Building a Professional Power Team

Wealth management can be intricate and complex. That’s why, in some cases, clients not only require the advice of a financial planner but also a financial team to support them. Tax and estate issues can get extremely convoluted and as an advisor you want to help clients reach the best financial outcome. That can require collaboration with other professionals. The partnership between an advisor, CPA, and often an attorney, should be a natural fit because all of their roles can involve handling the flow of client assets.

There’s a synergy among advisors, CPAs, and attorneys that should arise organically due to their shared responsibility for managing client assets. Effective communication among these experts is vital for working through tricky financial problems and results in building client trust. But putting together a financial team that is unified doesn’t always happen.

Successful collaboration with other professionals often requires a strategic approach. Financial advisors, CPAs, and attorneys bring distinct viewpoints and often use their own language. To excel in your advisory role, familiarize yourself with their perspective and make sure you can clarify difficult concepts for the client. Often the role of the advisor is to ask questions the client is hesitant to ask, or to make an intricate explanation from a CPA or attorney more comprehensible. As an advisor you can serve as a quarterback, making sure issues are fully covered and there is a consensus of understanding among the participants.

As a financial planner, your work goes far beyond investing. Helping to build strong professional alliances can prove priceless for both the client and you.

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