Quilter Cheviot, the high-net-worth wealth management division of platform and wealth manager Quilter, has debuted a new service to support financial advisers and their clients following divorce proceedings.
The new service is called Beyond Settlement Divorce and Quilter hopes it will boost the take up of Financial Planning following divorce.
The firm says the HNW divorcee market is characterised by low take up of Financial Planning with only an estimated 7% of HNW divorcees taking financial advice.
Quilter says it will offer HNW divorcees collaboration between its financial advisers and investment managers, taking an “emotionally and vulnerability-informed approach” to addressing a client’s financial needs following the conclusion of divorce proceedings.
The new service will be delivered by a national team of specialist investment managers and is aimed at high-net-worth clients, typically with over £1m of investable assets.
Quilter Cheviot has worked with The FPOD Academy, specialists in divorce Financial Planning, and an industry-leading divorce coach to develop the proposition. It will also provide bespoke training for its investment managers to help them work with complex client vulnerabilities.
As part of the new proposition, Quilter Cheviot has also launched a range of fixed price, pre-settlement advice services aimed at family law specialists to provide financial insight during the divorce process. These services can be introduced by solicitors to their clients while financial decisions are actively being made.
Quilter says that Beyond Settlement Divorce is part of its Beyond Settlement suite, alongside Beyond Settlement Personal Injury, which was launched earlier this year, and reflects a strategic focus on supporting settlement-driven wealth in complex legal situations.
Michelle Andrews, managing director – distribution, proposition & marketing at Quilter Cheviot, said: “Divorce can feature some of the most consequential financial decisions a person will make, yet not enough people are getting the specialist support they need. We want to close that gap with Beyond Settlement Divorce and offer investment management in tune with Financial Planning and other specialists supporting clients that help them adjust to life after divorce.
“Family finances in divorce are inherently complex, and financial understanding and control are seldom evenly distributed between spouses. Financial advisers are ideally placed to help clients establish their financial futures and introduce further technical expertise where needed. We have collaborated closely with family law specialists, divorce coaches and advisers to deliver a client-focused approach that works closely with their financial plan to allow them to move forward with confidence.”
Erin Florendine, family wealth business development manager at Quilter Cheviot, said: “Financial confidence often takes a real knock during divorce, and traditional wealth management simply isn’t built around that experience. Our specialist team brings together strong technical expertise with an emotionally aware, vulnerability informed approach, helping financial advisers support their clients to visualise what their finances need to look like.”
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