Adviser Expertise: Financial Planning for Doctors

Adviser Expertise: Financial Planning for Lawyers

Lawyer discussing her financial plan with her advisor
As a successful attorney, you’ve dedicated yourself to serving the best interests of your clients. While you are an expert in your field, your time is limited and it’s natural for you, like most lawyers, to have far less expertise when it comes to managing your personal finances. That’s where an experienced wealth management team comes in.

Financial planning for lawyers is especially important given your long hours, complex insurance requirements, income level, cash flow and debt planning considerations, and tax needs. In this post, we’ll look at some facets of financial planning specific to your needs and show you how we can provide attorney wealth management for lawyers like you.

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Do Lawyers Need a Financial Advisor?

You’re advocating for your clients—let us advocate for you and your financial ambitions.

A financial advisor who has experience working with an attorney’s unique concerns and priorities can provide peace of mind, giving you the time and energy to focus on the things that matter most to you.

In many ways, a trusted advisor is a lot like a trusted lawyer, providing a personal relationship. And, just like legal counsel, this relationship can help you avoid costly mistakes.

There are a lot of financial advisors out there. What sets Adviser apart is our decades of experience working with lawyers like you. With our state-of-the-art technology and robust suite of services—financial, tax and estate planning, investing, managing loans and debts, and more—we’re a full-service wealth management solution for attorneys.

What Does Wealth Management for Attorneys Do for You?

Adviser is the true financial partner you’ve been looking for. We understand the challenges of your profession, and our experience will help you make the right decisions to leverage your success and protect your wealth.

We’re here to help with:

  • Freeing up your time. As a wealth advisor for lawyers, we take on the responsibility of managing your finances so you can focus on your legal work.

  • Wealth planning customized for you. Regardless of where you stand in your career, we can help guide you through your options so you don’t make costly mistakes.
    • Early-career attorneys: Growing your career and increasing earnings; partnership planning; cash flow/debt planning; asset planning
    • Mid- to late-career attorneys: Resolving partnership debt; tax strategy; retirement planning; exit/succession planning
  • Risk management. Financial advisors focused on lawyers can help assess your insurance needs, working with known third-party professionals to find appropriate and affordable coverage. We’ll determine the right amount of personal liability, disability, health and life insurance—and offer guidance on protecting your hard-earned assets against unexpected events that can block the path to your financial aspirations.
  • Preparing for major life events. When major life events occur—planning a family, paying for college, starting your own practice, succession planning for retirement, divorce, the loss of a loved one—the value of a trusted financial advisor for lawyers who knows you and your personal situation cannot be overstated. A dependable financial advisor can help attorneys make informed financial decisions during sudden life events or times of transition, and we can help you plan ahead to protect and grow your wealth as circumstances evolve.

  • Retirement planning. You’ve worked long hours to get to where you are, and it’s common for high-achieving lawyers to look ahead to the possibility of an early retirement. We can help you plan for that possibility—and help you prepare for all of the key pieces and associated risks.

Why Should a Lawyer Have a Financial Advisor?

As an attorney, you’re eventually going to become a top earner (if you’re not already), even if debts are still a reality you are dealing with. An experienced financial advisor will be with you through all phases of your career to attend to and anticipate every facet of wealth management, including retirement and leaving a legacy to loved ones.

Importantly, our attorney wealth managers keep a constant watch on:

  • Debt management. Lawyers often accumulate significant debt in pursuing education or starting a firm. A financial advisor can help create a reliable plan to manage your student loan debt, with options for loan consolidation, income-driven repayment plans or refinancing. A financial planner for lawyers can also create a budget for optimized cash flow management to ease decision-making while paying off student or practice-related bank loans.
  • Estate planning. Attorneys are no strangers to the legal aspects of estate planning, but they may not have the time or inclination to devise their own estate plan and update it as their life circumstances change. Wealth managers for attorneys can help create and administer an estate plan that reflects your legacy wishes and protects your assets.
  • Diversifying assets and managing investments. With your busy schedule, you likely don’t have time to focus on managing your investments and ensuring an appropriate diversification among them as markets change and your risk tolerance evolves. Wealth managers for lawyers—like Adviser—provide you with a personal advisor who knows you and understands your appetite (or distaste) for risk. When it comes to investing for attorneys, we’re here to relieve you of the burden of thinking about your investments by managing a portfolio of stocks, bonds, ETFs, alternative investments and other assets that conform to your values and risk tolerance.

Why diversify? As you progress in your career, it’s understandable to want to reduce risk and protect your portfolio against stock market volatility, especially as retirement starts to come into view. With our experience in wealth management for attorneys, we provide ongoing monitoring and investment management, keeping a constant watch on lawyers’ portfolios to make sure they remain aligned with each client’s personal goals and priorities.

Want to learn more about Adviser and wealth management for lawyers? Don’t hesitate to contact us. We’re here for you and ready to discuss your concerns, needs and objectives.

Tax and legal information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Personalized tax advice and tax return preparation is available through a separate, written engagement agreement with Adviser Investments Tax Solutions. We do not provide legal advice, nor sell insurance products. Always consult a licensed attorney, tax professional, or licensed insurance professional regarding your specific legal or tax situation, or insurance needs.

Our statements and opinions are subject to change without notice. All investments carry risk of loss and there is no guarantee that investment objectives will be achieved.

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