In the world of Elder Law, one of the most powerful but often underutilized partnerships is the collaboration between attorneys and financial advisors. While each professional brings their own strengths to the table, together they can offer clients a far more comprehensive and effective planning experience. At The Elder Law Coach, we consistently stress the value of this synergy—not only for better client outcomes, but also for building a thriving, referral-rich practice.
Why This Partnership Matters
As Elder Law attorneys, we deal with legal instruments, Medicaid rules, estate planning, and capacity issues. Financial advisors, on the other hand, handle investment portfolios, retirement income strategies, and long-term care insurance planning. Both fields intersect on a key point: helping clients preserve assets and plan wisely for the future.
When we work in silos, important opportunities can be missed. But when attorneys and financial advisors collaborate, they can:
- Ensure legal and financial plans align seamlessly.
- Spot red flags early—such as unsuitable annuities or outdated estate documents.
- Present a united, trusted front to clients, increasing confidence and follow-through.
Practical Collaboration: Where to Start
Building these relationships doesn’t have to be difficult. Here are a few practical steps to begin forging strong partnerships:
1. Educate and Exchange
Reach out to financial advisors in your area and offer to do a lunch-and-learn or a brief presentation on Medicaid planning or estate planning updates. In turn, ask them to explain their process and how they view their fiduciary role. These conversations build trust and understanding.
2. Define the Boundaries
Clients benefit most when each professional respects the other's expertise. Make sure to:
- Stay within your scope: don't offer financial advice.
- Clarify roles and responsibilities when referring clients back and forth.
- Document interactions to protect both parties and the client.
3. Work on Cases Together
Once a relationship is established, suggest working jointly on a case. For example, a client needing long-term care planning may benefit from your Medicaid knowledge and the advisor’s help rebalancing a portfolio. Presenting a united strategy shows the client you're truly on their team.
Addressing Concerns: What Attorneys Worry About
Attorneys sometimes hesitate to collaborate with financial advisors due to fears of commission-driven sales or conflicting advice. This concern is valid—but not universal. Look for advisors who are:
- Fiduciaries, legally obligated to act in the client’s best interest.
- Open to transparent communication.
- Willing to learn about Elder Law considerations and how their advice can affect eligibility or planning outcomes.
The Bottom Line: Better Together
Your clients are counting on you to guide them through some of the most complicated and emotional planning they’ll ever do. You don’t have to do it alone. By working with a trustworthy financial advisor, you can offer a more rounded, effective, and client-centered experience—and grow your practice with the added benefit of professional referrals.
Start by identifying a few advisors you'd feel comfortable getting to know. Take them to coffee. Learn how they work. Share how you help families. And see what grows from there. If you don't feel comfortable with a Financial Advisor, please feel free to call us. We can help you find someone or we can also work with you to help your clients. Just give us a call at 479-601-4119.
