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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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How Attorneys Find Advisors

 Gatekeepers are the professionals who connect their legal clients with investment advisors. Spectrem talked to a few about how they find the advisors they refer. 

| BY Kent McDill

 There is a loosely-defined quid pro quo that goes on between attorneys, accountants and financial advisors. Since all three professions deal with affluent people, they figure to have an occasional need to work together, and to share clients when the opportunity presents itself.

Attorneys, accounts and financial advisors occasionally speak to each other in regard to their client needs, and when those conversations go well, they often decide to refer each other to new clients when it is appropriate to do so.

In a new study, Gatekeepers: Their Influence on Referrals and Wealth Transfer, Spectrem asked attorneys and accounts to explain how they found advisors to work with and to make a part of their reference list. The attorneys and accountants were asked how their relationship with a preferred financial advisor started, and what methods best work for financial advisors who want to have a relationship with an attorney that can benefit both parties.

The responses in the study were provided in qualitative form for better understanding of how the interview conversations went.

“Networking” is a buzzword that has set the wheels of commerce in motion forever in the United States, and is certainly the most frequently noted manner in which attorneys find the advisors they work with. From seminars to meet-and-greets, the business of business is most often done through the art of face-to-face introductions.

“It’s an industry that works both ways when you are talking about financial advisors,’’ said one attorney. “’I’m in two networking groups currently and I also try to have lunch and coffees with a lot of financial advisors and a lot of CPAs and a lot of other attorneys specifically.”

“I meet a lot of financial planners through networking, whether through a bar association or through an estate planning council or just day to day,’’ another attorney said.

The networking includes gathering information from other attorneys. It is, as one attorney noted, an “I know a guy’’ kind of business.

“I will discuss it with other lawyers to see who they have used, if they had good results with that and the clients were satisfied,’’ an attorney said.

Often, attorneys and advisors meet and make arrangements to work together before the work shows up. Some know their preferred advisors through college and law school friendships, and agree to share clients when the opportunity arises.

Other times, attorneys get to know their preferred advisors as neighbors or parents first.

”You meet them at a social event and you find out what they do and you like the person, you have a few conversations and then you realize where is their niche, what they can help you with,’’ an attorney said.

Frequently, an attorney’s client already has a financial advisor, and the relationship begins with an introduction through the client.

“A lot of times, my clients will actually have a financial advisor, and usually then I will talk to their advisor,’’ said one attorney. “Depending on how confident they are, sometimes I keep their card and in the future if they ever refer anything my way, I consider referring back.”

Attorneys do not need to leave the office or pick up a phone to find a financial advisor. Often, advisor firms will offer to show off their skills in a presentation, and will do the traveling themselves.

Then there is cold-calling. The practice of picking up a phone and dialing a number with no prior contact is a hard way to sell, and harder today with the use of cellphones, voice mail and texting. But it still happens, and occasionally, it works. It can be a matter of making the call at just the right time (“I might take the call if I am in a down time,’’ one attorney stated) or it can be having a positive and inoffensive manner of presenting yourself.

 “No one has ever really said ‘We want to sit down and talk to you about referring us to your clients’,’’ one attorney said. “I think I would like it to be more nuanced. If you are coming to me and saying ‘These are the services I offer and this is my background and experience and this is our track record’ you are obviously trying to tell me ‘Keep me in mind’. I don’t think I would react well if they said “Can you refer us some business?’”

Of course, there are some advisors who choose to ignore or quickly end cold calls immediately. When one attorney was asked “How do you respond to cold calls?” he replied “I’m sorry, but I’m busy.”




About the Author

Kent McDill

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.