The old sports cliché of “There’s no ‘I’ in ‘team’” rings true for investment planning, too. Sure, you may have diligently earned your income and carefully mapped out a general course for retirement on your own, but going solo for true long-term success can be perilous.
But just like it’s hard to rely on a single superstar to lead your team to the championship, you shouldn’t expect one advisor to be able to handle every need that comes up in your complex financial life. Assembling a network of professional advisors — which may include tax specialists, accountants, insurance agents, financial advisors, and bankers, along with your own family members — can greatly benefit your holistic plan for the future.
“I like to have the team approach, so the client knows that everyone is acting in their best interest, and that no one is stepping on each other’s toes,” says Robert Sackler, Managing Director of Investments for Wells Fargo Advisors in Beverly Hills, California. “Having everyone on the same page is vital.”
Here, Sackler and Peter Landry, Director of Life Insurance at Wells Fargo Advisors in Charlotte, North Carolina, offer their strategy for building a top-notch planning team.
Why assemble a team?
“You’re creating a well-rounded experience,” says Landry. “Think of the three financial pillars — investing, liability management, and protection. Having a team of professional advisors, including insurance specialists, can help you achieve your goals.”
When should you get started?
As early as possible, agree Sackler and Landry. “To get everything aligned from the onset makes the most sense,” says Sackler. Adds Landry: “It’s never too early. Your needs are going to look different at different points in time, so maybe it’s a smaller team when you’re younger, and you add more players to the table at the point when you’ve met your own objectives and are starting to think about how to leave a legacy.”