Most people have a variety of financial advisers, but rarely do these individuals act like a team. Selecting someone to quarterback your financial team could be one the most important financial decisions you’ll ever make. Money matters are not a do-it-yourself activity. You need to partner with a knowledgeable and trusted fiduciary that you can envision as a future family friend. You are going to need to vet this person and require character references that carry weight in the community. It’s even better to have other fiduciaries nominate your financial QB. Once that person is installed as your most trusted adviser, together you can build a team to support all the financial aspects that address your financial life.
Good financial advisers will be the first to tell you that they are not experts on every financial topic. They generally have their own team of experts that address different areas of their finances like insurance, legal services, investments, banking, financial planning, etc. Your financial team should be comprised of members that are educators at heart. No one wants a group of type A salespeople in their life. You want advisers that take the time to bring you up to speed on products, money strategies and tactics. You want to understand what’s going on, and not just defer to your point person. A good QB is a leader that makes sure that every concern is addressed to your satisfaction.
Most advisers build their own financial relationships with quality people who share their clients with each other because they share common reference points such as: a pattern of full disclosure, personal integrity, and expertise in their field. Good advisers give back to their community with classroom courses, public seminars and money workshops devoid of any product sales or pressure to buy something. Lastly, your QB has to be a team player also – no one is an island unto himself. Even the Lone Ranger had Tonto.