Why You Must Have A Wealth Management Team
June 21, 2008
Common Mistake #11 Not Having A Wealth Management Team
“People who work together will win, whether it be against complex football defenses, or the problems of modern society.”
Vince Lombardi (1913-1970), football coach for the NFL
In this ever complex financial world, no one can go it alone. It would be fool hardy to think that one financial advisor could competently handle a wealthy woman’s financial needs. Would you let a gastroenterologist perform heart surgery on you? Probably not. Would you let a general practitioner perform brain surgery on you? Probably not. The complexity of these various procedures underscores the need for well trained and competent specialists.
The same applies to the financial arena. A solid financial game plan must incorporate
1) An Investment Advisor
2) A Tax attorney (usually specializing in a certain nuance)
3) A Finanical Planner
4) A Certified Public Accountant (CPA) or EA (Enrolled Agent)
4) An Estate Planning Attorney
5) An Insurance expert
6) An Asset Protection Attorney
7) A Trust Attorney
In some cases, a Private Banker and Personal Attorney may also be added to the team if the individual’s situation warrants it.
Why would an affluent woman need so many financial professional? Because the intricacies of each field are so detailed that in order to have a bullet proof financial game plan, a great team must have a quarterback, a running back, lineman, wide recievers, etc. Alone, despite and individual players greatness, few could score touch downs alone, but together working as a single unit playing from the same page of the playbook, an amazing transformation occurs and touchdowns are made and games won.
And just like each football team occasionally calls out a field goal kicker to work their magic, sometimes you may need to get real estate attorney, a corporate attorney or a charitable planning specialist.
Surround yourself with a team of top financial and legal professionals that will help you build, protect and grow your wealth.
