Joint Estate/Financial Planning Firm

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Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Joint Estate/Financial Planning Firm

Postby Anonymous User » Thu Feb 14, 2013 11:34 pm

What is the viability of of a solo practice as an estate planning attorney who also provides financial planning advice? I know some mid-sized planning firms offer both of these services, but I was wondering if doing both things as a solo (initially) could bring up any conflict of interests/liability issues. I keep seeing financial advisor as one of the most satisfying careers, and it seems like trusts & estates is quite fulfilling as well (according to previous posts on here). Any anecdotal experiences would be greatly appreciated, thanks.

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holdencaulfield
Posts: 478
Joined: Sun Apr 26, 2009 7:12 pm

Re: Joint Estate/Financial Planning Firm

Postby holdencaulfield » Fri Feb 15, 2013 5:47 pm

Anonymous User wrote:What is the viability of of a solo practice as an estate planning attorney who also provides financial planning advice? I know some mid-sized planning firms offer both of these services, but I was wondering if doing both things as a solo (initially) could bring up any conflict of interests/liability issues. I keep seeing financial advisor as one of the most satisfying careers, and it seems like trusts & estates is quite fulfilling as well (according to previous posts on here). Any anecdotal experiences would be greatly appreciated, thanks.


What kind of financial planning advice are you referring to? Would you be investing money for clients or selling securities? If so, I would advise against it. Just the administrative task of keeping fees and funds separate sounds like a huge headache.

More importantly, it just sounds sketchy.... My immediate reaction to hearing that an attorney also does financial planning would be suspicion.

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somewhatwayward
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Joined: Wed Sep 30, 2009 5:10 pm

Re: Joint Estate/Financial Planning Firm

Postby somewhatwayward » Fri Feb 15, 2013 5:52 pm

Check out the ethics rules about operating a law practice and another business together. I don't remember the specifics, but there are restrictions on it.




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