New report reveals untapped £500m annual divorce and separation market for financial professionals

The report published by Resolution – the family justice organisation representing over 6,500 professionals – in partnership with the Personal Finance Society (PFS), 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.

Steven Hennessy, a financial adviser who joined Resolution to develop his skills and networks in this area, said: “I wish I’d known when I started out that Resolution were there. They were able to make life a lot easier for me in terms of building my business.

“With Resolution membership, there is a group of multidisciplinary professionals, who are all committed to helping people through the process. We are all able to work together, refer clients, and provide that tailored support that people really need.

“This report is an invaluable first step for any financial adviser wanting to work – or do more work – in this area. I’d urge anyone reading this to download the report today.”

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 PFS, 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.”

Resolution hopes more financial advisers will see the benefits of working in the divorce and separation market, stating they are well-placed to help new entrants grow their networks and build their business.

Melanie Batallaird-Samuel added: “Resolution’s network of 6,500 family justice professionals all share the same positive values and principles about divorce and separation. We have the right infrastructure to help financial advisers meet the right family lawyers.”