Select Page

A team is only as good as the skills they bring to service their clients’ needs. Doing diligent research into coordinating each member of a personal team of advisors based on optimal proficiency, expertise in their field, and loyalty is a challenge, but it is a choice that will work for anyone who wants to protect their finances successfully. There are some things to consider when developing a personal advisory team.

Meet with Potential Team Members In Person

Do not be intimidated by someone’s level of expertise when choosing an advisor—they will work for you, so you have to be comfortable in one-on-one conversations with that person. An essential team to assemble should include an attorney, banker, accountant, insurance representative, and financial person. Create a list of standard questions to ensure the individual is comfortable doing the basic activities they are hired to do. Some general questions for each candidate should include their means of organization, communication, ethics, and commitment to a client, such as the following:

What will be a typical means of communication between us, and how often?

Are there any outstanding legal issues?

What is your standard process for completing client tasks?

What values are most important to you?

What is the most challenging thing about working with a client?

How do you feel about client collaboration?

Do you think you are open to changes and improvements?

Keep the Team on Track

Once a primary team of personal advisors is assembled, have a secondary discussion with each member and determine the short and long-term goals. Determine if there are any obstacles to overcome and how to overcome them. Then, have regular progress assessment meetings to track how that personal advisor has advanced toward your personal goal. This kind of meeting can vary with each advisor depending upon the goals and how often the tasks they perform will occur. For instance, having an attorney as part of a team of advisors could mean putting together the specifics of a will. These meetings will happen over months while gathering information.

Following these specific strategies to assemble a personal team of advisors that suits an individual’s unique needs is one way to ensure that the choices are exceptional and sound.