WHY DOES YOUR ADVISORY PRACTICE NEED AN “ON CALL” ASSET PROTECTION RESOURCE?
Facts about our litigation system for you:
– We live in a society that files some 70,000 lawsuits per day, many without merit;
– Do you work with Doctors? The average medical malpractice award is $3.9 MM, some authorities put this number substantially higher. How many of your clients can take a seven figure lawsuit hit?
– The average legal costs of settling a frivolous lawsuit is $91,000 – plus the actual settlement amount itself;
– The average sexual harassment suit against a small business produces a verdict of $530,000. Employees are suing more often, winning more often and winning proportionally larger judgments. They win 75% of the time;
– Only the top 5% of Americans has a net worth of over $1MM. Using that as a baseline, it’s pretty easy to see where even your client who is worth “only” a few million dollars fits in on the food chain.
Asset Protection 101 for Advisors is available here for download for your use in educating staff and clients. Originally written at the Request of ADVISOR TODAY, it was honored by the Financial Planning Association of America and presented at their Annual meeting in the fall of 2009.
Call Ike today to discuss how to use this to grow your business and retain what you and your clients already have before someone else has this vital conversation with your clients.
HOW WE CAN HELP YOUR CLIENTS AND PRACTICE:
– Provide Consultation to specific clients;
– Provide top quality educational materials for your clients, client communications and newsletters;
– Provide live educational and business development events in person or by webinar or podcast format;
– Introduce and provide access unique strategies that will protect your clients and add value and profit to your practice in a variety of ways
As a financial, tax or legal advisor you seek to create safe, steady growth and avoid losses and exposures to things like market risk and income and estate taxes. A natural extension of that stewardship is making sure that the growth you are fostering, as well as the balance of your clients’ assets, are safe from exposure to an increasingly predatory and hostile litigation system.
Some of your clients have obvious exposures, such as a physician’s potential malpractice exposure or the enduring liability that a large commercial contractor faces. Other sources of exposure are more insidious, such as merely being wealthy and visible, owning income property, or something as simple as owning and driving a car every day. The numbers are staggering; we are at a point in our litigation system where we have over 70,000 lawsuits filed per day in the United States alone, many without any real merit. Unfortunately being “right” is not enough to keep our clients safe.
Your clients depend on you to be a source of information on a wide variety of complex topics. They assume, rightly or wrongly, that you are at least informed about every area even marginally related to your core business. One of the areas in which clients are increasingly seeking guidance from their financial advisor is in the area of Asset Protection. Having a trusted, proven resource (that complements but never competes with your practice) in this area like Ike Devji will help you serve your clients needs and remain relevant in an ever changing professional landscape.
Other Articles of Interest to Advisors:
The link below is to an interesting article from Financial Advisor magazine that speaks directly to one of the issues we discussed. We think it applies equally to a variety of financial and legal services businesses.
See what Financial Advisor MAG says about the need:
Advisors who want to increase referrals by making clients their advocates in the marketplace should build teams of experts that can meet every client need.
Asset Protection Attorney IKE DEVJI
3131 E. Camelback Road, Suite 350, Phoenix AZ 85016