what type of attorney would help with financial planning

Who can help me figure out my finances?

A financial planner is to your money what your primary care doctor is to your health. Your financial planner is the big-picture person, the one you talk to first about any financial issues. They can help you make a plan to pay off debt, save for college, or invest for retirement.

What role does a lawyer play in helping you with your finances?

A financial services lawyer is an attorney who helps people with financial legal issues. This kind of lawyer often specialize in a certain type of finance law. A financial lawyer can help clients with a wide variety of financial matters. Finance law includes many different specific areas of law.Nov 25, 2020

Can I hire someone to manage my finances?

Find a fiduciary Although “financial planner” is an unregulated term, all who have the title Certified Financial Planners are fiduciaries. They are trained in tax issues, insurance and cash flow as well as investments. A one-time consultation can cost between $150 and $400 an hour.Sep 29, 2021

How can I get free financial planning advice?

Here's where Americans can look for free financial advice from a professional:Financial Planning Association.National Foundation for Credit Counseling.Foundation for Financial Planning.The National Association of Personal Financial Advisors.The Association for Financial Counseling & Planning Education.Savvy Ladies.More items...

What type of lawyer makes the most money?

Types Of Lawyers That Make The Most MoneyMedical Lawyers – Average $138,431. Medical lawyers make one of the highest median wages in the legal field. ... Intellectual Property Attorneys – Average $128,913. ... Trial Attorneys – Average $97,158. ... Tax Attorneys – Average $101,204. ... Corporate Lawyers – $116,361.Dec 18, 2020

What does a lawyer at a bank do?

This involves drafting and negotiating contracts that set out the terms of various financial arrangements. Banking and finance lawyers also provide legal advice to organisations engaged in large transactions, such as mergers and acquisitions, initial public offerings, and even liquidations.

Why you should not use a financial advisor?

Not only that, but by shirking responsibility for your own investments, you're also losing a lot of money in FEES. The fees you pay to a financial advisor may not seem like a lot, but it is a huge amount of money in the long-term. Even a 2% fee can wipe out a significant amount of your future wealth building.Feb 18, 2021

What a financial planner should know?

The person you work with can give you specific guidance on what documents to bring, but paperwork may include: 401(k) and other investment plan statements. Mortgage and other debt statements (Hint: You shouldn't start investing until you're debt-free, besides the house.) Pay stubs for you and/or your spouse.Sep 27, 2021

What's the difference between a financial planner and advisor?

A financial planner is a professional who helps individuals and organizations create a strategy to meet long-term financial goals. Financial advisor is a broader term for those who help manage your money, including investments and other accounts.

Are financial Planners free?

Some services are free. The Foundation for Financial Planning offers pro bono financial planning services for people who are financially vulnerable, including wounded veterans, domestic violence survivors and cancer patients. Some in-person investment advisors offer a free consultation for prospective clients.Feb 8, 2022

Do banks provide financial advice?

Many banks provide the option to use their financial advisors for your investments. They may even offer incentives such as lower fees or free checking if you have an investment account at the bank. Note that your bank advisor is not a free financial advisor.

How much does it cost to talk to a financial advisor?

Most financial advisors charge based on how much money they manage for you. That fee can range from 0.25% to 1% per year. Some financial advisors charge a flat hourly or annual fee instead....Financial advisor fees.Fee typeTypical costHourly fee$200 to $400Per-plan fee$1,000 to $3,0002 more rows•Mar 3, 2022

What is an estate planning lawyer?

The estate planning lawyer specializes in wills and trusts, and can help you to draw up a will to pass on your assets. Among other estate planning legal services, this type of lawyer can help you set up a trust which will help take care of your children’s financial needs.

What can a corporate lawyer do for you?

A corporate lawyer will be able to help you with issues related to the formation of your corporation, general corporate governance issues and corporate compliance issues.

What is an IP lawyer?

Also known as an IP attorney, an intellectual property lawyer can advise you with regard to issues relating to intellectual property, such as copyrights, trademarks, patents, industrial design and trade secrets.

What is an employment lawyer?

Employment Lawyer. Whether you’re a company that’s having a problem with an employee, or an individual who’s having problems with the company you work for, an employment lawyer can generally provide advice about legal issues which arise from an employment contract or within an employment relationship.

What is a worker's compensation lawyer?

If you’ve been injured while on the job, or have had to face the death of a loved one as a result of a workplace accident or occupational disease, a lawyer who specializes in workers compensation law can help you navigate the issues you face, such as the extent of the employer’s fault and the amount of benefits to which you are entitled.

What is general practice law?

Unlike lawyers who specialize in a particular area of law, a general practice lawyer has a practice that handles a wide range of legal issues. Different general practice attorneys will have different areas of law with which they are most comfortable, so if you consult with a general practice lawyer, it’s always prudent to discuss his or her experience in handling the type of legal issue you’re facing.

What is a disability attorney?

The Social Security Disability system can be a particularly complex system in which to navigate. An attorney who specializes in Social Security Disability issues can help you with any step in the Social Security Disability process, including assisting you with eligibility issues, launching an appeal of a decision to deny you benefits and dealing with the reduction or termination of your benefits.

What is a CPA license?

License: CPA (Certified Public Accountant) What they do: Those CPAs who specialize in taxes can help clients with tax planning and preparation. (Some CPAs may not deal with tax planning but instead focus on audits or accounting.) Unlike some other tax advisers, CPAs are authorized to represent clients before the IRS.

What are the requirements to be a broker?

