In “Divorce: An Untapped Market for Financial Advisors,” Mr. Cordell discusses the important role financial advisors could potentially play, but have not yet aggressively pursued, in the world of divorce.
“They are the single expert, more than any other specialist commonly used, who are uniquely equipped to address the entire circle of important fiscal matters related to divorce,” Mr. Cordell wrote.
In terms of this potential market, Mr. Cordell gave examples of attorneys needing to sort through tax implications, benefits, retirement plans, investments, insurance and more.
He explained that financial advisors can hold different types of roles during a divorce case, depending on what is needed. This includes serving as an impartial advisor for both parties, playing a “behind-the-scenes role as consultant” to one particular side and serving as the identified expert in a case.
In his column, Mr. Cordell urged financial advisors to take this market seriously and reach out to divorce attorneys.
“A stronger relationship between financial advisors and divorce lawyers would benefit everyone involved,” he explained. “Clients would receive more accurate and creative solution to contentious fiscal issues, attorneys would not have to operate outside of their comfort zone and the advisors would discover a virtually untapped market of potential clients.”