Transcript

Hello, my name is Huw Williams and I’m a senior private banker at Nedbank Private Wealth, and we specialise in providing tailored financial services to high-net-worth individuals.

We have a deep understanding of the needs and concerns of our clients, and we are committed to delivering a personalised service that meets their unique requirements.

I often deal with divorce clients, many of whom came to us originally for support as they embarked upon their divorce process.

Divorce can be extremely upsetting and disorientating and can involve a huge transformation in a client’s life. And in my experience, even the strongest individual can be knocked sideways. People who are very successful and used to being in control can be particularly badly affected as they do not expect to feel like this, and they may not be used to reaching out for support and advice.

It can also be quite a shock to suddenly be a single person again, and to realise that you have to stand on your own feet and you don’t have the same support. However, it can also be great and very liberating if you felt trapped for a long time and a wonderful opportunity for change.

As clients progress through the process of divorce, I have found that there’s a distinct need for support beyond the legal and financial that you would ordinarily expect. And while some clients may choose to go it alone, the majority of private clients choose to be represented by a professional, especially those clients who have significant wealth and lead complex lives that may see them living in more than one country.

Financial planners, wealth managers, tax accountants, and private bankers. The financial aspects of divorce are far-reaching. It’s important to involve financial planners right at the start of the process to establish what is needed in terms of cash going forward, but more importantly to understand what lifestyle implications a final settlement will have.

In a lot of cases, both parties will have to accept a drop in their expected standard of living, and they will need to plan for this.

Pensions are often a significant part of the asset pool as well, and specialist advice is needed on how they should be split.

When a cash settlement is agreed, it’s really important to choose the right wealth manager. In many marriages, one person has usually taken most of the financial decisions. The other person will suddenly have to take full responsibility for their own financial affairs.

Many people may have considerable expertise in their own profession but have little understanding of finance and investment. But whatever their level of knowledge, they need to be encouraged to take ownership of their money and how it’s managed.

It’s important to choose a wealth manager who encourages this understanding by informing the client of the possible investment choices, the likely outcomes, and in particular, to recognize the client’s appetite or need for risk.

The tax implications of financial decisions also need to be considered.

Above all, it’s important that these financial professionals communicate with each other so that the client receives a joined-up service.

It’s really important for clients to choose advisers who see them as a whole person, and most importantly, listen to what they want.

They need to choose someone they feel has an empathy with them and understands their particular circumstances. But at the same time, it’s also professional and can provide vital emotional support during a very vulnerable time.

Within my role as private banker and trusted adviser, I support my clients at a time when they most need it. Once the basics have been reestablished, they can then focus on how their future will look and how their new lives will evolve with the support network they’ve put in place around them for the longer term.

If you would like to learn more about how we can help, please do get in touch today. We look forward to hearing from you.