INFORMATION FOR MEDIATORS

Counsel & Advice
 

WHY SHOULD A MEDIATOR RECOMMEND A FIAMS?

 A FIAM offers expertise and support to the clients and the mediator.


Mediators need to manage the financial disclosure process and ensure all information is provided as well as being confident that all parties, including the mediator, have a clear understanding of the joint and individual financial situation. 


Family finances often include pensions, investments and family businesses which require expert advice in terms of tax, specific valuations or further investigation, these areas are outside the expertise of the mediator. Identifying areas where further information is needed at the beginning of the process, as well as knowledge as to which experts may need to be instructed, is crucial to ensure informed decisions are made by the parties in the mediation process.  


Offering an integrated practice by introducing a Financial Neutral at the beginning of the process by way of a FIAMs can provide these expertise. A financial neutral will be appointed jointly by the clients and will have a meeting with them and the mediator and provide feedback either verbally or in writing. They can remain in the background and be called in at a later stage of the process if needed.

 

AS A MEDIATOR - WHY WORRY ABOUT YOUR CLIENTS PENSIONS

Jo O'Sullivan from O'Sullivan Family Law talks about the importance of financial information for parties going through mediation, in this instance specifically pensions.  Pensions are often one of the most valuable assets accrued within a marriage and often overlooked.

Engaging with a financial neutral to carry out a FIAMs can support the mediation and assess whether an experts report is required or not.

 

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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