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The Case for Partnering with a Financial Advisor
Some lawyers do not like financial advisors. They do not consider them "professionals," in the same category as doctors, CPAs and … lawyers. Those three professions needed to go to school for years, rack up lots of student loan debt and survive a barrage of exams to establish their credentials. They did not simply need to take some tests and get licensed by the state. However, it makes sense to develop a business relationship with a few financial advisors.
Let's stick with the "not professionals like us" comment. Traditionally, doctors, lawyers and CPAs sat on a higher plane because they did not need to beat the bushes for clients. The 2004 TV series Boston Legal changed that when characters asked: "How much business is he bringing into the firm?" Today, even professionals advertise.
Financial advisors are investment professionals. Many share the fiduciary standard, meaning they work for the client and put their interests first. Although the financial services industry has traditionally used the suitability standard, good financial advisors seek to build long-term relationships with clients. This requires putting their interests first.
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