You know that you need to tap the expertise of multiple professionals to pursue optimal financial results in your life because finding one single professional with the full depth and breadth of knowledge required to effectively address all of your wealth management needs and wants—especially the complex ones—does not exist.
You may already be working with a diverse group of advisors—which might include wealth managers, accountants, attorneys and other specialists.
But it’s not enough to simply hire a bunch of highly qualified professionals. When it comes to managing your financial life, you don’t just need a roster of players—you need a cohesive team.
A cohesive wealth management team has a coordinator—a professional who has a full understanding of clients’ situations and what is important to them, and who works closely with the various appropriate experts to pursue the best results possible.
The coordinator acts like a chief financial officer, or CFO, for your family. They draw on the skills and expertise of a broad array of specialists to deliver the various proficiencies needed to meet your objectives.
The other members of your cohesive wealth management team whom the personal CFO is managing should have four main characteristics:
- Specific expertise. They should be among the very best authorities in a relatively narrow area.
- Integrity. They have the highest ethical standards.
- Professionalism. From responsiveness, to inquiries, to ongoing learning.
- Personal chemistry. A strong level of comfort and appreciation between everyone involved on your team.
- Accountability. There’s also the issue of follow-through and accountability. The personal CFO of your cohesive wealth management team should stay in contact with you and your team members to ensure the specialists working for you are delivering as promised.
State-of-the Art Capabilities
Regardless of the type of solution, a key component of state-of-the-art capabilities is exceptional implementation of any solution chosen. Execution is:
- Cost-effective. While not cutting corners, the ability to choose the most appropriate solutions and implement them will keeps costs down.
- Error-free. Mistakes are rare when it comes to these high-performing teams.
- Expeditious. Doing things on time is characteristic of these teams.
A cohesive wealth management team will provide you with preferential arrangements that enable you to receive complete and rapid access to expertise at advantageous pricing.
There are two aspects to preferential arrangements:
1. Cost mitigation. This means that either you pay less for the expertise and services you receive, or you get more value for your money.The upshot: Except for instances where costs are statutory, the cost of your time and money of just about all the services and expertise you may use are less.
2. Jumping the line. Getting access to leading authorities, especially when you want it, can be difficult. A cohesive wealth management team is designed with the goal of enabling you to move up in any queue.
Supported by a cohesive wealth management team, you have the potential to access state-of-the-art capabilities at the highest levels of excellence in a coordinated, comprehensive manner—on your behalf. This allows you to pursue the commodity that all successful families want more of- time to purse your passions and purpose.
ACKNOWLEDGMENT: This article was published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright 2020 by AES Nation, LLC. This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency. Kevin Best and Best Times Financial Planning are not affiliated with AES Nation, LLC.