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Ali Katz

Financial Advice, Lawyers, Me and You + PPP/EIDL

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Hello lawyers I love,


I hope you are looking forward to a wonderful weekend with family, friends and time in the great outdoors. I am thrilled it's summer!  And, this summer, for me, has been all about getting back into the media and getting my content out into the world to help people make wise financial decisions for themselves and their families.

 

In service to that, I wanted to let you know about a few things I have going on, that could impact you, and also make sure you have the guidance you need to be making good decisions for yourself and your families, plus to educate your communities.

 

First and foremost, as a lawyer, you may not think of yourself as someone who offers financial advice. And, yet, as a trusted advisor to families and business owners, I want to invite you to shift your thinking on this and get yourself educated enough to feel confident talking about financial matters and helping your clients think about these matters at a high level, so you can help them get into conversations with their families about it, as this is one of your primary jobs, IMO, and WILL set you apart from every other lawyer in your community + is a big part of what they cannot get from a documents only service, online.

This does not mean that you need to be an actual financial planner, insurance advisor, or tax strategist, as there are specialists who handle such things, but as a lawyer who is a trusted advisor you must be knowledgeable enough on these topics to be an OBJECTIVE sounding board for your clients, and help them to choose the right financial planners, insurance advisors and tax strategists for their personal situation, IF you want to be seen as a true advisor, and get paid for more than just documents. You want your clients to see YOU as the objected, trusted advisor who helps them to make good decisions about the use of their resources, even though you are not paid a commission to sell products. All wealthy people have a team of advisors working on their legal, insurance, financial and tax matters and, in the past, the people we serve -- mainstreet, mom and pop, American people -- could not (and did not) get good legal, insurance, financial and tax advice because there simply weren't good models for it that didn't involve mis-aligned incentives. But, that's one of the things we are changing here at NLBM.

One of the most valuable things you can do is to be educating your clients beyond the traditional scope of documents and strategies, and into what I call "eyes wide open decision-making" -- and this means getting yourself into position to understand the full scope of legal, insurance, financial and tax (LIFT) matters your clients and their families are facing, and then speaking to those matters in your community from an educational perspective (best form of marketing you can do for yourself and your practice), and partnering with people you trust to provide the services that you don't (you don't have to be a financial advisor, sell insurance or be a CPA), with you in "quarterback" role, coordinating the advice and ensuring it gets executed properly.

For many of you, this needs to begin with you looking at your own financial realities, and that of your family's, with fresh eyes, as you have perhaps not done such a great job here in the past, or have not been educated on these matters.


If that's the case, DO NOT WORRY ... your mistakes are your greatest opportunities to learn, grow and evolve, and then share what you learn with your clients.

If this feels scary or overwhelming to you in any way, I want to reassure you that you have everything you need to be able to learn how to make good financial decisions for yourself, for your family, and then to help your clients to do the same. Believe me, if I can do this, so can you. And, we will be creating more and more systems, strategic alliances and support to get you more educated in these areas.

So where do you start?

Well, first and foremost, start with shift #1 from the 5 shifts -- GET CONGRUENT. 

And that means starting at home with your own family.

I'm doing that myself. 

You can read about the process my mom, my sister and I have been through with respect to my mom's investments, and the decisions we've made as a result here:
https://medium.com/@alexisneely/my-sister-and-i-moved-our-moms-retirement-money-into-cash-and-here-s-why-you-might-want-to-268764bed71a?source=friends_link&sk=ab7620e13e6e5d225255b9e30572a4ba (this is the friends link if you want to share it with your own family)

Number 1 -- Please read this article, and get into conversation with your own family, about how your family's retirement assets are invested. You cannot do this soon enough, in my opinion. If you have Qs about anything you read here, please comment here, be willing to share your own lack of clarity, uncertainty, not knowing how to make good decisions perhaps, or talk to your families, perhaps, as that's how you learn. It's okay to not know. There was a time I did not know too, and made over a million dollars of mistakes from that place. And now I do know.

Watch the NEW Enough Course modules. I just re-recorded all of the content for the Enough Course, which is a teaching of Eyes Wide Open (my other company that serves the broader market beyond lawyers and helps people to make eyes wide open decisions for their lives and incomes), and you have access to these teachings and the resources of Enough to use for yourself here:
https://memberhub.newlawbusinessmodel.com/program/take-back-your-time-and-calendar/resources-you-need/


Number 2 -- on the Law Business Success Coaching call yesterday, I came to see that many of you have not gotten your own SBA funding via PPP and EIDL.

Please make sure you have fully accessed all that is available to you here. If you need support with PPP, one of my eyes wide open members shared this resource yesterday: https://www.mbecp.com/
She said that they were able to increase her PPP from $5400 to $20,000.

If you need support with EIDL, I have a couple of contacts for you, 1 who you can pay to help you get your application in and maximize what you receive (his name is Jon Caldwell, email: simplecorpfunding@gmail.com) and he can also help you with business credit funding in general. Please make sure he knows I sent you. And an SBA contract lawyer named Eugene Sunday (Gene), who you can reach at: 
(202) 823 0450 who can check on status of your application once it's been filed.

Coming down the line, I will be returning to the media to help people begin to become more aware/think about these issues for themselves and their families. I had my first interview with CBS San Antonio last week, and then one with ABC Sac coming up next week, and NBC Washington DC week after, and I'll be on TDAmeritrade Network show on Monday. I'll post links once they are available.

Please use this thread to discuss these matters, and begin to get yourself into the mindset of trusted advisor on legal, insurance, financial and tax matters -- with you as "quarterback". That means that this is the time for you to start networking with the financial advisors, insurance professionals, and tax strategists in your community so you can find the one's you trust, the really good one's because you'll be able to bring them business, and create a team of people to serve your clients. 

So, the final thing I want to leave you with is this: you have the opportunity to be in "pole position" for your clients and bring lots of referrals to advisors in your community. Get out there and begin networking with other professionals from that perspective and FIND THE BEST ONE's for the clients that YOU will serve.  Do not compromise here. There are many not great advisors out there. And there are many great advisors who aren't the right fit for YOUR client base. Begin to consider who you want to serve, and what they really need when it comes to a comprehensive legal, insurance, financial and tax team and how you can create that in your community.


Please share your comments, thoughts, questions and considerations here.

With care,

Ali




 

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