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Divorce is big growth area for advisers

Pensions and divorce will be big growth areas for financial advisers in the next year, according to research by Winterthur.

The company recently hosted a series of pension and divorce workshops and discovered that 94 per cent of financial advisers are looking to expand their business in this area.

There was a total of around 148,000 divorces in the UK between 2005 and 2006. It is usually the marital home that is the highest-value asset and primary focus for divorce settlements.

But Winterthur says increasing numbers of divorcees are becoming aware that pension schemes are often the second-biggest asset in the marriage, which is leading to increasing demand for this type of advice.

Many advisers felt that to develop this area further, they required additional prac-tical advice to understand the complex divorce processes.

Axa & Winterthur Wealth Management managing director, sales & marketing, David Thompson says: “Pensions and divorce can be a complex subject, combining the legality of the divorceprocedure with the reality of having to sort out the finances of the parties involved.

“The financial planning process needs to addressboth the immediate and long-term need. It is also a great example of how prof-essionals can work together and use their specialist knowledge.”

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