Having a team of skilled and knowledgeable financial advisors is one of the best ways to protect your family’s wealth. However, assembling the right team can be a challenge. Members of this team should not only have unique abilities and varied areas of expertise, but they must also be reliable and trustworthy. So how do you build this team? Just follow the steps below to create your very own super group of financial advisors!
1. Understand the path to success.
Surrounding yourself with the right financial people starts with how you define success. Here are some different ideas to consider to help get you started:
- Have a clear purpose and core values – It will be difficult for your team of advisors to guide you if you’re unsure about your future. Identify your core values and look for professionals who share similar beliefs.
- Goal setting – Before you can begin working toward any objective, you need to know what you want to accomplish. Setting goals gives you a clear focal point for your financial team of advisors.
- Organizing information – Gathering all relevant financial information will show your advisory team that you’re organized and serious about your future. Withholding information from your advisors, either knowingly or unknowingly, will only hurt you in the long run.
- Overcoming obstacles – You are sure to face challenges along the way. It is likely that your financial advisory team will change over time, sometimes for the better and other times for the worst. Accepting these challenges now will help you to prepare and overcome them in the future.
- Monitoring progress – Continued financial success requires frequent monitoring and assessment of your progress. Based on the results of the reviews, changes may need to be made.
2. Identify potential advisors.
Consider the financial advisors in your network. Think about which professionals would be best suited to help you with each phase of your plan. Professionals to consider include CPAs, attorneys, bankers, financial advisors, realtors and contractors.
3. Evaluate each potential advisor.
The next step involves taking the time to thoroughly evaluate each financial candidate. Remember to look at online reviews and personal references. Use this information to weed out candidates who don’t meet your financial requirements.
4. Interview advisors and make selections.
Interview potential candidates so you can be sure you have made the right financial choices. Be sure to develop a list of questions you plan to ask each candidate before you begin the interview process. Sample questions you may ask during the interview include:
- What have you found to be the biggest challenge when working with customers?
- What values are most important to your firm?
- What experience do you have?
- If I choose your firm, who will handle by account? With whom will I interact?
- How do you earn money for your services? Do you need to offer certain programs to increase your compensation, or will your advice be unbiased?
- What is the status of your business right now with regard to profitability and growth? Will you have time to meet my needs?
- What licenses and registrations do you have? Are you a member of trade associations?
- How will you communicate with me if we work together? What can I expect? Will you collaborate with me to develop my plan based on my needs, or will you make one-size-fits-all recommendations?
- Can you provide me with financial references or letters of endorsement from people like me?
- Are there any past or pending legal matters against you or your firm? For past legal issues, what was the outcome?
5. Engage the advisors and collaborate.
Once you have selected your financial advisors, spend time discussing your financial goals and expectations. Be mindful of any conflicts of interest to ensure the best results. Be clear about what parts of the process you will handle yourself and what you want from your advisors. Each team member plays a critical part in helping you achieve the financial future of your dreams. It is important that your advisory team knows one another and how they fit into their respective roles. If your team is respectful and open-minded, this should be the easiest step!
—
Remember that financial plans are meant to evolve and adapt as time goes on. As you work with your advisory team, always be on the lookout for ways to improve. Keep emotions out of the process as much as you can by keeping your focus on your stated financial goals and relying on your advisors for guidance. By following the tips above, you can be sure that you are assembling the right team of advisors to guide you on your life journey!
