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Flying solo

Detailed fact-finding will help clients to make sensible decisions when dealing with the death of their partner or the end of a relationship, says Scott Gallacher

18 February 2014

In addition to the emotional effects of death or a relationship breakdown, non-working spouses in particular face an uncertain future without their partner’s support. This is compounded if the working spouse had taken care of all financial decisions.

For the non-working or part-time working spouse, a life-changing event typically throws up some or all of these: a considerable drop in income, receipt of a large lump sum (either from life assurance or divorce settlement), a significant change in expenditure and lifestyle, the possibility of returning to work and a need or desire to move home.

As well as being at a financial crossroads, these clients are vulnerable and uncertain so it is particularly important that a financial planner can take into account all the variables – including what may be impulsive or contradictory ideas from the client.

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