accused of making a political
donation in an attempt to
wipe his record clean. Go
to brokercheck.com before
hiring help for your clients.
✓ Hourly Fees. Advisors tied to
brokerage houses often cannot
charge hourly fees; instead,
they bank on managing the
client’s money after divorce.
How much pressure does
that put on your client at an
already sensitive time? Hire
someone focused on giving
your client the best planning
advice during divorce: no
conflicts, no commissions,
no strings attached.
✓ Fiduciary. Attorneys are
fiduciaries; shouldn’t the
advisor be? Not all financial
advisors are required to put
your client’s interests first.
Select a Certified Financial
Planner, TM who must act
as a fiduciary.
✓ The Reason Why. Why
divorce? Did the advisor focus
on this yesterday? Are they
chasing any money in motion?
What history and personal
commitment does the advisor’s
website reflect?
✓ Professionalism. Seek
someone who knows how
to stay out of the team’s way,
not make the client positional,
and propose options rather
than an irrational or unrealistic
settlement.
The best teams work together
to select the qualified financial
planner who can help resolve the
case, creating
more confident
clients who now
see their way
to success. n
Author: Tina
Tenret, CFP,
CDFA - The
Tenret Company
JAN - FEB 2020
|
HCBA LAWYER