Question:  

Who should I include, and what should I look for when building a team of financial professionals to help plan for the future?

Answer: 

The first step is to put thought into your vision for the future and then coordinate a team to assist you in mapping out your goals. This undertaking is an art and a science. It is important to have competent and trustworthy professionals on your team who are like-minded and will support your goals and concept of the future. 

Your financial plan is a living, breathing document that will grow and change as will your needs and desires over the years. You’ve done the hard part in building your wealth, now it’s time to reap the benefits today efficiently and effectively and into the future. That starts with a team. Here are the key advisors for your wealth roster, along with specialized experts for unique planning needs. 

Financial Advisor

Your financial advisor is often the quarterback or keystone of your wealth planning team. They will create, maintain, and update the interconnected elements of your plan to meet current and long-term needs. Wealth planning is personal and technical. Finding someone, or a team, whose ability and insight you trust is important. 

Your advisor should offer broad knowledge and a wide range of resources to implement your plan. Credentials, such as an MBA and CFP® Certified Financial Planner Professional are desirable. Ask about their qualifications, experience and how they are compensated. Have them define their process for collaborating with clients and how often you will meet. Financial plans aren’t one-size-fits-all; determine if your candidate has experience working with situations like yours, for instance, do you have complex income sources, wealth transfer concerns, and tax concerns, or business ownerships.

Also ask about systems in place to support information privacy and business continuity. Look for an advisor who is free to prioritize your best interests and make recommendations accordingly. Look for an advisor who is free to prioritize your best interests and make suitable recommendations. 

Estate Planning Attorney

Your estate planning attorney will oversee trust and estate planning, including end-of-life and wealth transfer considerations. Reputations and recommendations from trusted friends and advisors may be helpful when identifying candidates. Your attorney should be licensed with the state where your trust(s) or estate resides, have applicable training, and experience, and maintain their skill through continuing education and professional associations. 

The same criteria as outlined for choosing a Financial Advisor apply in this category. Qualifications, experience, systems, and compensations are areas to discuss. 

CPA/Tax Accountant

Your accountant will help find and implement tax-efficient strategies in your wealth planning process in accordance with federal, state, and local tax laws. Because tax laws frequently change, your accountant should be well-versed in the latest policy developments and strategies available to help you maximize tax efficiency. Look for a professional who responds promptly, keeps you informed in language you understand, and will collaborate closely with your other professional advisors. Tax strategy conversations should take place well before the filing deadline. Your accountant should lead the tax strategy conversation and offer actionable ideas early. You’ll want to use the same criteria as mentioned above when interviewing this team member as well.

Special Teams

Depending on your situation, specialized professionals can help round out your advisory team. Philanthropic consultants: From developing strategies to maximize your impact to helping you select foundation staff; philanthropic advisors help donors realize large-scale charitable goals. Private collections specialists: If a prized collection – art, autos, artifacts – makes up part of your assets, a collection manager can help support your heirs in preserving, gifting, or ensuring full valuation in a sale. Healthcare advocates: These professionals can help navigate public and private medical resources, provide contacts for second opinions and alternative care, and evaluate in-home and long-term care options. Aging-in-place experts: To ensure the home you want to stay in can meet your needs as they evolve, these specialists support the renovation and restructuring of beloved properties.

The foundation of a solid financial plan starts with a question: What does your ideal retirement look like? With sound planning and professional assistance, you can get a customized goal plan to help visualize the future you’ve worked hard to build. Stay focused and plan accordingly.