Divorce is one of the most stressful ordeals, both emotionally and financially, that a person will experience in his or her life. Because of the complex nature of divorce, having a knowledgeable financial advisor to assist and generate realistic financial solutions can be infinitely beneficial to anyone going through the process.
Relationships formed during those trying times not only take a weight off the shoulders of the person going through a divorce but also help create enduring associations that can last for decades after the divorce is finalized. It takes effort, but financial advisors who are willing to serve clients during this time of emotional uncertainty may be pleasantly surprised at the trust that develops—trust that offers long-term benefits.
Divorcing clients are different from those who typically seek the assistance of a financial advisor. Here are some tips for dealing with them:
1. Obtain the Certified Divorce Financial Analyst accreditation.
This designation will greatly improve your authority in advising divorcing clients, especially when it is combined with other financial advisor certifications (such as the CPA, CFP and ChFC licenses). The CDFA accreditation is relatively easy to achieve; it generally takes two to six months to complete a four-module course. These units cover the way specific financial aspects of divorce apply when it comes to taxes, the valuation of property, the division of assets, the calculation of child support and spousal maintenance and the determination of future retirement and pension fund values.
The CDFA endorsement will improve your standing, and it should be included on your business cards, on your Web sites, in your bios or anywhere else that you promote your qualifications.
2. Determine your marketing focus.
In a previous article for Financial Advisor, I mentioned several roles that a financial analyst can perform when advising divorcing clients. The advisor can be an impartial ear for both parties during the mediation process, counsel one side behind the scenes or testify as an expert in court.
While you can do all three things for different clients, it is important to narrow down your marketing focus for your intended audience. Separate efforts will be necessary for marketing services to attorneys, for instance, and for marketing to divorcing clients, and you should evaluate the effectiveness of your marketing strategies for each target group.
3. Get the word out.