Not that long ago in legal and financial markets it was commonplace for lawyers and IFA’s to be generalists who were able to advise clients on a wide range of matters; a bit like a G.P. in the medical context.
Recent years have brought a proliferation of legislation in many areas which has meant that it has become more difficult for practitioners to keep up on top of all the new developments and keep themselves up to date.
So for lawyers and IFAs who are providing expert advice to their clients specialisation has become key.
When someone decides to divorce their first thought is to consult a Family Lawyer.
This makes sense as many of the issues that arise will be of a legal nature.
But Family Lawyers will not necessarily be expert in all aspects of a relationship breakdown.
There may be children involved who, for many reasons, might benefit from counselling from mental health practitioners who specialise in this area of work.
Similarly, in cases that involve more complicated financial issues, it would be of great assistance to involve a financial expert.
This interdisciplinary type of approach has already been adopted by Collaborative Lawyers who work together both with the Lawyer for the other client and IFAs and Family Consultants to try to achieve the best outcome for both clients.
This type of Teamwork benefits the client. In any type of divorce case involving decisions about the best financial route to follow it makes good sense to involve an IFA at an early stage.
The IFA can then work with the Family Lawyer to achieve the best possible outcome for the client.