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A Virtual Planning Team Some advisers might prefer discussing specific strategies before they understand their client’s primary objectives. This may resemble a “fishing expedition” where an adviser may cast one strategy after another into the ocean of your mind, hoping you will take the “bait” of a creative idea. The problem with this approach is that these strategies cannot be linked with specific objectives because none exist. Depending upon his or her practice discipline, your advisor has a paradigm or perspective within which he or she operates. If you ask an attorney, CPA, trust officer, insurance representative and investment advisor to develop a solution for a specific planning problem, what are you likely to get back? A legal, accounting, banking, insurance and investment answer, respectively. Each may have merit and may be an adequate solution. However, none will be without bias and none will be as powerful as a solution that draws on the combined perspective of a multi-disciplinary team. The best solution occurs when your advisors operate with one another. They approach your planning problems as a team and offer solutions only when the team has reached consensus. Individual biases dissipate as your "virtual planning team" works together to solve your financial and estate planning problems. With you in the center of the process, the most effective "virtual planning team" leads to: Excellence. Each advisor brings a core competency to the effort creating a "best of everything" planning team. No single advisor can achieve this. Trust. Your professionals share a sense of "co-destiny" in helping you reach your stated planning goals and objectives. When it comes to family wealth transfer, as in every other aspect of your life, always "let your values be your guide."
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"Money is plentiful for those who understand the simple
laws which govern its acquisition." "There are three faithful friends - an old dog, an old wife, and
ready money." |
