Consider your financial and estate planning affairs: you probably have a team of advisors working for you, ranging from Attorneys, CPA’s, Investment Advisors, and Insurance Specialists. While each specialist takes care of their own specialty, it is important that you make sure that they are all working together.
Think of your financial planning team similar to your health care providers. You visit with your primary care physician regularly to coordinate your overall health process, and when needed they engage with surgeons, specialists, and labs when needed. Similarly, your financial advisor should act as the primary source for organizing and coordinating your financial and estate plans. They will ensure that they are coordinating with the Attorneys, CPA’s, Investment Advisors, and Insurance Advisors when needed. When all of the specialties work together, it will maximize the overall benefits to the client. Here’s an overview of how each works:
The Financial Advisor– Your financial advisor is the one you see the most to check up with year after year. Your trusted financial advisor should “check-up” on your financial situation at least annually by discussing your goals, risk tolerance, and income needs at retirement to ultimately satisfy your retirement needs. By doing this, they will review your current estate plan and if there are any changes, the possible need for insurance, and any investment changes that may need to take place. Acting as the firms “primary care physician”, the financial advisor assesses your situation and takes action from there regarding other financial experts.
As with health care providers outsourcing specialties to other organizations or medical offices such as referring one to an OBGYN or a cardiologist for example, financial advisers may seek out accountants or attorneys for these same reasons, for specialization to maximize your estate planning or tax strategy.
Accountants– Accountants support the client tremendously by filing personal and business taxes on an annual basis, and by recommending ways to minimize a client’s current taxes. They should coordinate with the financial advisor to review the clients’ short and long term goals, as well as their estimated retirement needs to ensure that they are not contributing too much or too little to different retirement vehicles.
Attorneys– By having an attorney on hand, legal matters such as drafting important legal documents is seamless. The attorneys provide legal guidance that supports the plan being made to achieve your goals, efficiently transfers assets, reduces taxes, and avoid probate. They keep the client’s estate plans up to date with the latest tax laws, and are able to assist should the client be subject to various transactions or litigation.
By having a team of professionals all working together to meet your goals, you can ensure that you are making the best decisions for the short, and long term! If you’re looking for a financial advisor, we would be happy to meet with you, and show you the difference in our holistic approach.