Hire a financial services professional: Financial Services Agreement
What is a Financial Services Agreement?
Financial advisors and their clients use Financial Services Agreements as a means of defining the scope of services to be performed. As a result of this agreement, all signers are more likely to have the same set of expectations in relation to fiscal matters.
When to use a Financial Services Agreement:
- You're hiring a financial advisor to manage your money.
- You're being hired as a financial advisor by an individual or business.
How do I get my Financial Services Agreement reviewed?
If you already have a Financial Services Agreement and want to have it reviewed, or if you have questions about creating or using one, there are a few ways to get help.
Use Rocket Copilot to ask questions or review your document; this helps you better understand what it says and identify anything that may need a closer look.
If you are looking for help from a Legal Pro, you can also ask a question and receive a response within one business day, or request a more in-depth document review.
Sample Financial Services Agreement
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Financial Services Agreement
This Financial Services Agreement (this "Agreement") is made effective as of , by and between , of , , , and , of , , .
. DESCRIPTION OF SERVICES. Beginning on , will provide the following services (collectively, the "Services"):
At a minimum the Advisor is expected to provide the following:
a. will plan and arrange the financial affairs, such as savings, retirement provisions, tax treatment and wills of Service Recipient.
b. will understand the Service Recipient's financial situation well before advising the Service Recipient on making investments.
c. will use stock, bonds, mutual funds, real estate investment trusts options, futures, notes, and insurance products to meet the needs of the Service Recipient.
. PAYMENT FOR SERVICES. will pay compensation to for the Services upon completion of the Services. no later than .
. TERM/TERMINATION. This Agreement This Agreement may be terminated by either party upon days prior written notice to the other party.
. RELATIONSHIP OF PARTIES. It is understood by the parties that is an independent contractor with respect to , and not an employee of . will not provide fringe benefits, including health insurance benefits, paid vacation, or any other employee benefit, for the benefit of .
. REPRESENTATIONS AND WARRANTIES. represents and warrants to that there is no employment contract or other contractual obligation to which is subject, which prevents from entering into this Agreement or from performing fully 's duties under this Agreement.
shall provide its services and meet its obligations under this Contract in a timely and workmanlike manner, using knowledge and recommendations for performing the services which meet generally acceptable standards in 's community and region, and will provide a standard of care equal to, or superior to, care used by service providers similar to on similar projects.
. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties, and there are no other promises or conditions in any other agreement whether oral or written.
. SEVERABILITY. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of .
. SIGNATURES. This Agreement shall be signed on behalf of by , and on behalf of by .
PARTY CONTRACTING SERVICES:
| By: | Date: |
ADVISOR:
| By: | Date: |
Financial Services Agreement FAQs
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What kind of financial consultant should use a Financial Service Contract?
No matter what work you are hired to do as a financial advisor, you should always consider making a Financial Services Agreement. You might decide to make a Financial Services Agreement due to the fact that it grants the following list of benefits:
- There are no surprises about how long the engagement lasts
- Both parties understand the scope of their responsibilities
- Both parties know when invoicing will happen
If you don't have a Financial Services Contract, you and the client may experience any of the following unwanted repercussions: unmet standards of quality, missed deadlines, unexpected changes, difficulty getting paid, and, unfortunately, little to no recourse if problems arise.
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How are Financial Services Agreements organized?
Specific details to add are:
- The contact information for the client
- What tasks you are committed to performing related to investment management or other financial matters
- How much you will charge
- How long the engagement will last
As you probably expect, Financial Service Contracts made with Rocket Lawyer also include the typical legalese with regard to the non-employer relationship, indemnification, confidentiality, and finally, dispute resolution methods. As you build your contract, you also will have the ability to determine its state of jurisdiction. Further alterations are allowed, as necessary.
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How much might I normally pay to get a financial services agreement template created by an attorney?
Attorney fees for drafting or reviewing a Financial Services Agreement can vary widely. Many lawyers charge hourly rates that may range from around $100 for less experienced attorneys to $350 or more per hour for highly experienced attorneys in major metropolitan areas. For more routine documents, some attorneys may offer flat-fee pricing.
The total cost will depend on several factors, including your location, the attorney’s experience, and the complexity of your agreement. More documents or situations involving negotiation will typically require more time and increase the overall cost.
With Rocket Lawyer, you can create a personalized Financial Services Agreement tailored to your specific needs—without the high cost typically associated with hiring a lawyer. If you have questions or want additional peace of mind, you can also get your document reviewed or ask a Legal Pro for guidance.
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Am I required to do anything else after writing my contract for Financial Services?
After drafting your Financial Services Agreement, review it carefully. You may also want to review it with the other party to ensure all parties fully understand and agree to the terms of the agreement. Once all parties agree to the terms, the next step is to have all parties sign it, and each party should keep a copy for their records. It’s also a good idea to store it in a safe, accessible place in case you need to reference it later.
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Can my Financial Services Contract be reviewed by an attorney?
It’s smart to have an important agreement reviewed before you sign, so you fully understand the terms and avoid potential risks.
While some attorneys may review documents they didn’t draft, others may decline or require a retainer, hourly billing, or a flat fee. This can make getting a legal document review of your Financial Services Agreement less predictable and more time-consuming.
Rocket Lawyer makes the process simpler. With a Rocket Lawyer membership, you can request a review from a Legal Pro or ask questions about your Financial Services Agreement. You can also use Rocket Copilot to quickly review your agreement, spot potentially risky terms, and make sure everything looks accurate before signing.
Once you’re ready, you can sign your document online with RocketSign—all in one place.
