Quilter Cheviot has launched a new financial support service for high-net-worth divorcees.
The proposition, Beyond Settlement Divorce, has been developed to address the low uptake of financial planning and investment management services during and following divorce, estimated at around 7%.
Quilter Cheviot said the service will deliver investment management tailored to a client’s life after divorce, with the investment strategy reflecting a combination of needs, income requirements and timeframes. It will utilise cash or near-cash solutions, short-term bond strategies and long-term discretionary investment management, the firm said.
The new service is aimed at clients with over £1 million of investable assets.
Michelle Andrews, managing director, distribution, proposition and 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.”
Quilter Cheviot has worked with The FPOD Academy, specialists in divorce financial planning and a divorce coach to develop the proposition and provide training for its investment managers.
As part of this 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 and consider the realities of divorce.
Andrews added: “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.”
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