Developing your personal financial team.
One of the most important steps you can take to achieve your financial goals is to build a team of professionals who can support you along the way. A personal financial team is a group of experts who can provide you with advice, guidance, and services related to various aspects of your money management. Depending on your needs, your personal financial team should include some or all of the following:
– A financial advisor: Compared to the quarterback of the financial team, A financial advisor is someone who can help you create a comprehensive plan for your finances, taking into account your income, expenses, assets, liabilities, goals, and risk tolerance. A financial advisor can help you with budgeting, saving, investing, retirement planning, estate planning, tax planning, and more. You should look for a financial planner who has experience and expertise in the areas that are relevant to you, and who charges a fee that is transparent and reasonable.
– An accountant: An accountant is someone who can help you with preparing and filing your taxes, as well as providing you with tax advice and strategies. They can also help you with bookkeeping, auditing, and financial reporting if you have a business or a side hustle. You should look for an accountant who has knowledge and experience in the tax laws and regulations that apply to you, and who charges a fee that is fair and competitive.
– A lawyer: A lawyer is someone who can help you with legal matters related to your estate, such as drafting a will, setting up a trust, creating a power of attorney, or forming a business entity. A lawyer can also help you with resolving disputes, negotiating contracts, or protecting your rights and interests in case of litigation. A lawyer may have different specialties and areas of practice, such as estate planning, business law, family law, or personal injury law. You should look for a lawyer who has expertise and reputation in the legal issues that are relevant to you, and who charges a fee that is clear and reasonable.
– An insurance agent: An insurance agent is someone who can help you with finding and purchasing insurance policies that suit your needs and budget. Insurance policies can provide you with protection by transferring risk giving peace of mind in case of unexpected events or losses, such as accidents, illnesses, injuries, deaths, lawsuits, or natural disasters. An insurance agent may work for a specific insurance company or represent multiple companies as an independent broker. You should look for an insurance agent who has access and knowledge of a wide range of insurance products and options, and who charges a commission that is disclosed and acceptable.
– A banker: A banker is someone who can help you with opening and managing accounts at a bank or a credit union. Accounts can include checking accounts and savings accounts. A banker can also help you with applying for and obtaining loans or credit cards from the bank or the credit union. You should look for a banker who works for a reputable and trustworthy institution that offers competitive interest rates and fees, and who provides you with excellent customer service and support.
These are some of the professionals who can make up your personal financial team. Of course, you may not need all of them at once or at all times. You may also need other professionals depending on your specific situation and goals. The key is to find the right people who can help you achieve your financial objectives in an efficient and effective manner. These are typically lifelong relationships so compare fees and services, and communicate clearly and regularly with your team members. The team at Robinswood would be happy to see if the fit works for you. See what we can do as your quarterback.