Pinto, who has worked in wealth management for 25 years, went full speed into the development of her niche, including becoming an active member of the National Association of Divorce Professionals, and earning the designations as a Certified Divorce Financial Analyst and Certified Divorce Specialist.
While Pinto still works with clients unrelated to her niche and she will work with the monied spouse, meaning the person most familiar with the household finances, the non-monied person is where the needs are greatest.
In marriages, people get different roles because its not always a team approach, she said. The non-monied spouse isnt necessarily the one who isnt working, its the one who doesnt know about the finances.
Even though Pinto has been married for 30 years and has never been through a divorce, she has learned enough from her clients to understand and recognize the pitfalls.
The biggest mistake people make is not realizing one pot of money divided by two doesnt give you the same pot in the end because it has to support two households, she said. I figure out things like budgets and tax consequences of investment accounts. Sometimes Im called in after the settlement where a person has gotten a settlement but doesnt know what to do with it.
While most of Pintos niche clients come to her for help with the divorce proceedings, they almost always stay on as long-term clients, she said.
Being familiar with the household finances is a critical element of divorce proceedings, and Pinto describes the National Association of Divorce Professionals as a virtual turnkey operation for non-monied spouses going through a divorce.
The membership crosses a wide spectrum of professionals that might be needed throughout the divorce proceedings, including lawyers, financial advisers, real estate agents, mortgage brokers, forensic accountants, divorce coaches and therapists.
All the professionals you need to get a divorce done, Pinto said. Anything you can possibly need is in this group.
In addition to being an active blogger about her niche, which she promotes on social media, Pinto is in the process of publishing an eBook, “A Roadmap to Taking Control of Your Finances During & After Divorce”.
But even without her marketing efforts, the various professionals in the divorce association, where she has been a director for nearly three years, have become a rich source of referrals.
Ive also parlayed this to widows and widowers, she said. Its the same thing, youre leaving one person who doesnt know whats going on and they’re responsible for all the finances.
Pinto describes the referral network as among the best parts of having a specific niche.
If youre just a generalist, youre competing with everybody else in the world, she said. If you have a niche, youre telling people, If you think of this specialty, think of me.
The post Adviser brings balance to clients’ divorce proceedings appeared first on InvestmentNews.
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