Why Financial Advisors Should Work in Tandem with Settlement Planners

Posted on January 13, 2021

Financial advisors: an attorney client is about to receive a large contingency fee from a personal injury case – are your typical wealth management tools the best options to offer him or her? You could enlist the help of a settlement planner, but won’t that just complicate things? 

It makes sense to wonder why bringing in another planning expert would benefit anybody. But really, when you get down to brass tacks, there’s little crossover between what financial advisors and settlement planners do besides securing individuals’ financial futures. When an attorney client is about to win a personal injury lawsuit, you can, and should, work in tandem with a settlement planner to strategize the receipt of that incoming, oftentimes substantial, fee. By establishing a plan that involves deferring the attorney fee for tax benefits and income control, everyone benefits, including you – specifically via your assets under management (AUM). 

Lawyers are increasingly incorporating fee deferral strategies into their wealth management plans. In addition to receiving guaranteed, customized future payments, those who defer income also spread their tax burden over time. And rest assured; we are not trying to steal your client. In fact, Milestone’s attorney fee deferral program has an open infrastructure that will allow you to remain their investment advisor while offering them significant tax savings. 

And, besides providing attorney fee deferral as a better solution for your client, you can double your AUM and guarantee that their funds remain invested with you well into the future.  

Partnering with a settlement planner also gives a competitive edge to financial advisors who aim to offer their clients the latest and greatest options. Fee deferral is the premier wealth planning tool for attorneys who earn contingency fees, as it is exceptionally beneficial and exclusively available to them. As competitive as the financial planning industry is, offering traditional wealth management solutions without bringing up fee deferral could, sooner or later, cause you to lose a big client or miss out on securing a new one.  

The top financial advisors in the country offer fee deferral for their attorney clients. At Milestone, our program has been approved by the general counsel/compliance branches of leading investment banks. We welcome you to contact Milestone to discuss attorney fee deferral in more detail.