Resources – work with your team (or get one!)
At a meeting of like-minded professionals this morning, I was struck by the amount of “co-opetition” happening in the room. Wealth managers, attorneys, CPAs, insurance professionals and business strategists were among those represented, and the focus of conversation – really, testimonials – was on cooperation in service of the best outcome for our clients. Actual coopetition (which means cooperation plus competition: based on a belief that there is enough business for everyone and that we are here because of our clients) with real examples, not what we “should” do. If you are a client of any one of these professionals, this is what you should expect – and ask for: cooperation among professionals, coordinated by your wealth manager. Why? Because when you get all of those professionals in a room together, YOU get the whole picture for a plan that will be in your best interest. And, yes, you should be in the conversation – because it is your money they are talking about: which will support your choices and your goals. And, if you choose, your legacy. (There, I’ve done it, I’ve used “should” – this is something I feel strongly enough to be prescriptive).
As a financial coach, I frequently have this conversation with clients – I encourage them to assemble a team of experts and meet with that team at least once a year – with a specific outcome in mind (remember? it’s your money). The hub of your advisory wheel is your financial advisor, and the spokes are: insurance, attorney (estate and/or business), CPA. Sound complicated? It’s only complicated when you neglect the whole picture. And, yes, it takes some time to set up initially, but in the long run (and sometimes in the short run), is is a key to your overall comfort level – and success.
Check out the podcast from “Money In Your Life” (to the right on this page) called “Assembling Your Team”.
Next time I’ll talk about modeling co-opetition in the family…
Finance Is Personal: Making Your Money Work for You in College and Beyond
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