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It’s that time of year again—fall is here, and football season has kicked off. Just as your favorite team is strategizing for a successful season, now is an opportune moment to ensure you have the right players on your financial team to secure a successful financial future.
By Shashin Shah / Contributor
The Owner:
As the client, you are the owner of your financial team. Just as Jerry Jones gathers his key players who must ultimately answer to him, everyone within your financial team is accountable to you.
The GM (Goal Manager):
Your Wealth Manager serves as your GM, overseeing your financial team and ensuring the right individuals are in place. They are your direct connection to the team. While having a game plan is essential, your wealth manager is responsible for making sure it’s effectively executed. Your financial plan should be adaptable, and your wealth manager is there to guide you through changes in your life.
The Offense:
A proactive offense will constantly seek solutions and engage with you regularly. These are the professionals searching for investment chances and tax strategies. You may require:
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Certified Financial Planner (CFP) – This planner devises optimal strategies and identifies investments aligning with your goals. Investments might be managed by your wealth manager, planner, or investment adviser.
- Certified Public Accountant (CPA) – A CPA can guarantee your tax planning is efficient and maximizes your tax benefits.
The Defense:
Everyone needs protection. A robust defense will identify your weaknesses and recommend ways to address them before they become problems.
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Estate Planning Attorney – This teammate handles the specifics of your estate planning and assists with asset protection after you pass away.
- Insurance Agents – As your “risk manager,” an insurance agent steps in when plans do not go as anticipated. They evaluate your life insurance needs and ensure your property is safeguarded against losses.
The Special Teams:
From time to time, you may need external experts not previously mentioned. A well-connected wealth manager can help you find specialists to address any financial-related matters and will have a trusted network of professionals to refer to, such as divorce attorneys, bankers, college counselors, or business valuation experts.
Who’s Coaching the Team?
You call the major plays, but your wealth manager can take on the role of coach, providing advice during significant decisions. They can also serve as a “financial life coach” when needed. If you are under-saving or overspending, your manager will highlight how those choices affect your overall financial picture. When contemplating a job change or major life decision, your advisor can assess the situation in light of its impact on your financial landscape and offer guidance.
Going for the Win
In football, the aim is to score touchdowns and win games; in financial planning, the goal is more intricate. Winning translates to financial security and peace of mind for you. Now may be the perfect time to seek a second opinion on whether your financial team has all the key players to achieve success for your family.
Editor’s Note: Shashin Shah is a seasoned wealth manager and financial strategist with SFMG Wealth Management. Reach him at Shashin@sfmg.com or 972.960.6460.
