“I regularly work in an interdisciplinary model which often involves financial professionals who are best placed and qualified to deal with the numbers. Watching a client become financially educated and open to alternative options when the financial modelling is used, can be a game changer,” she reflected.

Simeon Levin, a certified financial planner with Simfin Financial Advisers, acts as a “financial neutral” in collaborative practice, and believes that divorce is an “emotional journey”, with legal and financial consequences and that clients achieve best outcomes by engaging a team of professionals, who specialise across these areas.

“The implications of a financial settlement are often hard for a client to understand when reviewing a one-dimensional document known as a ‘balance sheet’.  Financial neutrals are skilled at helping clients [bring] a balance sheet to life (using visual software aids) and helping clients [understand] both the [short-term] and longer-term consequences for their settlement,” she outlined.

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“When you can visually demonstrate to a client that they will be ‘financially okay’ both now and into the future, you create clarity and remove fear, making it easier for clients to move away from being positional and closer to finding an acceptable outcome for their settlement.”

As collaboratively trained financial neutrals, Amplify Wealth Management financial adviser Tanya Carlson added, such professionals bring professional financial expertise and guidance to the table.

“People often ask themselves, ‘What am I missing? What do I NOT know, that might affect my future?’ Financial advisers are able to address a client’s concerns, we are able to raise issues that have not been considered and we are able to discuss various strategies and possible outcomes,” she said.

“This is then backed up by financial modelling to ensure a client is able to bring an informed, confident approach to their negotiations. It works beautifully in family law and estate planning, but I think it has scope to be applied to many other areas of law too. It is providing a holistic solution to their matter and removes stalling through fear, uncertainty, even emotional manipulation – the numbers speak for themselves.”

Holistic benefits to such collaboration

When Ms Timmins started working in a “truly collaborative manner, including with financial neutrals”, she gained a greater appreciation for the difference their skills and knowledge can make to a case, she told Lawyers Weekly.

“The clients I work with have certainly benefited and without the involvement of a financial neutral, I question whether many matters would have resolved. Personally, working in an emotionally charged environment can be exhausting. Being supported by trusted and clever financial colleagues is a breath of fresh air,” she said.

When financial advisers collaborate with family lawyers, Ms Levin contributed, they get to see how such advisers work as individuals and as part of a team. 

“Having a network of trusted (and tested) professionals is of benefit to any adviser, especially given that we can’t be ‘the expert’ across every field of advice.  As a financial neutral, I often get to say things that my legal colleagues might find difficult to position with a client, she said.

“I can tell a client that they are being unreasonable or unrealistic about a financial matter because leading a conversation about finances sits in my area of expertise. The benefit of this to a legal professional is that they don’t need to be across everything for a client. They can concentrate on doing what they do best, while positioning a trusted colleague to take the lead in conversations that sit outside their area of expertise.”

In the long run, trust can and will add greater perspective, Ms Carlson added.

“Trust in your team (for collaborative law to work effectively this is essential) and trust in the process. Trust is earned and built over time so it is not immediate and therefore the long-term effects are a more rewarding relationship that provides your clients with sound outcomes and confidence in the process,” she explained.

“This in turn provides a smoother (and often faster) process for our lawyers as their clients are able to navigate through this process with more confidence and clarity around their financial future.”

Greater urgency during the pandemic

Now more than ever, such collaboration is critical, Ms Carlson advised.

“COVID-19 has brought uncertainty, fear of the future and information overload to most people’s lives. A good financial planner changes people’s lives for the better. Statistics show that people who actively engage with planners are more confident about the future and financially better off than those without a financial planner,” she said.

Another factor to consider is how much the pandemic has slowed down legal proceedings, Ms Levin added: “Our family law court system is broken, it’s in nobody’s interests to wait more than three years to have a disputed family law matter heard by a [judge].” 

“If COVID-19 is leading to more couples getting separated and divorced, this will just compound the existing problem. We need to find alternative ways to help clients resolve their family law matters. I believe we can best achieve this by bringing a team of professionals together (lawyers, coaches and financial specialists), who will collaborate with each and in conjunction with their clients, to bring about timely and respectful solutions for couples stepping through divorce,” she observed.

As such, Ms Timmins deduced, working as a part of an interdisciplinary team allows you to cover every base and truly support your clients through the emotional, financial and legal issues.

“The COVID-19 climate has brought about uncertainty and change. It has also provided an enormous opportunity to think more broadly and we have had to become more creative than ever. Doing this as part of a team made up of different professionals, including financial specialists, makes working as a ‘solopreneur’, far less isolating,” she submitted.

“COVID-19 has allowed us all to remove geographical barriers (thanks to Zoom, Google Meet and Teams) and work with professionals in every area of our country and internationally.”

Overcoming reluctance

For boutiques that are reluctant to engage with such professionals, for whatever reason, Ms Timmins said that garnering the right knowledge and expertise is essential.

“In the long run it will give your clients a better framework to make supported decisions and allow you to do what you are trained to do. It is a win/win for us all. Honestly, I would say, give it a go or you will never know!” she said.

Any business, Ms Levin argued, needs to invest time in developing a ‘best-of-breed’ team: “It’s impossible to be an expert across all fields of advice and being able to pull in the right people, at the right time to support clients, always leads to better outcomes. Proof is in the pudding though!”

“There will always be things to keep us busy in business. I would suggest taking the plunge and investing the time and effort in engaging with a financial adviser or financial neutral in a real matter, so you can understand first-hand the tangible benefits that a financial brings to the table. Your clients will love you for it,” she posited.

If someone is reluctant, Ms Carlson mused, it is because they have not engaged with the right people yet, she surmised.

“Trust is earned by displaying how one acts in the best [interests] of clients, shows competence and skill, displays control and effective communication and is authentic. Relationships take time to develop and the collaborative process is bespoke so it also requires creativity and flexibility,” she said.

“To stand out from the crowd and be seen as a leader in uncertain times means doing things differently so look to meet with like-minded professionals who want the same outcome that you do.”