Abused women have a friend in financial advisor Christine Hennigan.

Compassion and empathy are her calling cards in advising divorced or widowed clients whose spouses, intentionally or unintentionally, excluded their distaff half from the couple’s finances.

That happens a lot, more than many advisors care to concede or do anything about until their clients come to her, said Hennigan.

“I developed a very strong niche working with divorcing females or women with pending widowhood,” Hennigan told Financial Advisor. “In most cases, husbands handled their finances.”

Hennigan said that too often, advisors she refers to as “financial predators” took advantage of naïve wives by treating their husbands as the only decision-maker they needed to consult. Once these women became single through divorce or death, they found a new advisor – Hennigan.

“They need to find a trusted advisor,” Hennigan said. “I have seen too many of these women come to me after finding that their financial advisor has not served them well.”

Hennigan has the professional qualifications and certifications to advise her clients on their finances.

A graduate of Drexel University, Hennigan received her BS in finance in 1990. She is currently employed as a Chartered Financial Consultant with 1847Financial in Chester County, Penn. She is also a Certified Divorce Financial Analyst and a principal of Divorce Wealth Strategies, LLC.

In both her professional roles, Hennigan helps individuals and businesses achieve their goals through financial planning.

She proactively works with attorneys and mediators for both sides before a pending divorce so she can help her clients with long-term and short-term financial planning strategy. She continues to represent their financial interests after a divorce so clients can move forward with new plans for a new life.

That isn’t always easy for clients to do, according to Hennigan.

“I’ve had women in front of me in tears after believing they had millions of dollars reserved for retirement and then find out that their husbands spent it all,” she said. “They didn’t realize there was a problem in the marriage until it was too late.”

Financial Advisor talked with Hennigan about financial abuse, how to spot it and what to do about it.

FA: What is financial abuse?

CH: Simply put, financial abuse is when one party limits or threatens to limit access to financial funds or resources as a meant of controlling the other party.

FA: How does financial abuse differ from domestic abuse?

CH: They’re both forms of domestic violence. Domestic violence is when a person tries to control a relationship using controlling behavior, such as physical, emotional, psychological, sexual or financial abuse.

One in four women will experience some form of domestic violence in their lifetime. Ninety-nine percent of those cases will involve some form of financial domestic abuse, which is a primary reason the victims stay with or return to their abusive relationship.

FA: What was the most surprising disclosure your client made to you regarding her finances as a victim of financial abuse?

CH: Unfortunately, there are surprises every day. I have seen everything from being shot by a spouse to secret lives overseas with prostitutes to gambling additions and squandering away marital assets.

When in an abusive relationship, there are so many secrets and nothing is off the table. Your job is to help the victims start a new chapter.

FA: What was your most surprising discovery in reviewing your client’s finances?

CH: A client came to me two years post-divorce to discuss a financial plan for her. In reviewing what she received in the divorce, we learned that her portion of the portfolio mirrored her ex-husband’s investments and risk tolerance. The portfolio remained untouched for the two years. During that time, she lost 40 percent of her investments.

Sadly, this all could have been avoided if her advisor had consulted with her on her personal risk tolerance, long-term retirement goals and new post-divorce income and lifestyle.

This is a perfect example of why financial strategy during the divorce process matters. It can help both parties end one chapter and start anew as individuals with new goals, incomes and personalized strategies.

FA: How do you assist clients you determine to be victims of financial abuse?

CH: In my practice, the client is being referred to me as they are leaving an unhealthy relationship that often has an element of financial abuse. With so many individuals experiencing some form of financial abuse, I am always looking to help them further their personal knowledge and understanding of their financial future and options. My goal is to help them envision, plan and start to move forward, which goes well beyond the dollars and cents, and includes how they will be spending their lives.

FA: Does it make a difference whether a client is a divorced victim of financial abuse or a widowed victim of financial abuse?

CH: It doesn’t matter; abuse is abuse. The difference is in how you are able to move forward post-divorce/death.

In divorce, the process itself allows a method of disclosure and division of assets.

In death, the widow is often picking up the pieces and uncovering what has been left behind because they were likely left in the dark.

FA: Have you ever found it necessary to refer a client of financial abuse for professional therapy?

CH: Absolutely. In any case of abuse, I always recommend that the client have a solid team behind them, including a therapist.

FA: As a financial advisor, how do you establish trust in a professional relationship with clients that are financially unequal partners due to financial abuse?

CH: Often in our practices, we find a large knowledge or power imbalance between two partners. It is always important to have both parties informed and part of the dialog from the beginning.

FA: How can a financial advisor establish a professional relationship that addresses the financial needs of both a husband and a wife?

CH: If if you focus on both parties from the start, you will have had a relationship with the couple, not just the one spouse. However, most advisors have a stronger relationship with one party, which can end up hurting their practice in the end. Over 70 percent of widows change financial advisors within one year after the death of their spouse, and statistically women outlive men.

As an advisor, if you do not take the time to insist on meeting with both parties from time to time, or find a way to get to know them as a couple, you may end up losing a large portion of your widowed clientele in the end.

For further information, Hennigan recommends visiting the following website: https://nnedv.org/content/about-financial-abuse/.