COACHING CLIENTS
John F . Kennedy once said , “ The best time to fix the roof is when the sun is shining .” For many of our clients , the leaky roof is a client going through a divorce . The majority of the time , the sun is not shinning for them , their world has been turned upside down by this traumatic life event .
The emotional turmoil of going through a divorce can cause clients who are usually quite adept at making decisions , to suddenly be rendered incapable of making heads or tails of their lives . Emotions cloud their judgement , and they lose focus on key decisions . This creates a plethora of emotions that range from catatonic numbness , to all-out rage and anger at the other person . This is a very real part of a client ’ s thought process .
As licensed Certified Divorce Financial Analysts ( CDFA ), we look to work strictly on the financial numbers . We search within these numbers to find the rays of sunlight to provide the much needed guidance and direction to our clients during these hurricane type rains pounding on their leaky roof of life .
As our clients face some of “ The Largest Financial Transactions in their Lifetime ” how do we instill trust , confidence and safety ? Our role is not just as an analyst , but as an anchor to keep our clients grounded and to give them the true analytical numbers of their world . One hundred percent of the time , we have to acknowledge the emotional side that our clients feel and yet provide them with a complete analytical breakdown and assessment of their situation . This must be done in such a way that we are empathetic to what they are going through , while still arming them with fair and equitable options to move forward .
STRATEGY : CREATING TRUST As CDFA professionals , having a strategy to guide your clients through the many turbulent waters as it pertains to the financial numbers is paramount . Collaboration is the key element with your client and with their legal team . Your clients may turn to you as a person of safety , where all their concerns can be voiced as it pertains to their financial future and possible outcomes . Being able to provide the financial numbers and strategy allows for a cost analysis breakdown . Such as deciding : is it worth it to fight over a $ 20,000 asset if the cost to fight over it will be $ 20,000 or greater ?
A strategic planning session with your client ’ s legal representatives to get the implications surrounding certain assets . Which may cause a long and lengthy fight , worth the time and dialogue between you , the client and their counsel . By doing this , you further help to reinforce the confidence placed in you and help them make more informed decisions when looking at fighting over a potential asset worth $ 600,000 which might cost upwards of $ 50,000 in legal fees .
Gaining trust through numbers , based on a collaborative legal strategy , can aid the clients in the assurance of being able to maintain a level of independence , without having to feel the financial squeeze or burden from knowing that an income that was previously there , is no longer there to help .
EMPATHY Going through a divorce is very rarely a straight forward easy line from start to finish . Many times our clients are going to face uphill legal issues that force them to re-evaluate not only their current situation , but also their future . They will have questions like : “ Where will I be ?”, “ What will happen to my retirement ?”, “ Will my kids be okay ?”….. and “ How long will my divorce take and how much will it cost ?”
Being honest and empathic to their situation can only help further their confidence in you as their CDFA professional and help start to build that safety factor in their lives .
Clients have many questions that need an immediate answer in their minds . Let your client know that it is based on getting all the needed information , and that the faster each party can give full disclosure on all the numbers , the faster an agreement can possibly be made after legal collaboration . By being forthright and empathetic to their situation , you can further assure them that each situation is different . You cannot give cookie cutter type answers , or say that they fit in one of five potential outcomes .
We have all heard the term “ the divorce that never ends .” and in a majority of these cases , as cited by experts , it is emotion that is driving this lengthy process . For many individuals , this lengthy process is very costly and in some cases financially devastating . As CDFA professionals , coaching your clients through these very turbulent waters , maintaining a strong focus and staying true to the numbers will ensure the much needed clarity to visualize your finish line . We can help reshape the theory of the “ never ending divorce ” to prepare and train you to complete the calculated “ marathon to happiness ”. +
Benson Kearley IFG ’ s Vice President of Wealth and Strategic Management , Michelle Cowell , was recently named to Wealth Professionals Women of Influence . Wealth Professional ’ s 4.02 issue released in February 2016 features Michelle as one of the 42 most influential women in the Canadian Wealth Finance Industry .
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