Massachusetts law firm becomes first in America to sell securities

Issue January 2003

A Massachusetts law firm teamed up recently with an independent investment firm to become America's first law firm subsidiary licensed to sell securities.

Atlantic Financial and Bowditch and Dewey law firm announced last month the creation of B&D Advisors. The firms called the venture a new way law firms can serve their clients and investors can manage their portfolios.

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.

While some lawyers act as Registered Investment Advisors, B&D Advisors is the first law firm affiliate 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.

"We are happy to be working with Atlantic Financial on this enterprise," said attorney Mike Brockelman, 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."