As a lawyer, you’re an expert in navigating legal complexities and advocating for your clients. But managing your own finances — from repaying six-figure student debt to balancing various income structures to maximizing tax breaks — can feel daunting when you’re already under constant pressure. Finding a knowledgeable financial advisor who understands the intricacies of being a lawyer can be worth your weight in gold.
Best financial advisors for lawyers: Cheat sheet
Specialty-specific financial advisors can provide tailored strategies to help optimize your wealth and mitigate financial risks, freeing up your time and mind to focus on your work and family. Here’s a quick guide that breaks down fee structures and services available through some of the best financial advisors for lawyers.
Company name | Services | Ongoing cost | Includes student loan planning? |
---|---|---|---|
SLP Wealth | Financial Planning, Investment Management, Tax Services, Student Loan Consulting | Starting at $149/month (plus 0.49% of any investments directly managed) ADV2 | Yes |
Concert Financial Planning | Financial Planning, Investment Management Services | $100-$500 hourly or 0.60% to 0.80% AUM fee, minimum $1,500 per quarter ADV2 | Yes |
Developing Financial | Financial Planning, Investment Management Services | 2% of gross household income ADV2 | Yes |
Power Forward Group | Financial Planning, Consulting Services | Custom fee structure ADV2 | Not disclosed |
Tactical Wealth Partners | Financial Planning, Student Loan Consulting, Investment Management | Up to $5,000 for financial planning, .50% to 2.00% AUM fee ADV2 | Yes |
Note that we don’t receive compensation for listing these financial planning firms. The information below is meant to give you a better understanding of what to look for when choosing the best financial advisor for lawyers, including potential costs and available services.
Listed fees and services are based on the firm’s most recent ADV filing found on the Investment Adviser Public Disclosure website and information published on the firm’s own website.
Financial advisors for lawyers: Services and fee structures
1. SLP Wealth
Primary services: Financial Planning, Investment Management, Tax Services, Student Loan Consulting
Fee structure: Monthly subscription of $149 plus 0.49% of assets under management (AUM)
SLP Wealth offers profession-specific financial planning with a holistic approach, including advice on student loan repayment, cash flow management, insurance, investment management and retirement savings. We also have an in-house tax team to help with personal tax returns and S Corp filings.
Here are SLP Wealth’s fees for financial planning and investment management services based on our most recent ADV filing (May 21, 2024):
- A one-time setup fee of $995.
- An ongoing flat fee of up to $299 per month.
- An additional asset-based fee of 0.49% for any investments we directly manage, with no minimums.
However, SLP Wealth offers discounted pricing starting at only $149 per month, and the setup fee is waived entirely.
Our team of financial planners has consulted on over $3 billion in student loans, saving clients a projected $569 million. Our lawyer-specific team also has some of the industry's top financial planning credentials, including the CERTIFIED FINANCIAL PLANNER® certification (CFP®) and the Certified Student Loan Professional™ (CSLP®) designation.
2. Concert Financial Planning
Primary services: Financial Planning and Investment Management
Fee structure: Hourly fee or a one-time fee of $2,000 plus 0.60% to 0.80% AUM fee (minimum quarterly fee of $1,500 applies)
Concert Financial Planning offers BigLaw attorneys custom financial plans that factor in each phase of their careers, from associates navigating the transition to partnership to senior lawyers preparing for retirement. Services are available on an hourly basis, ranging from $100 to $500 per hour (depending on the adviser), or as part of its Live Wealth Program.
Here are Concert Financial Planning’s fees for financial planning and investment management services based on its most recent ADV filing (November 14, 2024):
- One-time $2,000 onboarding fee.
- Asset-based fees (ranging from 0.60% to 0.80%).
- Minimum $1,500 fee paid quarterly.
Note Concert Financial Planning charges annual advisory fees based on the market value of assets under management (AUM). However, clients are subject to at least a minimum annual fee of $6,000 that is paid quarterly at a rate of $1,500.
3. Developing Financial
Primary services: Financial Planning and Investment Management
Fee structure: Annual fee of 2% of household income
Developing Financial caters to young lawyers through a collaborative financial planning process. It offers a unique fee model based on gross household income, providing a cost structure that aligns with income growth over the course of your career.
Developing Financial’s fee for ongoing financial planning and investment management is based on 2% of gross household income (paid monthly), according to its most recent ADV filing (July 15, 2024).
Gross income is determined by your most recent pay stub or “total income” listed on your most recent Form 1040 — whichever represents the lower annual income.
4. Power Forward Group
Primary services: Financial Planning and Consulting Services
Fee structure: Custom fees, commission-based
Power Forward Group’s LawFin service offers attorneys financial planning with flexible fee structures based on advisory services provided. According to its most recent ADV filing (October 30, 2024), these might include hourly fees, fixed fees or a percentage of AUM.
Financial planning services are available as one-time only or ongoing consulting services for retirement, education and estate planning. The exact fees or fee ranges are not disclosed.
5. Tactical Wealth Partners
Primary services: Financial Planning, Student Loan Consulting, Investment Management
Fee structure: One-time fee or fixed-rate retainer plus monthly fee plus 0.50% to 2.00% AUM fees
Tactical Wealth Partners provides financial planning services for BigLaw attorneys juggling student loan payments and wealth-building goals.
Here are Tactical Wealth Partners’ fees for financial planning and internal portfolio management services based on its most recent ADV filing (January 5, 2024):
- The fixed-rate fee for developing a financial plan can range up to $5,000, depending on the complexity of the financial profile and the services provided.
- The retainer fee is up to $1,050 per month to help manage financial planning action items.
- The asset-based fee ranges from 0.50% to 2.00%.
Because Tactical Wealth Partners uses a custom fee structure, you can choose financial planning services as broad-based or narrowly focused as you desire.
Choosing the best financial advisor for lawyers
First and foremost, it’s essential to work with a fiduciary advisor who is legally and ethically required to act in your best interest. This fiduciary responsibility safeguards that you’ll receive financial advice based on your needs versus potential commissions.
Additionally, a specialty-specific financial advisor will be able to grow with you to address the ups and downs of being a lawyer. They should be able to communicate advanced student loan repayment and tax savings strategies while giving you a clear roadmap for retirement planning and risk management advice.
We believe the financial planning firm should also provide transparent fee structures that don’t require endless searching or a relationship commitment to access pricing. When comparing fee structures, SLP Wealth charges less AUM fees and a fraction of the monthly cost compared to other specialty-specific firms. Plus, SLP Wealth has an in-house tax team that can streamline tax season for your family or business at an affordable rate.
Our approach combines affordability, depth of services and lawyer-specific expertise — ensuring you receive a comprehensive and personalized plan to meet your long-term financial goals without the stress and confusion of figuring it out yourself.
Reach out to get speciality-specific fiduciary financial planning with SLP Wealth!