Should I Hire a Financial Advisor?
Hiring a Financial Advisor: A Decision Guide for Law Firm Owners
Many attorneys are DIY-ers when it comes to their finances. And truth be told, if you read and research and have a good sense of financial discipline, you can accomplish a lot on your own. At the same time, working with a qualified financial advisor can be a worthwhile investment.
What a Financial Advisor Can Do For Law Firm Owners
Having a financial advisor can provide additional insight and knowledge that you may not have. They can make you aware of your financial blindspots and opportunities you may be missing. An advisor can also provide another set of eyes to help you avoid costly mistakes.
Second, a financial advisor can be an additional accountability partner to keep you on track to your goals. It can be easy to neglect saving and investing. a financial advisor will help you by pushing you to keep putting money toward your investments and encouraging you to periodically check on your financial plan, keeping you focused on your goals.
Lastly, a financial advisor can be a big time saver. You are busy running your practice and maximizing your billable hours. Your financial advisor can act as your personal CFO, overseeing your finances and investments, handling trading and money movement for you, so that you can focus on other things.
How to Tell if You Need a Financial Advisor
To determine if you need a financial advisor, ask yourself these 5 questions:
Do I have the time to manage my finances without neglecting my business or personal life?
Am I confident I’m making the best decisions with my money—taxes, retirement, risk, and investments?
Have I clearly mapped out my long term financial strategy, including business exit and personal freedom?
Do I want to spend more time growing my firm and less time researching financial strategies?
Would I benefit from a second set of eyes to catch blind spots, hold me accountable, and offer expert guidance?
If you answered YES to 3 or more… it might be time to explore working with a financial advisor.
What to Look for in a Financial Advisor
Not all advisors are created equal. Your financial advisor should first and foremost be a fiduciary—legally bound to always act in your best interests. They should be free from conflicts of interest which would interfere with their ability to provide sound advice. The best way to ensure their neutrality is to make sure you are working with an advisor who is paid solely for advice by a flat fee or to manage investments, not to sell products.
Commission v. Fee Based
If the first thing your potential new advisor tries to do is sell you a life insurance policy or annuity—run! Your advisor should derive no compensation whatsoever from the sale of annuities or mutual funds. Their only compensation should come from an asset based fee deducted separately and directly from your investment accounts, or an hourly or flat fee that you pay separately. We really believe the flat fee model is the best arrangement—which is why we’ve adopted it. This ensure that our advice is not skewed by our potential compensation.
Experience and Credentials
Also, make sure your advisor has experience and credentials. The unfortunate truth is that the barrier to entry in this industry is not high. Work with an advisor who has an advanced degree in financial planning or who is a Certified Financial Planner (CFP®). There are many designations out there that financial advisors like to earn and put behind their names, but unfortunately many of them are not difficult to achieve and convey little value. The CFP® is the gold standard: it requires having three years of experience as well as in-depth educational training and passing a rigorous exam. You can find a CFP® professional near you at www.letsmakeaplan.org.
Independent v. Corporate
Additionally, we suggest working with an independent firm as opposed to one of the big firms. You may be easily lost in the shuffle at a big firm. Turnover is high in the financial industry and tends to be less at smaller, independent firms. There’s less of a chance that your advisor will change careers or switch employers. You will likely receive closer, more personal attention instead of being treated like a small fish in a big pond. Additionally, larger firms have inherent conflicts of interest that you can avoid by choosing an independent advisor.
Niche Focus
Think of hiring an advisor as a potential growth strategy. A great financial advisor understands your industry and your business and can provide additional value above and beyond the scope of traditional financial planning. As a law firm owner, a great financial advisor shouldn’t just help you with personal planning, they should also help you make business decisions and drive business strategy. As financial advisors who specialize in working with law firm owners, this is exactly what we do. We help clients strategize around business decisions like hiring, marketing, compensation, retirement plans, exit and succession, and much more.
Financial Advisor Decision Checklist
Red Flags When Choosing an Advisor:
Pushes insurance or annuities
Won’t clearly explain how they’re paid
Uses vague or cookie cutter models
Works for a big firm that prioritizes sales over service
What to Look for Instead:
Fiduciary: Legally obligated to act in your best interest
Fee Only: No commissions, no product pushing
CFP® Designation: The gold standard for planning
Independent: Focused on serving you, not some corporate agenda
Niche Focused: Works with law firm owners, understands your unique needs
How We’re Uniquely Qualified
At the Lawyer Millionaire Founders Network, we don’t just work with lawyers—we specialize in serving lawyers. Our entire practice is built around the unique financial lives of attorneys and law firm owners. In fact, we’ve designed our financial planning process specifically with law firm owners in mind. We understand your challenges: student loans, irregular income cycles, intense time demands, and the complexities of managing both personal finances and a business. We also understand the great opportunity you have: high earning potential, business equity, and the potential to scale your practice indefinitely.
Here’s what sets us apart:
Exclusive Focus: We work specifically with law firm owners. That gives us deep insight into your business mode, compensation structures, growth opportunities, and exit planning strategies. We know what it takes to translate law firm success into personal financial freedom.
Business + Personal Financial Planning: Your business is top of mind for you. We integrate both business and personal wealth planning, helping you align your law firm’s growth with your long-term lifestyle goals, retirement plans and legacy plans.
Flat Fee Transparency: No commissions ever. We offer a simple flat-fee model, so you know exactly what you’re paying and what you’re getting. Our focus is on delivering real, tangible value—not selling products.
Law Firm Scaling: Through our coaching and business planning services, we help law firm owners implement strategic frameworks to grow, systematize, and eventually exit their firms—whether that means replacing yourself as managing attorney or preparing for a lucrative sale.
Education + Community: From our podcast and book to our workshops and book club, we’re committed to helping attorneys learn, grow, and connect. Our unique community allows you to build relationships with other like-minded law firm owners in a fun and engaging way. Working with us isn’t just about money—it’s about becoming part of a movement of entrepreneurial lawyers building lasting wealth.
Next Steps
Want help evaluating your decision? Book a quick intro call with Darren Wurz and get a free copy of our One Page Strategic Business Plan Template for Law Firm Owners.