Create Your Plan. Build Your Wealth. Live Your Life.
What do you want your future to look like? Maybe you’re scaling your practice so you can move into more of an ownership role. Maybe you want to grow your firm so you can sell it and retire. Or maybe you want to set your practice up to run itself while you pursue your lifelong dreams. Whatever your future goals, our unique financial planning process designed just for law firm owners will help you achieve them.
We know the struggle points that you face because they are struggle points many of our law firm clients face: variable income, intertwined and complex business and personal finances, cash flow that feels out of control.
Our process will help you take control of your finances and accumulate extraordinary wealth.
The Lawyer Millionaire™ Method
Financial Planning Process and Personal CFO Services for Law Firm Owners
Are you ready to create the life you want? Are you ready to take your wealth to the next level? Our proprietary financial planning process for law firm owners will help you get there. We will not only help you create a plan, but also we will act as your personal CFO–helping you implement, monitor, and adjust the plan over time so that you can achieve your dreams.
Here’s what we will do together:
1. Create the Vision. Before we talk about numbers, we need to clarify what exactly is your vision for your future. Having a clearly articulated, big, inspiring vision of your future will give you the motivation to put in the hard work to stick to your financial plan and achieve your goals.
2. Set Specific Financial Goals and Objectives. Using your vision, we’ll help you set financial goals and specific objectives to guide your financial plan. These won’t just be vague generalities about where you want to go. We will help you create goals that are detailed and have specific dollar amounts and time frames. And these are not just retirement goals! We’ll also talk about where you want to be and what you want to achieve in the short term and intermediate term–whether that’s college education for your kids, a new vacation home, or something else!
3. Develop a Long-Term Tax-Smart Financial Plan. Once we’re crystal clear on your vision for the future and your financial goals and objectives, we’ll work with you to develop an overarching, long-term financial plan. We will also make sure this plan is optimized and fine-tuned for maximum tax efficiency. This stage will involve extensive data gather and analysis to see where you are presently and what changes need to be made to get you to where you want to be. We will analyze your cashflow, assets, liabilities, retirement savings, future assets and income, taxes, and investment risk tolerance.
4. Master Your Cash Flow. The heart of successful financial planning and progress is cash flow. As a law firm owner, we know the unpredictability and irregularities of your cash flow are some of your biggest challenges. Cash flow planning is about more than budgeting. It is about strategically allocating your resources to help you achieve your financial goals. And its about managing the ups and downs effectively without accruing debt. We will analyze your past cash flow over a full year and help you create a cash flow plan for the future. Then we will set up and manage a cash flow dashboard for you so you can track your cash flow month to month.
We will help you create a plan for the smartest and most effective use of your hard-won dollars so that you can pay down debts and build your nest egg. Also, we will help you navigate the ups and downs in your income month to month by setting up systems to even out your cashflow and add some predictability and stability to your personal finances.
5. Design a Personalized Investment Strategy. Your investment strategy is the work-horse of your financial plan! You need a solid investment strategy that will enable you to achieve your goals. Our approach is based on academic research and investment best practices. We believe in keeping fees and expenses low, which is why we prefer passive, indexed funds and why we use Charles Schwab as our custodian. You do not have to use our custodian and you do not need to invest any assets with us. You are welcome to manage your investments on your own if you wish. Either way, our team of seasoned financial advisors will help you create and implement a personalized investment strategy based on your unique goals and risk tolerance.
More importantly, we will help you stay on top of the latest developments in the market. Using our stock market analysis and proprietary indicators, we will help you take advantage of trends and watch out for buying and selling opportunities. We will also proactively reach out when we come across investment opportunities and alternative investments that may be right for you.
6. Structure Your Business to Achieve Your Dreams. For our law firm owner clients, often personal and business finances are intertwined. Personal planning also means business planning. Is that the case for you? That’s why we include strategic business planning as part of our financial planning process for lawyers. We will work together to determine how you can structure your business to support your personal goals.
Additionally, business planning includes succession planning. We will discuss ideas and strategies for the future sale of your law practice. We can also assist you in estimating your law practice’s value and incorporate the future sale of your law firm into your financial plan. When the time is right, we will connect you with professionals to assist you if necessary in finding a buyer and executing a successful sale.
7. Monitor, Evaluate, Adjust. True financial planning is an ongoing journey. A financial plan is only a snapshot of one moment in time. As your life, your business and your needs change, your financial plan must change and adapt as well. That’s why our financial planning process is not a one time engagement. In addition to helping you create and implement a financial plan, we will help you continually monitor, evaluate, and adjust the plan.
