IDFA Online Learning
Catalog Advanced Search
The Role Financial Advisors Play in Protecting Divorcing Clients’ Wealth
Financial advisors hold considerable power in a divorce file. Not just because the work they do is very relevant to anyone going through divorce, but also because the advice they provide to their clients can have a direct impact on how the divorce unfolds. This article explains the science behind vulnerabilities of clients who are going through a divorce and what motivates them to take actions that are contrary to their financial interests. And, it provides tips on what advisors can do to steer emotionally charged clients toward more financially sound decisions during their divorce.
Your Clients Don’t Need a Spouse to Keep Their House
The most contentious asset to divide during a divorce is most often the matrimonial home. With the exception of children, most parting couples consider their home to be their #1 asset, and, unfortunately, in the case of divorce, real estate tends not to be easily divisible. Add to the situation the memories and emotion surrounding the place considered a family home and it is easy to see why the matrimonial home is often a point of conflict for separating couples.
With Shrinking Options for Alimony, Lump Sum Can Be Your Best Strategy
For all their championship of modernization and equity, alimony reform advocates conveniently ignore the prevailing financial reality for many divorcing women—particularly those over 50. These women aren’t whining that they can’t maintain the luxurious lifestyle they enjoyed while married. They are struggling to find employment that can provide for their basic needs.
How to Keep Divorce from Ruining Your Client's Financial Future
Divorce can hurt not just income but credit standing and retirement savings as well. It’s important that you help your clients understand how these issues are likely to affect them, so they can prepare themselves as they transition into the next chapter of their lives.
IRA Contributions and the Divorced Individual: How to Advise Clients
Once a marriage has ended and spouses are no longer required to file a joint tax return, many believe the opportunity to contribute to a retirement plan or IRA may no longer be available to a non-working spouse. Fortunately, the tax code includes ‘alimony received’ in the definition of compensation eligible in determining whether one can make an IRA contribution. Thus, a divorced spouse receiving alimony (or separate maintenance payments received under a decree of divorce or separate maintenance agreement) can indeed make a contribution to an IRA account and save for retirement.
Looking Within The Anatomy of a Divorce Financial Analysis Practice
In this article, we will explore divorce financial analysis work from the lens of the practitioner, specifically focusing on how the business framework, harnessing and maintaining our mental health, and developing strategic partnerships can help our businesses thrive.
Post-Divorce Financial Planning: Focusing on What's Next
For the most part, once the documents have been submitted for the judge’s signature, the family law lawyer’s job is pretty much done, and the client may not wish to pay lawyers fees to take care of all that follows. As transition experts, CDFA professionals can explore the many ways to assist our clients to move forward with their lives. We are specially trained to deal with these issues and can seamlessly step in to finish what has been brought to a legal conclusion.
After the Final Settlement: Post-Divorce Checklists and Business Development OpportunitiesRecorded On: 11/15/2016
Whether a CDFA professional was involved in divorce financial planning prior to the settlement or not, this is an opportunity for CDFA professionals to show off financial planning skills and reveal wealth management opportunities. Pam Friedman, CFP, CDFA shares with us her post-divorce experiences, checklists, and ideas to help you market a post-divorce practice to attorneys and paralegals.
Perils of High Net Worth ParentingRecorded On: 10/25/2016
It may sound improbable, but emotional and psychological outcomes for children from wealthy, educated, two-income households are now below those outcomes for inner-city poor children. This presentation attempts to explain this phenomenon and provide solutions. Additionally, ramifications for high net-worth divorces are discussed. Don't miss this enlightening session!
Becoming a Guidepost: 5 Practice Building Tips
As an advisor, you can’t just swoop in at the end of a divorce, hoping that the business becomes yours. From day one in the divorce process, the divorcing woman is facing all kinds of challenges in every part of her life. She is about to make what might be the biggest decisions of her life at the most vulnerable time. Your role is to make her transition as smooth as possible and help her avert lifelong disaster. By taking the time to be her guidepost on all fronts, your transition from friendly adviser to financial adviser will be a natural one.