THE BENEFITS OF A FIAM FOR LAWYERS AND THEIR CLIENTS

Communication and information are crucial to achieving a rapid and effective financial settlement for a separating couple.  Many individuals opt to instruct a solicitor to help them to negotiate a settlement.  Before the terms of a settlement can be discussed, it is crucial that the client and the solicitor each understand what can be achieved with the available assets.

Reviewing the Laws
 

WHY IS A FIAM NEEDED?

A FIAMS is an independent neutral assessment of the assets built up during a relationship.

When a relationship breaks down assets are typically split between the parties.  The FIAMS provides the parties with an analysis that provides an overview of each asset, confirming the options available and suggesting whereby further information is required.  This information assist in allowing meaningful discussions.

These discussions and negotiations may be between the parties themselves or be assisted and supported by others (Mediator / Lawyer / Barrister etc).  A FIAMS is the initial step in understanding the true value of assets which allows for a fair settlement.

Investment Chart
 

WHAT IS A FINANCIAL NEUTRAL?

A FIAMS is an independent neutral assessment of the assets built up during a relationship.

When a relationship breaks down assets are typically split between the parties.  The FIAMS provides the parties with an analysis that provides an overview of each asset, confirming the options available and suggesting whereby further information is required.  This information assist in allowing meaningful discussions.

These discussions and negotiations may be between the parties themselves or be assisted and supported by others (Mediator / Lawyer / Barrister etc).  A FIAMS is the initial step in understanding the true value of assets which allows for a fair settlement.

Business Team Research
 
Paint Swatches

HOW TO SELECT A FINANCIAL NEUTRAL

A FIAMS is an independent neutral assessment of the assets built up during a relationship.

When a relationship breaks down assets are typically split between the parties.  The FIAMS provides the parties with an analysis that provides an overview of each asset, confirming the options available and suggesting whereby further information is required.  This information assist in allowing meaningful discussions.

These discussions and negotiations may be between the parties themselves or be assisted and supported by others (Mediator / Lawyer / Barrister etc).  A FIAMS is the initial step in understanding the true value of assets which allows for a fair settlement.

 

FIND A FINANCIAL ADVISER

There are a number of steps that must be taken to find a financial adviser who is qualified to carry out a FIAMS. The links below will allow you to find an adviser, you should then check that the adviser has the required knowledge by asking them to self certify using the self certification documentation.

Resolution Accredited Financial Adviser

RESOLUTION

Resolution is a community of family justice professionals who work with families and individuals to resolve issues in a constructive way.  All members sign-up to the Code of Practice and are expected to complete training about using it in their day-to-day work. 

Resolution provides an accreditation scheme for financial advisers, you can search for a financial adviser, the information provided about them will inform you if they have achieved a level whereby they are accredited.

Chartered Financial Planner

THE PERSONAL FINANCE SOCIETY

The Personal Finance Society is the professional body for financial advisers and others that work in financial services. They are part of the Chartered Insurance Institute, whose royal charter dictates that an important part of what they do is give people like you greater confidence when making important financial decisions.

Chartered Financial Planner status enables advisers to demonstrate their professional commitment to raising standards of knowledge and technical competency. It informs clients that they can expect the highest quality of service.

Certified Financial Planner

CHARTERED INSTITUTE FOR SECURITIES AND INVESTMENT

A CISI CERTIFIED FINANCIAL PLANNER professional has the knowledge, skills and experience to help you to review all of your options so you can make informed decisions about what you want from life both now and in future. They've been tested to make sure they meet rigorous international competency, ethical and professional practice standards.

 

The benefits of having a financial neutral carry out a FIAMs

Mena Ruparel (family solicitor and arbitrator) and Mark Penston (Financial Neutral and Financial Planner) discuss the benefits of including a Financial Neutral, how the FIAMs works, when to introduce the neutral and how to find a neutral.

 

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