To assist you in ongoing planning, we use a financial planning software program–Money Guide Pro. You will have access to this program through a client portal. This will help us keep track of your long term goals and your progress towards them. Here’s a preview of what your snapshot in Money Guide Pro looks like:
Additionally, we will set up and manage a personal financial dashboard for you which will be used to track your cash flow, financial position, goal progress, and overall financial health. This will help you stay on track with your plan and see all of your critical numbers in one place. We will keep your dashboard up to date, downloading and categorizing your spending transactions so that you can monitor your cashflow on a regular basis. Finally, we will send you monthly reports and meet with you on a quarterly basis to review your financial plan and provide any recommendations for improvement. Here’s a preview of your financial dashboard:
Financial planning is truly an ongoing effort. Putting the plan in action is the most critical and valuable part of the financial planning process. We require an initial 12-month commitment to ensure your plan reaches successful implementation. After that, we can continue on a month to month basis as long as you want! Our ongoing financial plan monitoring includes:
- Weekly cash flow analysis update including reviewing and categorizing transactions
- Monthly updated personal financial dashboard
- Monthly investment newsletter and trading strategies and signals
- Quarterly financial plan review meeting to discuss progress, review financials, and update plan
- Ongoing investment and tax recommendations throughout the year
- Annual comprehensive financial plan review and update
- Annual tax return review and insurance coverage analysis
- Annual updated cash flow plan and financial statements
- Unlimited phone and email support
- Additional virtual meetings as needed.
What does financial planning for law firm owners cost?
Fees and service levels for the The Lawyer Millionaire™ Method:
|Financial Planning||$600 per month with 12-month commitment|
|Investment Management||0.10% per quarter|
It is difficult to put a price tag on financial peace of mind. That’s why we refer to the cost of doing a comprehensive financial plan as an “investment.” And that’s what it is–an investment in your future.
We charge a simple flat fee monthly fee of $600 per month with an initial 12-month commitment that covers all of your financial planning. This includes the creation, implementation, and monitoring of your plan. After your initial 12-month commitment, we can work together on a month to month basis. You are free to cancel at any time. No up-front fees. No commissions. No asset-based fees. No hourly billing to worry about. Simple.
A flat monthly planning fee keeps things transparent and straightforward. It also ensure that we are truly operating in your best interests alone and avoiding conflicts of interest. Additionally, it enables us to work with anyone regardless of the size of their portfolio. Your fee can be paid be paid by credit card, debit card, or deducted from your investment accounts.
Investment Management for Law Firm Owners
You are not required to move your investment accounts to our custodian. You can implement your investment strategy and our recommendations on your own, or if you would like we can manage your investments for you.
Our preferred custodian is Charles Schwab. For financial planning clients, our investment management fee is only 0.10% per quarter.
Why You Should Get Started Now!
Maybe you’ve been putting off planning because you think you just need to make a little more money first. Or maybe you think you just don’t have the time right now. Here are three reasons we should get started now:
- You’ll have more time to focus on your business. By investing a little time with us on the front end, you’ll gain a lot more time on the back end. We will act as your personal CFO so you can focus on managing and growing your law practice.
- You’ll have more mental focus and peace of mind. By getting your finances in order, you’ll experience a greater level of peace of mind that will give you greater focus for the hard work that demands your focus on a daily basis.
- Time is of the essence. The earlier you get started, the more likely it is that you will achieve the goals you have and the life you want.
Book a Meeting
Ready to get started? Use my calendar below to set up a complimentary Q&A session with me. We can review your current financial situation or you can simply ask questions and learn more. How we use our time together is totally up to you!
Why Do I Work With Lawyers and Law Firm Owners?
Why do I work with lawyers and law firm owners? No–it wasn’t my childhood dream to grow up and build a financial planning firm serving law firm owners. But I truly love what I do and the clients I work with. My career took several twists and turns to get to where it is today. I actually had an early interest in education and started out as a high school science teacher. As it turns out, those were good skills to develop because education is at the heart of good financial planning. True financial planning isn’t about spreadsheets and numbers–its about educating and equipping clients with skills and information that leads to positive differences in their real, actual lives.
After teaching for a few years, I decided to go back to school and obtain my master’s degree in financial planning and join the family business by opening my own office in Cincinnati. Through networking, I was introduced to attorneys and law firm owners that needed my help. As my business grew, many of my early clients were law firm owners. Quickly I found that these clients had their own unique challenges that were not being addressed by most financial advisors. And I began to realize that I could build a practice focused solely on law firm owners.