Requirements: Before they can buy or sell securities for clients, brokers must pass exams on trading procedures by the Financial Industry Regulatory Authority (FINRA), such as the Series 7 in general securities or Series 6 in variable annuities and mutual funds.

What is a PFS credential?

Requirements: The PFS credential is given to CPAs who have a certain level of professional experience and are members of the American Institute of Certified Public Accountants.

How long does it take to become a retirement planner?

Then pass a two-day, 10-hour exam. Planners must also have a bachelor's degree and a minimum of three years of professional experience working with clients.

What is an IA?

Credential: IA or RIA (Investment Adviser or Registered Investment Adviser) What they do: As the name suggests, an IA advises clients about securities. Note: A financial planner or broker may be an investment adviser but not all investment advisers are planners or brokers.

What is a financial planner?

Financial Planner. A financial planner is to your money what your primary care doctor is to your health. Your financial planner is the big-picture person, the one you talk to first about any financial issues. They can help you make a plan to pay off debt, save for college, or invest for retirement.

What is the difference between a financial planner and an investment advisor?

However, an investment advisor has a different, much more specific job . While financial planners look at the big picture, investment advisors focus solely on helping their clients choose the best investments. You can get advice about investments from your financial planner, but you wouldn’t get advice about taxes or estate planning from your investment advisor.

Why do people hire accountants?

The main reason most people hire an accountant is to help them prepare and file their tax returns. An accountant can help you: Fill out your tax return correctly to avoid an audit. Find deductions you might be missing out on, such as a home office or childcare deduction. File an extension on your taxes.

What can an accountant do for you?

If you own a business or are starting a side business, an accountant can do other jobs for you as well. You can use one to help you set up and manage your books, keeping track of all your income and expenses. Your accountant can also prepare financial statements or reports.

How many hours do I need to become an accountant?

To earn this title, accountants must complete at least 150 hours of coursework, spend a year working under a qualified CPA, and pass a state licensing exam.

Why do insurance agents help?

Because they know all the ins and outs of the insurance business , they can educate you about the different types of insurance and what you need based on your situation. Some insurance agents can also help you compare policies from different companies to find the best deal.

How much do lawyers charge per hour?

According to LawKick, typical rates range from $150 to $500 per hour. However, lawyers can also charge a flat fee for certain types of jobs, such as:

What does an estate attorney do?

Estate Attorneys, as their titles indicate, specialize in estate planning issues, such as, for instance, estate taxes and the effective distribution of assets to heirs. They provide advice to clients on strategies about how to best prepare for the possibilities of mental illness or incapacitation, and eventually, death. Advice on Wills, trusts, estate tax minimization, business succession, and strategies to ensure clients’ assets and savings are secure following their deaths are typical elements of such services. Estate attorneys can provide further legal advice regarding these areas, and also prepare related legal documents.

What is a financial planner?

Financial Planners and Wealth Managers who are compensated based on either a fixed fee, retainer fee, or hourly rate fee have perhaps the most optimal incentive structure to provide the broad, comprehensive, concept-based solutions needed for fully coordinated multi-disciplinary financial planning and wealth management. Such professionals are free to think from the multiple perspectives of Investment Planning, Estate Planning, Business Succession Planning, and Fringe Benefits Planning, and may focus their energies on crafting and developing purely concept-based (as opposed to product-based) strategies to help clients achieve their short- and long-term goals. Like investment advisors, their firms are also regulated as Registered Investment Advisers (RIAs), and as such they are both required to act as fiduciaries with clients’ best interests in mind, and may be monetarily incentivized to do so (depending on their exact fee structure).

What is the job of an accountant?

Accountants primarily examine and prepare financial records, ensuring the accuracy and timely preparation and submission of tax returns to the Internal Revenue Service (IRS). They review the financial operations of businesses and fiscal matters of individuals, and assist in creating plans to improve efficiencies. Many accountants earn Certified Public Accountant (CPA) licenses from their respective state board of accountancy—a distinction denoting extensive education, experience and competency within the profession.

Where is 4Thought Financial Group located?

Wealth management firm 4Thought Financial Group, based in Syosset, NY , specializes in the aforementioned fiduciary fee-based financial planning services, and when it comes to investment plan implementation, utilizes a data-driven, multi-method investing approach, designed to offer durable portfolio management for a wide range of market conditions.

What is investment advisor?

Investment advisors are typically focused on the management of client investment portfolios and planning issues directly related to the securities and accounts being managed for the client. Such advisors typically collect a fee for ongoing management of the securities portfolio based on an annual percentage of assets under management. Their firms are regulated by either the states or the SEC (depending on whether they are federal or state registered) as Registered Investment Advisers (RIAs). While such investing arrangements tend to provide a much better alignment of the goals of the investor with the incentives of the advisor than a traditional stock broker’s compensation, if the associated fees are too high, they may provide a significant drag on returns in the long term (if not kept in check). In addition, compensation solely by this means is likely to lead to an over-focus on investing and a neglect of other financial planning issues.

What is wealth management?

Wealth management services provide a comprehensive approach to managing your overall wealth and financial life. When you use wealth management services, you should expect coordination of services, including investment planning, fringe benefits planning, estate planning and business succession planning.

What does an insurance agent do?

Insurance agents sell life, disability, long term care, property and casualty, and other types of insurance products. They customize related plans and programs to cover a variety of risks that best suit clients’ needs. They weigh the advantages and disadvantages of these policies and promote the associated sales—oftentimes compensated via commissions based on those policies’ premiums.