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
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment