Why Have Your Own Financial Advisor

Should You Retain Your Ex’s Financial Adviser?

If you already have a financial adviser, one that you and your (soon to be ex) spouse have consulted, you may want to consider “divorcing” the “old financial advisor” as well.


Why? For the most obvious of reasons -- conflict of interest. 

Unlike lawyers, it is perfectly legal for financial advisers to offer advice to both parties of a divorce. But things are bound to be awkward at the very least.

Why Change? 

Your Interests Alone. The most rational reason why you should seriously consider hiring your own adviser?

You want someone who will represent your interests and your interests alone.  

Looking at it short term, sharing your old financial adviser with your spouse may reduce your divorce related expenses. But if there is some bias that will work against you, the decision might cost you in the long run.

If the current adviser speaks more directly to your spouse and leaves you out of the discussion, or if you sense judgment or lack of empathy, or worse, condescension, these are sure signs that a change to your own advisor will work to your advantage. Your financial future is at stake. Your financial adviser should help you be the master of your own destiny.

Further, you want to be able to speak freely, and voice all of your thoughts and questions, good and bad, about your current financial situation, as well as what your goals are for the future. And even though ethically, the financial advisor cannot repeat anything you say to anyone else, including your soon-to-be-ex, it will be hard for even the best of advisors without directly divulging anything you said, not to bring up an item you mentioned for consideration that perhaps your soon-to-be-ex had not.

Alignment of Priorities - Your Financial Future

As part of a married couple, your financial plans most likely have been influenced by your spouse’s priorities. As you plan to embark on a life of your own, your goals should now be dictated by your own set of priorities. 

While entirely possible, the probability of you working well with the financial adviser you shared with your spouse is very low; particularly with the goal of obtaining the best financial outcome for your future. It is best to look for an advisor who will understand your goals and who will give you the best advice on how you can best achieve them.

Sometimes getting your own adviser is dictated by necessity. While married, you may not have taken part in the budgeting, the bill-paying process, or know details about insurance and investment accounts. Your new financial adviser will be able to give you guidance so you will be prepared to thrive on your own after divorce.  

Before you make the move to a new adviser, be sure to get all statements of investment accounts, retirement accounts and any insurance policies that were purchased through the current adviser. You will need them as you go through the divorce process anyway.  

Choosing Your Own Financial Adviser

The process of a divorce is often a stressful and emotional time. While it is very easy to become overwhelmed, hiring a Certified Divorce Financial Analyst (CDFA) can make the process less confusing. A good financial planner will be able to provide guidance and information to help you make financial decisions that will not only impact you soon after the divorce but even years down the road. 

Choosing your own financial adviser is an important step towards your independence after divorce. In this business relationship, you are the boss and a good financial planner will put you first. Your advisor will work through your concerns and provide guidance as you embark on your newly single life.

If you need financial guidance as you go through your divorce, please don’t hesitate to reach out to me. As your CDFA, your financial security and life’s goals are my top priority!  Let me help you make the next chapter of your life an incredible journey!

Tags: Certified Divorce Financial Advisor, divorce financial planning

This information is not intended to be a substitute for seeking legal advice from an attorney. For legal or tax advice please seek the services of a qualified attorney and/or qualified tax professional.

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Kimberly Surber

Certified Divorce Financial Analyst®

Serving Riverside County, San Diego County


Kimberly Surber is a Certified Financial Planner®  and a Certified Divorce Financial Analyst®; however such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Information presented is for informational purposes only, does not intend to make an offer or solicitation for the sale or purchase of any securities, and should not be considered investment advice.  Kimberly Surber has not taken into account the investment objectives, financial situation or particular needs of any individual investor. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor's financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed here. Past performance is not indicative of future results. Investments involve risk, including loss of principal and unless otherwise stated, are not guaranteed. Information provided reflects Kimberly Surber's views as of certain time periods, such views are subject to change at any point without notice. For a copy of our Privacy Policy, see below.

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