The Power of Working with a Financial Team
When it comes to financial advice, the benefits of working with a team rather than an individual advisor become increasingly clear as your financial needs grow more complex. A team can offer a range of insights and perspectives, bringing a more comprehensive approach to managing your finances.
There are a wide variety of teams out there. Some are large, some are small. Some have specialists in-house, while others leverage external partners.
Really, there is no “perfect” team structure. It’s more about finding a team whose specialties align with your needs and whose values are congruent with your family’s.
We thought it might be helpful to share some of our thoughts on why teams are so important in managing wealth. Here are a few points to consider.
Enhanced Service.
If you’re working with a solo professional without adequate support, you may find that responsiveness and personal attention are lacking. If you have a well-staffed financial team, you can expect to receive more personalized attention. You will also experience faster response and service similar to a "white glove" level of care.
Comprehensive Approach.
A team approach is essential for taking a comprehensive, holistic viewpoint on your finances. It’s common for some team members to be in-house like financial planners and portfolio managers. Other team members, such as attorneys and accountants, may work for different organizations but collaborate to benefit mutual clients.
Increased Reliability.
A well-built team offers reliability that individuals would find hard to match. A stable and reliable point of contact is crucial during times of urgency when immediate decisions are necessary. Additionally, having a team of professionals ensures that there is always someone available to assist you with your needs. This ultimately improves the quality of the service provided.
When evaluating whether a particular financial team is the right fit for managing your wealth, it’s essential to ask questions that reveal their competence, compatibility with your financial goals, and ability to provide a high level of personalized service. Here are five questions to consider:
What is the structure of the team, and what are the roles of its members?
What does the communication and reporting process look like?
Who would be my primary point of contact?
How many clients are they actively managing?
How do you coordinate with external partners like accountants and attorneys?
Bottom Line
Working with a financial team is more valuable as your financial situation becomes more complex. It allows you to benefit from a diverse range of skills and perspectives. Whether large or small, the key is finding a team whose specialties align with your goals and whose values resonate with yours. Making the right choice today can have a profound impact on your financial well-being for years to come.
Sources:
https://oechsli.com/my-account/us/library/91058/
Disclosures:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This site may contain links to articles or other information that may be on a third-party website. Advisory Services Network, LLC is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.