North Star’s Law Division was established in 2011 for financial advisors working largely with lawyers. These advisors understand the difficulties that lawyers face in prioritizing their financial matters. While they are great advocates for their clients, their own financial goals often get pushed off to the side due to the unique challenges and demands of their careers.
The advisors in our Law Division have discovered the following consistent factors that can interrupt law professionals in pursuing their financial goals:
- Lack of time. Lawyers are constantly stressed and pressed for time. From increasing competition between firms to the pressure to hit billable hours, there are numerous items that contribute to lawyers not spending enough time tending to personal financial matters.
- Procrastination. In a push to repay student loans as soon as possible, lawyers often delay developing productive financial habits early on in their careers, such as implementing crucial savings or investments strategies.
- Lack of Delegation. Asking for help isn’t always easy. Yet, navigating financial matters on your own can cause the same issues that lawyers who choose to represent themselves in legal matters encounter: a lack of objectivity needed to weigh all the options available to you.
- Deficit Spending. While many can feel compelled to maintain the image of being a lawyer, you cannot build wealth while spending more than you are bringing in.
- Disorganization. In the midst of facing constant challenges and looming deadlines for their clients, the financial matters of lawyers often get placed on the backburner, leading to disorganization and potential missed opportunities.
- Speculation versus Diversification. Many lawyers have a net worth dominated by just a handful of assets, such as their law practices, real estate, or their homes.
- Lack of an Overall Strategy. In a rush to get things done, too many lawyers make important financial decisions based off of convenience rather than incorporating all of their resources and goals into the decision-making process.
Getting the objective opinion of a financial professional can provide much needed insight and education on all of your options. North Star’s Law Division can help you address the above challenges and more by helping you focus on what is important, effectively manage your risks, develop healthy financial habits, and stay on top of opportunities to avoid financial pitfalls.
The Law Division is committed to helping you develop long-term strategies that can help lead to financial success in the following areas:
- Educational Seminars
- Asset Management Programs
- Fee-based Financial Planning
- Investment Advisory Services
- Life Insurance Strategies (Group & Individual)
- Income Protection Strategies
- College Funding
- Employee Benefits Analysis & Management*
- Annuities (Fixed, Deferred, immediate & Variable)
- Retirement Strategy development and management
- Long-Term Health Care Planning
Achieving financial independence requires discipline and intention—two items lawyers are familiar with. The advisors in our Law Division will work with you to make your money work as hard as you do by spending the necessary time to thoroughly understand your unique financial situation.
For more on the Law Division and to view a list of members, click here.