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The True Value of a Financial Advisor: A Lawyer’s Perspective

by | Aug 21, 2023 | Estate Planning, Motivational


The question of whether to engage a financial advisor is a common one, often accompanied by concerns about costs and the real benefits of professional financial advice. Some point out that the S&P 500 outperforms most investment plans, but even if that’s true, this fact doesn’t help if you aren’t a self-disciplined player of the financial game. What many overlook is the intricate relationship between financial planning and life’s other critical aspects, such as legal matters, investments, and insurance. In my personal and professional life as an attorney, having a financial advisor is not just an asset for my clients and me; it’s a necessity. Here’s why:

  1. A Guiding Hand in Investment Decisions

A Personal Insight:

Investing can be an intimidating prospect, even for professionals in other fields. My financial advisors have challenged me to invest when I might have hesitated or procrastinated due to my demanding legal practice or simple inertia. The push to act has more than made up for their commission.

A General Perspective:

Not everyone has the time, expertise, or inclination to continually monitor markets and evaluate potential investment opportunities. A financial advisor offers personalized investment strategies that align with your goals, financial situation, and risk tolerance.

  1. Comprehensive Insurance Planning

A Personal Insight:

I’ve found that without my financial advisors, I might not have made the right decisions regarding insurance products. Whether it’s life insurance, disability, umbrella or any other insurance needs, having expert advice ensures that I’m adequately protected.

A General Perspective:

Insurance planning is a complex task requiring knowledge of various products, potential risks, and long-term needs. A financial advisor’s expertise can provide a well-rounded understanding of what fits your unique situation best.

  1. Seamless Integration with Legal Needs

A Personal Insight:

As an attorney, I appreciate how financial advisors make it easier to update clients’ accounts when we update beneficiary designations or retitle accounts into trusts. This synchronization between financial and legal aspects ensures a smooth process and protects clients’ interests.

A General Perspective:

Legal and financial planning often intersect in areas such as estate planning, tax considerations, and asset protection. Collaborating with a financial advisor can ensure that all aspects of your financial life align with legal requirements and strategies.

  1. Financial Advisors Save You Time

A Personal Insight:

In a demanding profession like law, time is a scarce resource. My financial advisors take on the responsibility of managing my investments, savings, and insurance planning, allowing me to focus on my practice and personal life.

A General Perspective:

Time is valuable, and managing finances requires a significant investment of it. From staying updated on market trends to analyzing potential investment options, a financial advisor takes care of these aspects, freeing up valuable time for you.

Conclusion: The Investment That Pays Off

In conclusion, the value of a financial advisor extends beyond mere financial guidance. For me, the relationship with my financial advisors is a partnership that challenges and supports my financial growth, aligns my financial and legal worlds, and lets me focus on what I do best.

While you are smart to care about costs, it’s better to look at a commission paid to a financial advisor based on its value; it’s an investment in expertise, time-saving, personalized strategies, and peace of mind. Whether you are a busy professional like me or someone looking to optimize your financial landscape, consider this: sometimes, the best investment you can make is in expert advice that keeps you accountable to your financial goals, so your busy life doesn’t get you off track.

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This blog post provides general insights and should not replace professional legal or financial advice. Always consult a qualified professional for any specific and/or personal concerns.