Whether due to my early love of murder mystery novels or TV shows like Damages, I have always had a lot of respect for lawyers and interest in the law. As I have worked with attorneys and law firm owners over the years and learned more about what it takes to be a successful lawyer and build a profitable law practice, that respect and admiration has only grown. The attorneys I work with are upstanding members of their communities, good, hard-working people, and incredibly smart. And even more importantly, I strongly believe that lawyers are vitally important to a thriving democracy and protecting the rights of all. So yeah–you’re kind of a big deal. And I’m incredibly proud to serve attorneys like you.
What People Are Saying About Working With Me:
“I have worked with a lot of financial planners over the years, but Darren Wurz is by far the most well informed, communicative, strategic and caring one I’ve ever used. I highly recommend him especially if you are thinking of retiring within the next 5-10 years.” –Betsy K. (Source: Google Reviews 2017)
“Darren Wurz is such a great financial planner and has served our needs well in the year that he has worked with us, helping to better plan for retirement. He is detailed, methodical and compassionate in listening to our desires. It is so important to have a planner who takes a personal interest in your passions and your portfolio.” –Pat F. (Source: Google Reviews 2019)
“With my retirement not that many years away, I met with Darren at his office to learn more about his business philosophy. I have to admit I’m not easily impressed, but Darren was able to show me what would work and not work for me. His communication skills are second to none. I transferred all of my investments and accounts to Wurz Financial because I wanted to have the peace of mind that somebody was taking care of my lifetime investments and retirement.” –Jon E. (Source: Google Reviews 2019)
“Darren not only has served as a wealth of financial knowledge for my family, but he’s guided us every step of the way with explanations of expectations, next steps, best outcome – whatever was best for us. Not only is he worth the value of that expertise, he’s also an individual of integrity and someone you can trust.” –Kevin B. (Source: Google Reviews 2020)
“After being referred by friends to Wurz Financial services I’m very comfortable with the decision I made to allow this group of financial advisors to manage a significant portion of my retirement funds. They were very professional and provide a personal investment plan based on market conditions, risk level assessment based on my age, and goals for the future, and what I felt might be any specific investment strategies. I recommend this group to anyone.” –Charles H. (Source: Google Reviews 2022)
Are You Ready to Take Your Wealth and Your Life to the Next Level?
Maybe you’ve built a successful law practice and you’re making great money. You have been putting money away regularly in your investments and you now have surplus income you’re ready to put to work. But you feel like you don’t have a clear financial plan for the future and it’s left you feeling uneasy and anxious about the future.
Does this sound familiar?
You’ve finally gotten to a place in life where you have surplus income. You’ve paid down your debts or perhaps they are almost nearly paid off and you can see that on the horizon finally. Your kids are growing up fast or maybe leaving the nest. And finally you feel like your practice is in a profitable and sustainable place. And yet do you find yourself stressed and anxious about your finances and your future? Do any of the following ring true for you?
- You’re making really good money now, but you aren’t keeping enough of it. Instead, you are spending a lot on your business and your personal expenses have been creeping up. You feel lost and directionless without a clear spending plan. And you want to make sure you are doing the right things with your income and investing wisely.
- As your income has grown so have your taxes and you want to find ways to minimize your tax burden and make sure you aren’t missing out on opportunities to be more tax efficient.
- You know that retirement is around the corner and you are worried about having enough money. You feel like you should have more saved up by now.
- You have some general ideas about retirement, but you haven’t really thought specifically about what retirement will look like and you’re ready to plan for your ideal retirement lifestyle.
- You have been managing your own investments and you have a bunch of different accounts in different places and you’re ready to consolidate your investments under a cohesive investment strategy.
- Perhaps you have a financial advisor, but you do not hear from them very often or perhaps you’ve been shuffled around at a big firm and you want a close, personal relationship with your financial advisor.
- You have a basic investment strategy–perhaps a variety of mutual funds and stocks–but you don’t feel like your portfolio is being actively managed and you’re ready to take your investment strategy and growth to the next level.
These are all things I hear from clients who come to me for help. I can help you too!
What if you could have the financial freedom you dream of?
- What if you could enjoy the freedom to spend time with family, go on vacations, or even start a new venture?
- What if you could retire early and enjoy the lifestyle you dream of before age catches up with you?
- What if you had confidence that you could stop working and have enough income to last the rest of your life and leave some money for the kids?
- What if you didn’t have to worry about fluctuations in the market disrupting your retirement plan?
All of this is possible for you!
Together, we can help you get there.
I have been serving as a financial planner and portfolio manager for lawyers and law firms across the country for many years. My mission is to help successful law firm owners turn their retirement dreams into reality. And I have made working with law firm owners the primary focus of my financial advisory practice. I’m a Certified Financial Planner and hold a master’s degree in financial planning from Golden Gate University. I have the knowledge, skills, and experience to help you take your wealth to the next level.