Teams – when you think of a team, what do you think of? Sports? Work? Health? If I were to ask you about your personal team, what would your response be?
We’re going to focus on what you can concentrate on starting today to plan for and assess what you have in place for you and your family. Let’s begin by identifying a range of specialists who can help you identify your money goals, save money on taxes and draft up legal paperwork. Whom you decide to bring on board will depend on your age, your goals and the complexity of your financial situation.
Financial planner. A financial planner is the key player of your money team. This professional can review your financial statements, identify goals and address questions. As team captain, he or she will also coordinate with the rest of your financial team, sharing regular reports and coaching you through your interactions with legal and tax specialists.
Aim to find a financial advisor who is designated as a certified financial planner and will act as a fiduciary, offering advice that’s in your best interest, not based on commissions. A data base to search: National Association of Personal Financial Advisors, a group of fee-only financial advisors. Or check out the Financial Planning Association, the largest membership organization for certified financial planners.
Tax professional. If your tax situation requires more expertise than your online tax-filing software program provides, then a tax professional may be worth adding to your financial A-team.
If you already are working with a financial advisor you like, ask him or her for a referral. It’s helpful when your team communicates and works well together. Consider seeking someone with a certified public accountant designation, which means you’re dealing with an accountant, qualified through rigorous testing and licensing. Another designation – the enrolled agent title – identifies an expert who has demonstrated tax expertise to the Internal Revenue Service and specializes in taxes. Find one through the National Association of Enrolled Agents.
Estate-planning attorney. Depending on your age and family situation, you may want to hire an estate-planning attorney who can help you draft essential legal documents: a will; trust; advance health care directive and durable power of attorney. Attorneys have a variety of specialties. Select someone who specializes in estate planning to ensure you receive up to date, focused attention on all issues surrounding incapacity and end of life planning.
Insurance broker. Make sure you’re covered in an emergency by considering your needs and selecting appropriate policies that apply to your needs/goals. Your financial planner can help you identify what kinds and levels of coverage you need, then recommend an insurance agent. When you and your financial advisor agree on what kinds – and how much – of each insurance product you need ahead of time, you can avoid being oversold on unnecessary products.
Ask questions, research and be an active participant in creating and managing your team! Working in concert with people you trust in specific areas of expertise allows you to take in their collective wisdom to build your future.
Helping you see the world through the eyes of what’s possible and prudent is what I love to do. When you’re ready, contact us to learn more about how we work with individuals, business owners and employees via Email or online @ The Living Planner #AreYouReady #CareForPeopleCareForBusiness