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How to Handle Wealth Management as an Estate Planning Attorney

Many estate planning attorneys don’t feel comfortable discussing wealth management with their clients. But you’re doing them a disservice by not fulfilling this need. At Wealth Solutions Network, we help attorneys take responsibility for their clients’ financial lives. We do this by teaching the 6 Pillars of Financial Advocacy: Wealth Management, Wealth Preservation, Wealth Enhancement, Wealth Accumulation, Wealth Transfer and The Financial Advocacy Mindset. Today, we’re focusing on Wealth Management.

What is Wealth Management?

Wealth management is a term that often sparks mixed reactions. Some associate it solely with the ultra-rich, more specially with portfolio management of the ultra-rich. But Wealth Solutions Network defines wealth management in a different way. We use the phrase to refer to the management of our clients’ life savings, representing their journey up to that point in time. Wealth management isn’t limited to millionaires and billionaires; it extends to people of all income levels. Simply put, wealth management is about helping your clients’ money support their lives in the way they want to live it.

The 3 S’s of Wealth Management

As attorneys, we use three central tenants to help our clients manage their money: strategy, structure, and stewardship.

Strategy: Creating a Path to Success

Strategy is very important in helping your clients achieve financial success. A well-defined strategy must guide everything you do. To craft a solid strategy, you must understand your client’s goals, problems, and overall financial situation. Whether it’s getting out of debt, saving for retirement, cutting taxes, or all the above, the strategy will act as their roadmap to success.

Structure: Implementing the Right Tools

Within wealth management, having the right structure is crucial. Simply put, this means not putting a square peg in a round hole. We don’t push products that don’t fit a client’s needs. At Wealth Solutions Network, our back-office team will analyze your clients’ goals and problems and present cost-effective solutions that work for their lifestyle.

Stewardship: Guiding Clients on their Financial Journey

At the heart of wealth management, and financial advocacy in general, lies stewardship – the responsibility of attorneys to guide their clients through their financial journey. When attorneys become true advocates for their clients, they make un-biased, informed decisions that solve their clients’ financial problems. This is extremely important because often finances are tied to our physical and emotional needs as well. By fostering a holistic approach, attorneys can provide comprehensive support to their clients and build meaningful, long-term relationships.

How to Implement Wealth Management in Your Practice

After reading this blog, you may feel a little overwhelmed. Contrary to popular belief, it doesn’t take much time, money, or energy to become a financial advocate for your clients. At Wealth Solutions Network we provide our members with all the back-office support they need to be successful. You don’t need to know much about the technical side of financial planning. You don’t have to study for months on end to become educated in the subject. You tell us about your client’s problems, we provide you with the solutions.

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