Attorney Financial Advisor Licensing
Massachusetts Law Firm becomes Licensed to sell securities
FOR IMMEDIATE RELEASE
November 18, 2002
Massachusetts Law Firm becomes Licensed to Sell Securities
Atlantic Financial enables Bowditch and Dewey subsidiary to Offer Clients Securities and Investment Services; Opens a New Door to how Investors Receive Advice and Service
WESTBOROUGH, Mass. November 18, 2002
An important part of the consolidation trend for investment, legal and accounting services, Atlantic Financial and Bowditch and Dewey today announced the creation of B&D Advisors, a subsidiary of the law firm that is licensed to sell securities.
The announcement heralds a new way the law firm can serve their clients and investors can manage their portfolios.
"There is a huge and clear demand for one-stop service by investors and movement toward consolidation of services by law firms," says Bruce Fenton, president of Atlantic Financial and the originator of this concept.
Individuals and corporations can now pair investment and legal work under one roof: their law firm.
Clients are able to have 401ks, IRAs, stocks, bonds, CDs, College Savings Plans, Trusts and over 14,000 mutual funds serviced by an affiliate of their law firm.
Atlantic Financial forecasts that investors across America will soon call on their law firms for detailed advice and transactions in mutual funds, retirement plans and other investments.
"Today's investment and legal world is complex.
Serious investors need this high-level of expertise; meanwhile, law firms are seeking new ways to serve clients.
Inevitably individuals will get both legal and investment assistance from their law firm as standard practice," says Fenton.
No stranger to trends, Fenton founded Atlantic Financial, the Internet's first full service investment firm back in 1994 and was a leader in managed accounts in the early 1990s.
"There is no question in my mind that this is one of the biggest developments in the legal world and the financial services sector in many years."
While some lawyers act as Registered Investment Advisors, B&D Advisors is also licensed by the NASD to sell securities and registered as an RIA.
The representatives of the firm are not simply "middle men" but actually Series 7 licensed financial advisors.
"Without being licensed, law firms giving investment advice are limited in their offerings and still must send clients to a licensed investment firm to execute transactions,"
says Attorney Sammy Azzouz, a manager in Atlantic's law firm program.
"With this registration, firms can serve both corporations and individuals and offer far more than any other law firm subsidiary."
Attorney Dennis Surprenant,
a former Regional Enforcement Director of the Securities and Exchange Commission (SEC) says, "There is a major trend for attorneys to be able to offer investment services as well as tax and legal advice."
Based on discussions with several other law firms, Atlantic Financial anticipates the new company will be part of a much bigger trend.
"Now that this door is open, it could be a major trend that affects many law firms and ultimately impacting tens of thousands of clients," added Surprenant.
"We are happy to be working with Atlantic Financial on this enterprise,"
says Mike Brockelman, 25-year veteran attorney, Head of Bowditch and Dewey's Trust and Estates Group and senior member of B&D Advisors. "Although we have decades of experience managing taxes and estates, we wanted to work with a very cutting-edge firm with highly specialized expertise in this area for the new program.
Atlantic Financial fits this bill and provides outstanding support with all facets of marketing and operations."
"We created this program because we saw a clear need from law firms that wanted to set up a service of this type with the goal of helping clients and expanding their business.
Bowditch and Dewey is a great fit in terms of size and attitude, a very established, respected and highly ethical firm, an ideal candidate to be a pioneer in this area." says Fenton.
About Bowditch and Dewey LLC
Bowditch and Dewey is a Massachusetts law firm that was founded 87 years ago.
The firm's 70 attorneys currently serve over 6000 corporate and individual clients.
The firm's trust department currently manages over $250 million in assets.
About Atlantic Financial Inc.
Atlantic Financial enables law firms to offer investment services by supporting with everything from licensing the new firm, to operations, to preparation of financial plans to marketing and seminar assistance.
Atlantic Financial was founded in 1994.
The firm has continued its innovative role as a company with a program to help license and support law firms in this way.