Tailored Financial Planning for the Legal Profession

Our legal clients enjoy varied and ever-changing careers; from trainee to fully employed to partnership, with each stage offering significant financial challenges.
We guide them with our experience, impartiality, professionalism and advice towards ensuring the growth and protection of their assets.

6 questions to ask your Financial Adviser

Are you fully independent or only offer a restricted range of advice?

All financial advisers are not the same, so you need to know the difference of advice they offer. Do they only recommend their own company’s products or are they impartial IFAs who work for you and offer advice from the whole of market?

How do you charge clients for your services?

You should be provided with a clear client agreement, which sets out costs and all charges. You will need to ensure there are no “hidden” charges and the adviser has no incentive to recommend a particular course of action.

What experience do you have in advising other professionals?

Whilst it’s preferable for your adviser to have experience in dealing with legal advisers, it can also be beneficial for them to draw upon experiences from many different sectors to help highlight common planning opportunities.

How do you work with clients every year and how many clients do you look after?

One of the most common comments we hear from new client’s is their previous financial advisers failed to provide an ongoing relationship. This happens as some financial advisers take on more clients than they can handle and are unable to continue to maintain a good relationship.

If I am not happy with the service, can I move my investments to another provider at no cost?

The answer to this needs to be YES! You should not be tied into any provider or product longer than you agree, and investments should be transferable if you are not happy.

What is your investment philosophy?

Every firm should be able to explain how they invest money. It is not about picking the latest “Star Fund Manager” but instead demonstrating an evidence backed strategy, supported by leading research specialists. It also should be regularly reviewed and utilise lower cost tracker type funds to meet your objectives where possible.

Key Characteristics of Legal Professionals

We have vast experience in helping lawyers plan throughout their career, and addressing their ever changing needs. In dealing with our legal clients for nearly 2 decades we have observed some key characteristics that are common in their approach to dealing with their own financial affairs:

  • Lawyers are time poor
  • Your income will be above average but can be variable
  • You may change roles and employers on a regular basis
  • You need flexibility in all your financial affairs

Key Areas for advice

So, once you have found the Independent Financial Adviser you want to work with and set aside the time to focus on your objectives, what are the key areas you are likely to discuss?

  • Maximising the tax breaks to build a substantial pension fund, meaning you can decide when you retire.
  • Making sure your investments are managed in line with your attitude to risk, are regularly reviewed and are independently managed.
  • If you fall ill or die, how can you ensure your family are properly looked after?
  • Getting a mortgage, where lawyers often attract preferential terms from lenders given their career path.

Just let us know how we can help you...