Moreover, attorneys put their client relationships at risk when they assume the financial planner s role. And when a lawyer becomes a salesperson, the client doesn t look at him with the same trust. The relationship has been compromised. Now, an attorney could hire a financial planner to work for him in-house. The right approach is to become the independent team leader who pulls together all the necessary components to advise the client.
Many attorneys resist the idea of providing financial services through a financial planning partner.
The traditional view is that lawyers should stick to providing legal services only and that they should not receive any compensation for referring a client to a financial planner. To people with the more traditional viewpoint, the professional is somehow sullied by receiving a fee for making that connection possible for the client. To justify that trust attorneys have to go out and find the best people to serve the clients needs. Moreover, clients today are increasingly savvy about the world of financial planning services. They are well aware that the attorney will receive a fee for providing this service.