Building a Good Relationship with Your Team of Financial Advisors

While most of us can manage our own finances from day to day, we need the help of professionals

with the expert knowledge to align our short and long-term financial plans while providing access to

the right product to improve our situations. With the flurry of new investment products, changes in

health care, the shift from company-funded pension plan to employee-driven retirement plans

(like 401k and 403bplans), and uncertainty about Social Security, anyone could use some qualified

financial advice.

No matter what your level of experience, you may benefit from assembling a team of trusted financial advisors. Find someone in your area or get recommendations from those you already trust. Vet each of your expert advisors, check credentials and interview a few candidates to find the experts with whom you are comfortable turning your money over to manage. Once you have established a relationship with your financial advisor(s), you will find a number of other ways you can benefit from their knowledge.

Who Should be a Part of Your Personal Finance Team?

A qualified financial advisor is trained to analyze your personal financial situation and prepare a program designed to help you address your financial goals and objectives. It might be helpful to think of your financial advisor as a kind of doctor for your financial health. In addition, you will want to

converse with experts in the field of investment, insurance, real estate, law and others. Be sure to involve your financial advisor in the discussions with all of your financial decisions to ensure your team is working towards your long-term success.

Working with one or more of these professionals can help put the pieces in place, so that you can meet your goals and build a strong financial safety net. Here are six financial and legal professionals most adults need be consulting:

Financial and Legal Professionals

  1. Financial Advisor – You can go for a brief consultation or for a complete overhaul to uncover the strengths and weaknesses of your financial situation. Once you have an accurate picture you can develop a workable plan to fit your needs.
  2. Retirement Planner – Reach your long-term savings goals for a happy and healthy retirement. Manage your pensions, save extra on the side, create income streams to last a lifetime, and get help with confusing tax implications of withdrawal and social security.
  3. Investment Broker – Whether you just want a guide to help you make day trading plays or need special expertise, these brokers can help you navigate multiple markets to boost your portfolio.
  4. Insurance Agent – Every adult needs help with personal insurance coverage and special financial products, like life insurance to protect them and their loved ones from financial disasters. Get help securing policies for your home, auto, health, and life.
  5. Tax Advisor/Accountant – This expert can do a lot more than prepare tax returns, they can help you save serious cash. Get help planning for the taxable events in your life — marriage, income, buying or selling property, taking social security or retirement and more.
  6. Estate Planning Attorney – Get help taking care of loved ones you will eventually leave behind; prepare for funeral costs, leaving assets to heirs and minimizing their tax burdens.


  • Business Consultants
  • Career Coach/Mentors
  • Local Banker
  • Credit Counselor
  • College Planner/Admissions Counselor

Benefits of Working with a Team of Financial Advisors and Legal Experts

Consult with one or more of these financial advisors to help make sense of your financial affairs. These professionals will assess your risk tolerance, analyze your resources and current asset allocation, take into account your tax liability, and make recommendations for a financial plan that will help you to pursue your goals by putting your current and future assets to their best advantage.

Building a Lasting Relationship

Once you have picked someone you trust, it will be time to build a foundation for long-term success. Together, identify your financial needs and investment goals. You will need to gather specific documents and information for your first meeting — budgets, wills, insurance policies, pension statements, any investment account statements, etc… In addition, you should be prepared to answer or at least discuss the following questions:

What is your current income and rate of savings? When do you plan to retire and in what lifestyle would you expect to retire? Do you plan on starting a family, leaving your job, starting a business? Do you plan to help your children pay for college? What about contingency plans; do you have emergency savings or proper insurance coverage? Do you have a will and will your beneficiaries incur heavy tax burdens?

After you and your team of financial advisors have accessed your objectives and current assets, you can create a financial plan of action to achieve your short and long-term goals. Ensure proper insurance protections, build up cash reserves, rebalance your investment portfolio to suit your risk tolerance and put more away for retirement. Finally, implement your plan with regular reviews to ensure you stay on track.

Improve Your Financial Knowledge and Be an Active Participant in Managing Your Personal Finances

To work successfully with a financial advisor, you need to build a solid relationship based on trust and mutual respect. And most important, you need to be involved.

Together, you and your financial team will implement a strategy to maximize the earning power of your assets so that they are constantly working toward creating a secure financial safety net. Don’t simply rely on their expertise, but take time to boost your own financial literacy, learning about the tools and strategies to make smart financial decisions which will make your team proud.

If you need a referral to a great financial, tax, investment, or insurance advisor, let me know. —

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