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IFAs trained for divorce work

  • maggie
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30 Nov 07 #8153 by maggie
Topic started by maggie
Resolution the Family Law Association started training IFAs for divorce work in 2006.
Has anyone consulted an IFA with this training ?
Has anyone used an IFA instead of a solicitor for their ancillary relief claim and court hearings?
Could IFAs replace solicitors for ancillary relief?

  • TMax
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30 Nov 07 #8165 by TMax
Reply from TMax
Just tried my local one and he had never heard of it, he was only one for miles and that was 40 odd miles away :-)

  • maggie
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30 Nov 07 #8168 by maggie
Reply from maggie
newsweaver.co.uk/resolution/e_article000...x=b8llW6F,b58bTT1S,w

I asked the IFA assoc - he couldn't tell me how to find one/which had done the training - so where are they then?

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30 Nov 07 #8169 by Fiona
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I don't really see how an IFA could replace a solicitor, although I think their role could be complimentary particularly with collaborative law.

  • NE0
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30 Nov 07 #8181 by NE0
Reply from NE0
HELLO I am here!!!!
We really do exist honestly and in our firm there are two of us.
There are about 40 qualified advisers in the whole of the country so it’s hard to find one near you, but if you’re in the North of England here is the Collaborative Law website link showing the IFA’s details.

www.collabfamilylawyorks.co.uk/otherprofs.php

Please note that we don't replace the role of the Lawyer, we complement what they do and add value because we think about things from a different perspective. We work with many lawyers so may well be able to point you in the direction of one we feel will be best able to meet your needs or work well with you.

By all means take a look at our website

www.financeindivorce.co.uk

Sadly I am away next week so please feel free to tag me as a friend and ask away I will help where ever I can. Both Elaine and I are pension specialists so you will hear from me in the Finance Forum quite a lot talking about pension sharing issues amongst other things.

Robert

  • Peter@BDM
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01 Dec 07 #8230 by Peter@BDM
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Maggie and all
IFAs couldn’t replace lawyers on the ancillary relief process. I believe that it is illegal to give legal advice if you are not a registered solicitor or barrister. Equally, it is illegal to give financial advice unless you are authorised by the Financial Services Authority (FSA). Lawyers are permitted to give some financial advice but in many complex financial matters, they may lack the appropriate skills and knowledge. For instance, a lawyer may not know the best place for you to invest your money, in which case it would be wrong for them to give specific investment advice.

Ideally, you would use both a lawyer and, if necessary, an IFA. Often the decision will be influenced by cost. There is very little free legal advice available and the same is true of financial advice. A lawyer will charge you fees for the work they do for you and effectively an IFA will do the same. An IFAs fees might be covered by commissions earned on financial products that they sell you or you may pay an hourly fee for them as well. A commission-based arrangement with an IFA might well be attractive if available cash is limited, but you have to recognise that you are ultimately the one who pays for the commission by way of charges made by the financial product provider.

As will most professions, there are good and bad practitioners. The problem is first finding one and then choosing the good from the bad. Ideally, you would base your choice on an objective assessment but unless you are particularly well informed this is not easy. How would you choose a good doctor, dentist, accountant or lawyer?

Resolution is a members organisation and in my view, it is a very good one. Not all family lawyers are members but that does not mean that the non-members are not good family lawyers. Resolution’s IFA accreditation scheme is excellent. It sets minimum professional IFA qualification standards and IFAs must pass a divorce/dissolution specific examination to become accredited. AIFA is also a members organisation; its purpose is to represent IFAs. As Neo said there are currently about 100 Resolution accredited IFAs, which is a small proportion of the total IFAs in the UK. The fact that AIFA had not heard about the Resolution IFA accreditation probably says more about AIFA than it does about Resolution.

Regrettably, the public area of Resolution’s web site does not provide access to the database of accredited IFAs. However, if your lawyer is a Resolution member, they will be able to find an accredited IFA for you. A non-Resolution accredited IFA may well be able to help in your case but you will need to choose carefully.

Finally, you might like to consider whether the IFA really needs to live or work very near you. A lot of the work can be done by post, email or telephone. Oh, and by the way, I am not a lawyer or an IFA!

  • maggie
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01 Dec 07 #8232 by maggie
Reply from maggie
Thanks for that
Some of us went to FDR with a barrister and a solicitor
With hindsight I would have taken a wily FDR savvy slick barrister who did FDRs daily and a Resolution accredited IFA.
Solicitors doing Ancillary Relief is like GPs doing hip replacement.
Next step is to ban FDRs and replace with mandatory mediation - not necessarily face to face.

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