Getting the Most Out of Your Advisors. It’s a team sport.

Relationships take work, and your relationships with professional advisors are no different. How a family selects and interacts with its wealth advisory team can mean the difference between best-in-class and off-the-shelf planning. Here are some simple yet valuable tips for assembling and encouraging a winning team.

Make New Advisors, But Keep the Old.

Your needs will change over time;

Keep the sentimental team members; but,

Don’t be afraid to seek additional resources as complexity mounts.

Suit-up.

Shake-off the “I already have one of those” mind-set;

In this complex world, no two advisors are alike; and,

A different perspective can be valuable.

Engage Specialists.

Find advisors that specialize in finite matters;

Access best-in-class ideas; and,

Optimize your planning.

Pick a Team Leader.

Set leadership expectations;

Gain peace of mind that someone is watchful; and,

Enjoy pro-active planning.

Don’t Try This At Home.

Trying to lead your own advisory team in areas outside of your personal expertise can be disastrous;

Spot issues and opportunities on a timely basis; and,

Tackle problems more effectively.

It’s Your Call.

Team leaders are facilitators, not decision-makers;

Take time to understand the issues; and,

Make important decisions yourself.

Use it or Lose it.

Act on advice;

Advice can be time-sensitive - windows of opportunity close; and,

Being receptive to current ideas may give you better access to future opportunities.

The Lone Ranger.

Avoid advisors who act as your “single point of contact”;

Team service ensures that projects are properly communicated, delegated and reviewed; and,

Team players tap internal and external resources when advisable.

The Deal Killer.

Your closest advisors should be willing to entertain external ideas that fit your risk profile;

The occasional skeptic is a good sanity check, but,

The forever idea-smasher may lack team play or sophistication.

Research Your Referrals.

Professional and office politics can play a big part in referral making;

Interview at least three candidates; and,

Pick the one best suited.

Switch a Team Member Not a Team.

Don’t blame an entire firm for a bad experience with one advisor;

Minimize transition errors and costs; and,

Ask for an internal replacement before going outside the firm.

Know Enough to Be Dangerous.

Don’t go forth blindly;

Know enough to ask the right questions; and,

Catch mistakes and avoid misunderstandings.

Get it in Writing.

If it’s an important question, ask for the answer in writing;

Off-the-cuff remarks are often not entirely accurate.

Upgrade Technology.

Keep everyone in-the-loop with electronic file sharing technology;

Get organized with virtual document storage;

Be better informed about your financial position with data aggregation technology; and,

Abandon spreadsheets in favor of accounting software.

Get Your Advisors in a Room Together.

Spot the true leaders, experts, light weights, and team players immediately;

Access collective advice; and,

Be better informed about the pros, cons, and alternatives in any situation.

Participate or Get the Boilerplate.

Abandon the “have your people call my people” mind-set;

With your direct input and close contact, any planning will be customized to suit your individual goals.

Keep Your Team Connected.

Use technology and quarterly meetings to keep everyone in-the-loop;

Get comprehensive advice and service; and,

Rest assured that nothing slips through the cracks.

The key to unlocking a winning team is at your fingertips. Understand what your existing advisors are really good at; add more advisors to round-out the team’s skills set; put the right advisor in charge; and, participate as part of the team.

By: Elyse Germack, President

AVANT FINANCIAL, LLC