asset management assocates
Private Portfolio Management


An Advisor Can Augment Attorney Services

Clients come to an attorney to obtain objective advice. For this reason, an attorney should consider the services of a fee based planner or investment advisor. In many cases, clients need help investing or making financial decisions.  A fee only advisor offers the client objective advice and the "fee only" concept is in line with services an attorney provides.  It is the role of the attorney to provide the framework of a financial or estate plan and the fee only advisor could help implement and administer at least some of those programs. Many investors go through the time and expense of setting up living trusts and other programs and never get around to funding them properly. This renders the whole process useless. A good relationship between an attorney, an investment advisor, a tax professional and other financial professionals is ideal for both the client and everyone involved.

The following are a few things that we could do to help an attorney:

Divorce: Assisiting to split assets between partners can be emotionally difficult. There are ways to do that and we could facilitate those transactions. The attorney would would determine the numbers and how accounts are split and as advisors, we could split them and then invest the moneys appropriately so that the spouse can achieve his or her objectives and move foward.

In a lot of cases, there is one spouse that handles the money and the other that knows little or nothing about finance. The attorney should be aware that some "advisors" or "financial planners" would seek to only maximize their own fee or commsission income at the expense of the client.

A fee only situation is much more suitable. Some clients back away from paying fees to advisors, especially those clients that are inexperienced. The more inexperienced an individual is, the less like they are willing to pay fees for financial advices or money management. They believe the advisor when he or she says the are "paid by the company they work for" or that "all investments are the same and they all have fees".  The fact is that by paying a fee to an advisor, that advisor could show them how to eliminate the huge expenses and sales charges that eat into their returns over the long run.

Managing assets in a Trust

It is only reasonable that a trust could be managed to generate income, reduce taxes and serve the needs of the client in a changing market environement. It is much better for the client to have some form of active management than simply dropping money into a couple of mutual funds and letting things go. The current market illustrated that although long term investing still makes sense, to buy and hold everything is not always a good idea.

Gifting Via Donor Advised Fund and Charitable Remainder Trust

Charles Schwab, through Charles Schwab Charitable, has a turn key program to help an attorney establish and maintain a donor advised fund and a Charitable Remainder Trust.  Schwab creates all of the documents, all the annual reporting and prepares the tax documents. The job of the attorney is to advise the client as to what exactly the documents mean and to make sure that the specific design of the CRT or DAF meets the needs of the client. This is an ideal program for an attorney or a firm that does not specialize in CRT's or DAF's.




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