Assembling Your A-Team

Answer:  Last month we were with our son-in-law while he selected his fantasy football team. It was an intense and competitive process. I can only hope that everyone puts that much effort into assembling their team of financial professionals!  

You’ve worked hard to get where you are in life. Having the right team to guide you, share and support your vision, and make the most of your future is paramount for successful outcomes. You’ll want to include experienced financial, tax, and legal professionals to translate your goals into a plan capable ofgrowingand changing with your needs. Devoting time now to vet and choose which professionals will earn a spot on your wealth roster will pay dividends in the future. Carefully construct your own A-Team. 

Your Financial Advisor is essentially the quarterback of a wealth planning team. A CERTIFIED FINANCIAL PLANNER®Professional will design, implement, and maintain your plan while coordinating and communicating with the other teammates. She or he will aid in identifying current needs and long-term goals.  

Wealth planning is both personal and technical. That’s why your CFP® Professional should be relatable and reliable. Hire an advisor whose abilities and insight you trust implicitly. Expect sophisticated skills, vast knowledge, and full-scale resources to manage and support your wealth. Being able to explain those strategies in a meaningful and understandable manner is equally important.  

Objectivity and avoiding the “one-size fits all” solution is imperative when designing a unique and comprehensive plan. Here are questions to ask all candidates about qualifications, professional development, and experience:                                                                                        

1.Have you earned specialized certifications such as the CFP® designation? 

2. What continuing education is required? 

3. How are you compensated? 

4. What is your process for working with clients? 

5. Will I work directly with you or a team? 

6. What will the meeting cadence be? 

7. What experience do you have working with financial situations like mine (e.g., significantwealth, complex income sources, business ownership)? 

7. Are you able to assist with philanthropic and charitable giving techniques maximizing the impact of my gifts? 

8. What systems do you have in place to support information privacy and business continuity? 

9. For your financial advisor, visit FINRA (Financial Industry Regulatory Authority) BrokerCheck at brokercheck.finra.org. This is a free tool to research the background and experience of financial advisors, brokers, and firms.  

An estate attorney should have an eye for detail and focus on the future. This teammate will oversee estate and trust planning, wealth transfer strategies, and end-of-life considerations. Qualities to look for include a trusted reputation, continuity for the firm in the years to come, professional association involvement, and state bar association affiliation. Laws governing trusts and estates differ by location. Your attorney should be licensed with the state where your trust and estate assets are located. Engage counsel who specializes in this unique area of the law. Ask the same questions as you would ask of your financial advisor along with what is the anticipated timeline for completion of my documents, how often will we review them, do you charge hourly or flat fees based on size of the estate and nature of the planning involved. What experience do you have working estate like mine? 

Your CPA/tax accountant will collaborate with the team by finding and implementing tax-efficient strategies for the wealth planning process in accordance with federal, state, and local tax laws. Qualities to look for are similar to those outlined above, with emphasis on current tax law knowledge and continuing education as tax laws change frequently. Your CPA should be well-versed in the latest policy developments and all strategies available to maximize tax efficiency. The time to strategize and act is often well before the tax filing deadline. Your CPA should lead the tax planning conversation and provide actionable ideas.  

Effective communication skills are necessary for all members of your team. Look for those professionals who respond promptly, keep you informed in language you understand, and will collaborate closely with each other. Stay focused and plan accordingly.