Reaching financial success is compared to winning the Super Bowl, as it takes hard work and a well-coordinated team effort. Only 35% of Americans work with financial advisors or wealth strategists, but those who do report feeling less stressed about their financial plan. Building your financial A-team is crucial, with key players including a wealth strategist, attorney, certified public accountant, banker, and insurance agent.
The wealth strategist acts as the quarterback, outlining financial goals and coordinating with the other players on the team to ensure everyone is on the same page. The attorney plays the role of an offensive lineman, helping to navigate legal obligations and ensure that mistakes are avoided. When it comes to significant life events such as having children or reaching retirement, having a trusted estate attorney is essential.
The certified public accountant is essential for tax planning and financial adjustments, while the banker is there to assist with loans and other financial needs. Insurance agents help to protect your health and assets, ensuring that your family is covered in case of any significant life events. Effective communication among all team members is key to financial success.
Clients with assets ranging from $500,000 to $1.5 million typically schedule meetings with their A-team every other year, while those with over $1.5 million in assets may have more frequent annual meetings. As assets and life changes influence financial paths, it’s important to regularly review and adjust your A-team to ensure success. Consulting with licensed professionals for personalized advice is recommended.
Forbes Finance Council is an exclusive organization for executives in accounting, financial planning, and wealth management firms. The advice provided in this article is meant to inform and guide individuals in building a successful financial A-team and achieving their financial goals.
