It’s a conversation he has had with many of his lawyer clients and friends, and most of them will readily admit they aren’t where they expected to be financially.
San Francisco, CA (PRWEB) February 11, 2014
San Francisco financial advisor, Craig Slayen, has a message for all overworked lawyers: “You’re highly intelligent; you’re extremely confident; and you’re exceedingly conscientious – all of which makes you an excellent lawyer. However, those very same traits can actually become obstacles to building real wealth. What never can be enough of a good thing to achieve success in the legal field will very likely turn into liabilities in the investment arena.” While he concedes that statement may ruffle a few feathers in the legal community, Slayen says it’s a conversation he has had with many of his lawyer clients and friends, and most of them will readily admit they aren’t where they expected to be financially.
It’s a conversation the co-founder of Winship Wealth Partners in Marin County wants to open up to all lawyers who have, heretofore, avoided or ignored such introspection. All of the empirical data compiled over the last four decades indicates that lawyers differ significantly and in consistent ways from the general adult population, particularly in their decision-making approaches, in certain personality characteristics, and in their values. “I think it’s important to encourage a dialogue about the specific traits and behaviors typically ascribed to lawyers that prevent them from becoming successful investors.”
San Francisco investment advisor, Slayen, whose practice caters to high-earning professionals of all stripes, has observed first hand that, “The unfortunate reality is an increasing number of lawyers are simply not financially prepared to retire on time, or ever. It’s not because they’re not smart, ambitious or well-intentioned; rather, it’s due, in large part, to the way they are taught to think, operate and view the world as lawyers, which can shut down nearly every behavioral instinct necessary to be a successful investor.”
To get the conversation started, Slayen has published a paper titled, Why We Charge Lawyers More in Our Financial Planning Practice, in which it outlines the specific, investment-dampening character traits many lawyers possess. But, rather than just pointing out their shortcomings as investors, the paper seeks to offer lawyers a rationale as to how these traits and characteristics can actually become obstacles to building real wealth. “Perhaps then,” Slayer theorizes, they will be more inclined to change from their default settings when considering their true financial position.”
The ten “Obstacles Lawyers Face in Building Wealth” are listed as follows:
1. You’re too smart
2. You’re too busy
3. You’re too risk adverse
4. You’re too skeptical
5. You’re a perfectionist
6. You’re impatient
7. You’re egotistical
8. The divorce thing
9. You’re unhappy in your job
10. You’re a spender
Slayen is quick to point out that most lawyers might only possess a couple or a few of these traits; however, in the investment arena, it only takes one to become an obstacle to wealth building. As with anything that requires self-analysis, the first step in overcoming character-induced impediments is to recognize them and acknowledge their power over your ability to think differently in certain situations. For lawyers, it may just require the ability to switch off the default settings of “lawyer think” to view the world of finance and investing as it needs to be viewed.
Finally, Slayen, who specializes in “investment coaching” to help his clients through the typical behavioral traps that can impair investment performance, offers some “coaching tips” for lawyers to consider as they begin their self-analysis.
You can learn more about Winship Wealth Partners by going to: http://WinshipWealth.com.
About Craig Slayen:
Craig Slayen is the co-founder of Winship Wealth Partners, a Marin County financial advisor and investment management firm. An 18-year veteran of the financial services industry; Craig spent the first half of his career in asset management before becoming a financial advisor to high net worth professionals, entrepreneurs and C-Level executives. Winship Wealth Partners offers comprehensive Wealth Management, which encompasses financial planning, estate planning, investment management and charitable giving.