Choosing a financial advisor to assist while you are divorcing is a major life decision that can determine your financial future for years to come.
During these uncertain financially difficult times, It is especially important!
As a divorce attorney and mediator, I have a team of experts to assist my clients with various aspects of the divorce process.
The financial component of divorce settlement options often requires a financial expert especially for high net worth individuals. There is no need to put off getting a divorce because of fear about your finances. Having a financial advisor in your corner can be a very valuable part of your divorce team. You may find divorcing now may be more financially beneficial than waiting for the market to stabilize.
Unfortunately some couples think of seeking financial guidance after their divorce, once things have already spun out of control. It’s an easy mistake to make.
I often suggest adding the financial advisor to the negotiations so the couple has a full financial understanding when dividing their assets. This is especially important in trying to manage market volatility right now.
A financial advisor can provide expertise when calculating or quantifying a couple’s or family’s long-term needs, from retirement to college savings, to asset allocation to trusts. They also provide information about tax issues.
Many times I help clients select from my team of financial experts. Here’s what you need to know!
1. Don’t Hire the First Advisor You Meet
Don’t go to the Yellow Pages or hire someone just because they live in your neighborhood. Interview a few advisors before you choose one. Referrals are always preferable.
2. Make Sure You Choose a Financial Advisor With Your Future Needs In Mind
Some financial advisors have a unique expertise with divorce. Look for an advisor with knowledge of the nuances of divorce, and research their strengths and weaknesses-before signing on the dotted line.
3. Don't Pick an Advisor With an Incompatible Strategy
Each advisor has a unique strategy. Some advisors may suggest aggressive investments, while others are more conservative. If you prefer to go all in on stocks, an advisor that prefers bonds and index funds is not a great match for your style.
4. Always Ask About Credentials and Investment Philosophy
To give investment advice, financial advisors are required to pass a test. Ask your advisor about their licenses, tests, and credentials. Financial advisors tests include the Series 7, and Series 66 or Series 65. Some advisors go a step further and become a Certified Financial Planner, or CFP. I can help you with this discussion.
5. Understand How They Are Paid
Some advisors are "fee only" and charge you a flat rate no matter what. Others charge a percentage of your assets under management. Some advisors are paid commissions. If the advisor earns more by ignoring your best interests, do not hire him/her.
For over 35 years as a divorce attorney and mediator, I have been guiding spouses successfully to find the right path to divorce. If you need help with your divorce, I would be happy to show you all your options! Call me today!
I can introduce you to financial advisors that are part of my divorce team. We can find one that is the right fit for you and your needs! We can also suggest a financial advisor offering a free consultation right now, just ask!
Our FREE 1 HOUR CONSULTATIONS are very informative and conveniently available virtually!
I look forward to speaking with you.
Warm regards,
Lois
Call Attorney Lois Brenner Now to schedule your FREE consultation!
212.734.1551