From re-registering accounts and transferring assets to continuing the relationship with one or both spouses and family members, there are many tasks to be handled during and after clients become divorced. Below are tips and recommendations to help you properly process some of these tasks in AdvisorEngine CRM.
The process will vary slightly depending on whether you are retaining one or both spouses as clients.
- Keep the joint Record until accounts/assets have been adjusted accordingly.
- Add a Reminder to the Record with instructions such as whom the firm may speak to or if the firm is authorized to talk to the attorney.
- Continue to track information for the couple about their accounts (together) in this Record until the divorce is final and accounts are adjusted.
- Create a new Record for each individual who will remain a client, filling in all necessary information for each Record according to contact entry protocol. Use the Link Person functionality to add the individual to the new Record. Be sure to set the new Record as Primary for the Person.
- The only information that should be entered in here for the time being is anything related to their future single relationship (i.e., opening new accounts, wills, scheduled meetings, etc.)
- This should include updating Asset tab information, Recurring Action Definitions, and any Documents that need to be moved to the new Record.
- For the original joint Record, change Classification from Client to Divorced Record.
- Associate the original joint Record to each new single Record via the Relationship tab with a Relationship Type of Original Record.
- If both individuals are remaining clients, associate the new single Records to each other with Relationship Type of Ex‑Spouse.
- Note the divorce date in Important Information Note box (under Personal Info) on all Records.
- Update Marital Status on each Person’s Basic Info.
- Track all new interaction with the individuals through the new individual Records.
For added automation, create a Workflow Template
or two that delegates and tracks all tasks that need to be completed when clients go through a divorce.