Creating Your Team of Advisors

When was the last time you met with your team of professionals to help you with a key decision? If you're like many people, you may be thinking “What team of professionals?” Like many people, you probably handle the running of the assets yourself. Still, it is possible to make more efficient and profitable decisions by utilizing a team of professionals who can consult and guide you in the management of your assets. The trick is to seek out team members for the long term –– to build relationships with professionals who will understand your situations and needs on an ongoing basis. Special bonus: Many of these professionals are also confront many of the same issues as you do. If you are a business owner or are in business for yourself then seeking the support of a team can take even more weight off your shoulders.

Here are four key players:

Attorney: You may prefer an attorney who specializes in the needs estate planning and business ownership and can consult with you on topics such as asset ownership, retirement planning, asset growth, and asset protection. If you are a business owner then they can assist in best-choice business form, succession planning, contract review and employee-employer relationships. A crucial component lies in establishing a relationship with your attorney, so that you can simply pick up the phone when you have a question.

Accountant: In short, your CPA could save you money. To really benefit from your accountant, don't make the mistake of meeting only once a year at tax time: give your accountant the opportunity to work with you all year long. Your accountant can help you establish a budget, set up your books, and develop strategies for tax savings. If you are a business owner, once again, you may prefer someone who understands the needs of independent business people and, if possible, also knows your industry. An accountant should help you “read” your books more effectively, translate raw data, help you effectively plot areas of profit and loss, and –– perhaps most important –– show you ways to manage your tax liability.

An Officer at Your Financial Institution: Credit is the lifeblood of a stable financial life. It’s always important to maintain contact with the person who can help you access the cash flow you need at the time that you need it and at a favorable rate. In addition to issuing credit, many financial institutions frequently provide a wealth of other services at minimal or no charge. Regular contact with your institution will keep you abreast of new opportunities that can benefit your life and/or your business.

An Insurance Professional: An insurance agent familiar with the challenges we all face as individuals, families, and independent business owners and can act as an effective problem solver. Specifically, a trained, licensed insurance professional can play several crucial roles in your financial life and in your business:

1. Help meet your personal insurance and financial product needs. Family decisions can be a key factor in making any business decisions. Your insurance agent can help you coordinate a cohesive insurance program that satisfies your needs and goals on personal and professional levels.

2. Help your company meet its immediate insurance protection needs. This includes helping select and fund insurance for key executive coverage, death and disability buy-out, pension, and other qualified plans.

3. Help coordinate the work of other professionals. Insurance agents will help you focus on the big picture and work to help you put together a team of professionals.

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