The Law Offices of Scott Alan Morrison, P.A.
Please Call For An Appointment

Maryland estate plan: choosing a financial planner

There are many options available to those seeking financial planning advice. There are national brokers and banks, small, local brokerages, credit unions and even web-based robot advisors that base advice on algorithms. Faced with so many options, a Maryland resident may be unsure about where to turn for financial advice for his or her estate plan

There are two different standards to which a financial advisor may adhere. The first is a fiduciary standard in which a planner is bound by law to make investments in the client's best interests. The second is the suitability standard in which a planner must only work toward meeting his or her client's goals. 

For those who need financial advice for an estate plan, the difference between the standards may be important. In fact, the importance is being addressed on the federal level. Last month, President Barack Obama announced that the Department of Labor will be examining a proposal that will require brokers who manage retirement funds to do so based on the fiduciary standard.

Many planners who work under the fiduciary standard claim that the two standards are not fair to clients who do not understand the difference. A Maryland resident who is seeking financial advice concerning his or her estate plan may find the advice of an experienced estate planning attorney to be beneficial. By retaining the services of a legal professional, one will also gain access to that attorney's network of professionals -- a network that will include experienced financial planners. 

Source:, "Is Your Financial Advisor Working for You?", Kate Stalter, March 9, 2015

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
  • Law Offices of Scott Alan Morrison is a BBB Accredited Lawyer in Frederick, MD
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

We have offices in Frederick and Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

The Law Offices of Scott Alan Morrison, P.A.
141 W Patrick Street
Suite 300
Frederick, MD 21701

Toll Free: 866-220-5185
Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Contact This Office Contact This Office