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.
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. Divorce can
sometimes create a financial crisis. Having a financial advisor in your
corner can be a very valuable part of your divorce team.
Unfortunately some couples think of seekiing 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.
A financial advisor can provide expertise when calculating or quantifying
a couple’s or families long-term needs, from retirement to college
savings, to asset allocation to trusts. It also provides information about
tax issues.
Many times I help clients select from my team of financial experts. For
those who don’t, I provide the following advice.
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!
Our
FREE 1 HOUR CONSULTATIONS are very
informative and conveniently conducted virtually to reduce risk!
I look forward to speaking with you.
Continue to Stay Healthy & Safe!
Warm regards,
Lois
Call Attorney Lois Brenner Now to schedule your FREE consultation!
212.734.1551
A few openings are still available for this week.