Advisors too often deprive couples divorcing in their 60s the expert advice they need to disentangle finances, says one industry specialist, pointing to a looming crisis for the industry and, perhaps, the economy.
“Things like understanding pensions, RRSPs, CPP benefits, insurance plans, health benefits, establishing credit and closing joint bank accounts – I have had conversations with the divorcees I work with and there are many areas that are often overlooked … even the advisors they’ve had in the past,” said Heather Holjevac, a senior wealth advisor with TriDelta Financial.
Couples who shared an advisor during their marriage may not want to use the same person during, and indeed leading up to, the divorce, she points out.
Holjevac’s comments come after UK firm Westminster Wealth Management launched a service last week to add financial planning services specifically focused on helping clients rebuild after divorce.
The new team will work with clients directly or through a lawyer on pre-divorce options for free during the initial consultation with advisors.
The firm is launching an online financial settlement calculator called the Bailey Lung Divorce Calculator, which can be used by lawyers to help calculate what their client needs from a divorce.