Bundling Legal and Financial Services

Bundling the components of financial management can save you time and money. Some writers believe that you need niche expertise for each component, and this argument merits attention.   However, you can find experts in metropolitan areas who are proficient in several areas of financial management; and for this primary reason, you will save time and money.

Let us propose that financial management for an individual consists of tax planning, estate planning, and investments (certainly financial management contains a broader menu of components). You can in Houston’s Greater Metropolitan Area find professionals who can, for example, expertly handle your taxes as well as your estate planning-trusts and wills. You probably will still need to bundle this expertise with a Registered Investment Advisor who can effectively manage your investment portfolio as a fiduciary.

By hiring two professionals instead of three you save money by handling two parts of the bundle through one professional advisor who should provide a monetary incentive. In the same vein you will save time by having fewer appointments with your advisors. So you are concerned about bundling opportunities.

If you live in a smaller city or town, then you may be required to follow an unbundled approach because of the lack of concentrated professional expertise. Accordingly, in metropolitan areas your due diligence should pay off if you can secure a bundle consisting of fewer advisors.

1. Client needs a Last Will and Testament, Education Trust for grandchildren, and preparation of tax returns. Does client hire an attorney and a tax return preparer? He can use me to do all these jobs.

2. Client has won the lottery in Louisiana, and he decided to relocate to Houston to be near his children.  Client needs help with investments, estate planning documents, and life insurance and/or annuities.  Does client hire an attorney, certified financial planner®, tax preparer, and life insurance agent?  He can use me to do all these jobs because I have the necessary experience and licenses.

3. Client’s two minor children just recovered a settlement in a personal injury case.  A friendly lawsuit must be filed to allocate money to each child, and a structured settlement designed using annuities.  Does client hire an attorney and life insurance agent?  He can use me to file the lawsuit, and help him purchase the necessary annuities.

4. Client’s wealthy mother has passed away.  She needs to probate the estate, set up investment accounts, and file tax returns.  Does she hire an attorney, an investment professional, and a certified public accountant?  She can use me to probate the will, set up investment accounts, manage investment portfolio, and file necessary tax returns.