Owner
You are the client, and you essentially “own” your financial team. Just like Jerry Jones with his key team members, everyone ultimately reports to you. In this scenario, each member of your financial team is accountable to you.
Goal Manager (GM)
Your Wealth Manager functions as your GM, responsible for overseeing your financial team and ensuring that the right people are on board. They serve as your direct liaison and while having a strategy is beneficial, it’s their responsibility to ensure it’s executed properly. A financial plan should be adaptable as life circumstances change, and your wealth manager is there to navigate those changes with you.
Offense
A proactive offense seeks solutions and maintains frequent communication with you. These are the professionals who scout out investment opportunities and tax strategies. For example, you may need:
– Certified Financial Planner (CFP) – This expert devises optimal strategies and identifies suitable investments that align with your objectives. Investments can be under the management of your wealth manager, planner, or investment adviser.
– Certified Public Accountant (CPA) – A CPA optimizes your tax planning, ensuring it’s as efficient as possible while maximizing your tax benefits.
Defense
Protection is essential, and a solid defense analyzes your weaknesses and vulnerabilities, offering solutions before they become issues.
– Estate Planning Attorney – This crucial teammate outlines the specifics of your estate management after your passing and assists with asset protection.
– Insurance Agents – Acting as your “risk manager,” an insurance agent evaluates your insurance needs and ensures your property is safeguarded against loss.
Special Teams
Sometimes, you’ll require external experts not mentioned earlier. A capable wealth manager can connect you with specialists to handle any financial matters, maintaining a list of reliable professionals. This could include divorce attorneys, bankers, college consultants, or business valuation specialists.
Coaching the Team
While you call the major shots, your wealth manager can step in as your coach and provide guidance on significant decisions. They can also serve as a “financial life coach” in numerous scenarios. If you’re under-saving or overspending, your manager can illustrate the impacts on your overall financial picture. When contemplating a job change or any substantial life decisions, the advisor can help analyze the implications concerning your broader financial circumstances and offer sound advice.
Aiming for Success
In football, the aim is to score touchdowns and win games; in financial planning, success is a more intricate concept. It measures financial security and peace of mind for you and your family. Perhaps now is the time to seek a second opinion on whether your financial team is adequately prepared to secure a win 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.
