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For a typical U.S. state, what are the laws governing merging a legal estate practice with financial advising?

I'm think of using a law degree to get into a small practice where I could advise clients on wills, trusts, and estates, but I would also like to be more involved on advising clients on market-based investing, becoming a CFA as well. I'm just wondering what are the state jurisdictions in the U.S. most favorable to this set up, and what the typical state laws are for people who want to start up a small firm merging both legal and financial advice.

Public Comments

1. Each state's laws differ on this: there is no 'typical' state law. You get to do some research and see what the laws/licensing is in each state you think you want to practice in. The research is good practice for law school. Most highly successful, highly regarded probate/estate planning attys do NOT do this: it's the mid-level to bottom feeders that do it because they need to supplement their income. And you will always have to be very, very careful about a conflict of interest. Why don't you decide if you want to be either a financial planner OR an attorney?
2. If I'm reading correctly, you want to merge estate practice with financial planning. I'm thinking your law degree covers the estate practice. For finacial services you will need the various insurance and securities licenses within your state and the National Association of Securities Dealers. A full range would seem to me to be NASD Series 7,24, and 63, for all but commodities. Your state's Life and Health, might cover the insurance side. Real estate will require its license too. Be careful of conflicts of interest. The best way to protect yourself is making all transactions "Arm's Length", meaning you never control what you're selling.