Your Partner In Achieving Life’s Financial Milestones

Why financial planners and lawyers should work together

On Behalf of | Jun 29, 2022 | Estate Planning |

A good estate plan takes into considerations all aspects of a person’s life, from their current assets to their financial outlook in the future.

For this reason, it’s important for financial planners and lawyers to work together and build professional relationships with one another. Clients benefit from having a deep understanding of their finances and the laws that accompany their estate plans.

Why work with lawyers if you’re a financial planner?

If you’re a financial planner, you may have caught yourself telling a client to speak with a lawyer in the past. Did you have one to refer them to? If not, then that is one excellent reason to start building a professional relationship with an attorney’s office.

While your clients can go out and find a lawyer on their own, the reality is that not all lawyers are the same, and not all lawyers will support the same financial plans that you might be suggesting. It’s helpful if you find a firm or single lawyer who is willing to work with you in combination, allowing you to tell your clients to go see a lawyer and suggest one who is on the same page.

Life is getting more complex, so knowing the law is important

As lives become more complex and assets evolve, it’s also a good idea to have an attorney there to support your clients. You want to be able to correctly guide gig economy workers, self-employed individuals and others who are going to have unusual pay periods or fluctuations in how they work or live.

Cooperating with a lawyer helps you protect your business, too

Another thing to keep in mind is that working with a lawyer helps you protect your business, too. You need to know that what you’re advising people to do is not only legal but beneficial to them. If you offer services to an employer and their employees rather than individuals, you need to know that you’ve done your due diligence and are providing the right services within the corporate environment.

Legal and financial issues often go hand-in-hand. Working together will make your business stronger as the financial environment of the U.S. continues to change.