Reaching financial success is compared to winning the Super Bowl; it takes hard work and a dedicated team. According to RIAIntel, only 35% of Americans work with financial advisors or wealth strategists, but those who do reported feeling less stressed about their financial plan. Building a team of financial professionals is crucial to achieving financial goals, and the coordination between team members is key.
The A-team for financial success includes five key players who work together to help individuals achieve their financial goals. The wealth strategist serves as the quarterback, outlining financial goals and coordinating with other team members. An attorney acts as the offensive lineman, guarding against legal mistakes that can impact success.
A certified public accountant (CPA) is essential for tax planning and financial strategy. Regular communication between the CPA, wealth strategist, and banker is crucial for successful financial outcomes. The banker acts as the running back, providing assistance when additional financial support is needed. Insurance agents are also vital members of the team, ensuring that health and life events are properly covered.
It is important for individuals to have a consistent communication schedule with their A-team members, adjusting based on their asset level and life changes. Meetings should be scheduled regularly to ensure that financial goals are on track and adjustments can be made as needed. Reflection on the current A-team and relationships is necessary at the start of a new year to ensure that all needs are being met for financial success.
Overall, having a well-rounded A-team of financial professionals is essential for achieving financial success. Regular communication and coordination between team members are key to reaching financial goals. By working with a wealth strategist, attorney, CPA, banker, and insurance agent, individuals can ensure that their financial path to success is clear and achievable.