Later life divorce and the impact on financial planning

The divorce rate in later life is on the rise, in contrast to the decline among younger age groups. One in four divorces occurs after the age of 50, and this can have a significant financial impact on retirement. Research suggests that this trend is set to continue, with COVID-19 lockdowns fuelling an increase in divorce enquiries in the UK. Divorce presents huge emotional, legal and financial challenges for clients. Yet, new research from Legal & General Retail Retirement reveals that, when going through a divorce, people aged over 50 are more than four-times as likely to take advice from their friends as they are from a financial adviser. Just 3% seek financial advice at this critical time. Join Cecilia Furner, Strategic Account Director for Legal & General Retail Retirement, as she talks to Debora Price, Professor of Social Gerontology, University of Manchester, a member of the Pension Advisory Group and one of the lead authors of the report ‘A Guide to the Treatment of Pensions on Divorce: the Report of the Pension Advisory Group’ (July 2019), and Amyr Rocha-Lima, Partner, Holland Hahn & Wills LLP, chairman-elect of the CISI Financial Planning Forum, and a certified & chartered financial planner who specialises in helping successful professionals reduce taxes, invest smarter and retire on their terms. We will be joined by Rob Miles, Head of Adviser Sales, Legal & General Home Finance and Meg Dickens, Marketing Director, Legal & General Retail Retirement who will be sharing the latest consumer insights from our research on the trends, attitudes and behaviours of divorcing couples aged over 50 and what this might mean for your business and your clients. In addition, we will look at how financial advisers can build professional connections with solicitors to support clients during this critical time, as well as maintaining control of their client relationships. For advisers only.