174: Six Strategies Before Your Finances Catch Fire – Financial Fire Drill for Law Firm Owners with Frank Rekas

Most law firm owners only think about money when something breaks, so I brought financial advisor Frank Rekas on to walk me through a real “financial fire drill” for attorneys. Frank shares the six Ls framework that helps you stress-test your finances before a crisis: building real liquidity, protecting your income and life, planning for long-term care, funding a long retirement, and putting your legacy in writing so your family and firm are covered.You’ll also hear simple networking moves Frank uses to stay top of mind with lawyers, why groups like BNI and ProVisors pay off over time, and how tools like ChatGPT help him plan his own business more clearly. By the end, you’ll have a clear checklist to review with your CPA, estate lawyer, and advisor, so your firm’s finances don’t “catch fire” when life happens.Key Topics04:57 – See how Frank’s unconventional path into financial planning shaped the practical way he works with attorneys.06:54 – Learn why building real referral relationships, not stacking business cards, creates long-term opportunity.09:28 – Explore how curated groups and small “legally connected” events strengthen professional networks for lawyers.13:35 – L1: Liquidity - Understand why the first pillar of a stable financial plan is liquidity and how attorneys can structure simple cash buckets to avoid tax shocks and cash-flow stress.15:39 – L2: Loss of Income - Hear why protecting future earning power is often the most overlooked strategy and how disability coverage secures the income your entire life plan depends on.18:06 – L3: Life Insurance - Learn why getting life insurance earlier keeps costs down, simplifies underwriting, and protects your family and firm with a clear safety net.20:32 – L4: Long-Term Care - See how long-term care planning prevents retirement savings from evaporating and what modern hybrid policies offer attorneys today.23:21 – L5: Longevity - Discover the mindset shift attorneys need to plan for a potentially very long retirement—and how to build a future that outlives changing markets and health realities.26:09 – L6: Legacy - Learn how to document your legacy clearly so your family, firm, and estate plan don’t fall into chaos when life happens.29:39 – Frank’s suggestions for Tech, Books, and Podcasts.Resources MentionedBooksUnreasonable Hospitality by Will Guidara -https://a.co/d/dn94gEe Buy Back Your Time by Dan Martell –https://a.co/d/0VWVSvGPodcasts / ShowsThey Don’t Teach This in Law School with Charley Mann -https://podcasts.apple.com/us/podcast/they-dont-teach-this-in-law-school/id1640557971 Do Business. Do Life. with Brad Johnson -https://podcasts.apple.com/ca/podcast/do-business-do-life-the-financial-advisor-podcast-dbdl/id1677151221 Dan Martell YouTube channel –https://www.youtube.com/@danmartellAll-In Podcast –https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393Networking groups / eventsBNI (Business Network International) –https://www.bni.comProVisors –https://www.provisors.comTech / ToolsChatGPT – https://chatgpt.comClaude –https://claude.ai About our Guest:Frank Rekas, CPFA, is a financial advisor and Director of Risk Management at Palm Wealth Partners. He specializes in working with attorneys and professional business owners, offering comprehensive financial planning that includes tax-efficient strategies, risk management, retirement planning, investment planning, and insurance (life, disability, long-term care).Known among his clients and peers as “The Tax Whisperer for Law Firm Owners,” Frank brings more than 30 years of experience in financial services to help high-income professionals protect their income, reduce tax burden, and build generational wealth—all without the pressure of proprietary product-sales bias. https://palmwealthpartners.com https://palmwealthpartners.comAbout Jay Berkowitz:Jay Berkowitz is a best-selling author and popular keynote speaker. Mr. Berkowitz managed marketing departments at: Coca-Cola, Sprint and McDonald's Restaurants, and he is the Founder and CEO of Ten Golden Rules,  a digital marketing agency specialized in working with attorneys.Mr. Berkowitz is the author of Advanced Internet Marketing for Law Firms, The Ten Golden Rules of Online Marketing and 10 Free Internet Marketing Strategies that went to #1 on Amazon.  He is the host of the Ten Golden Rules of Internet Marketing Webinar and Podcast. He has been profiled by the Wall Street Journal, The Business Journals and FOX Business TV.Mr. Berkowitz was selected for membership as a TITAN for Elite Digital Marketing Agencies, he is the recipient of a SOFIE Award for Most Effective use of Emerging Media, and a Special BERNAY’s Award.Connect with Ten Golden RulesSubscribe to Ten Golden Rules on YouTubeCheck out our webinars on TenGoldenRules.comConnect with Ten Golden Rules on LinkedInFollow Ten Golden Rules on FacebookConnect with Jay Berkowitz on LinkedInThanks for listening!Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.Do you have some feedback or questions about this episode? Leave a comment in the section below!Subscribe to the podcastIf you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on Apple Podcasts or Stitcher. 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