A new report has revealed a huge opportunity for financial professionals, with the divorce and separation market estimated to be worth around £500m a year in England and Wales.
The report published by family justice organisation Resolution, in partnership with the Personal Finance Society, highlights the growing need for specialist financial advisers in family law, the long-term sustainability of the market and key skills required for success in this field.
Authored by a group of financial advisers and planners, the report estimates the size of the divorce and separation market as £500m annually. However, with only 40 financial adviser specialists currently accredited in family law, that leaves just one professional for every 5,000 potential clients.
Melanie Bataillard-Samuel, national chair of Resolution, said: “We know from financial advisers who are already Resolution members just how invaluable their support can be to separating couples. At the same time, our members report a huge need for targeted professional financial advice to further support their clients going through family breakdown. So the potential market is huge.
“Advising those going through a divorce or separation is a very specialist area. There are real opportunities for those financial advisers that are able to position themselves as experts in the field, and by joining Resolution they have great access to a large, unsaturated market.”
Mark Hutchinson, membership director of the Personal Finance Society, commented: “The value of professional financial advice has been recognised by Government within pension freedoms legislation, as it increasingly is by other organisations and the public for areas of complexity such as retirement and tax planning.
“Our 40,000 members continue to proactively develop their general and specialist technical knowledge as well as soft skills to ensure excellent client outcomes.
“The Resolution network provides a unique community for those financial advisers looking to be part of a multidisciplinary, collaborative professional advice team providing essential guidance for families going though separation and divorce.”
