The power of an excellent team is undeniable, and this principle goes well beyond sports. We will all run into times in our lives where a team approach is needed: a health scare, a career change, reaching for new fitness goals or planning for retirement. A talented team, which is simply a curated group of specialists, can lift you to success if chosen carefully, or lead you down the wrong path if put together too quickly.
For the purpose of this real estate article, I want to suggest that we all need to start creating our “Wealth Building / Wealth Preservation” dream team. Whether you need this team now or not, I recommend that you start designing it. Research and identify the perfect roster and keep their contact info handy, because the need for their help may arise unexpectedly.
At a minimum you should identify the following that you could call upon if needed:
- Financial Advisor / Money Manager
- Trust/Estate Attorney
- CPA / Accountant
- Real Estate Broker
- Real Estate Attorney
- Insurance Agent
- Banker - Business, Private and Home Loans
I suggest putting this list of professionals in your estate plan binder, or if you don’t yet have your estate plan, put it somewhere where you can find it quickly when needed. Consider including a couple options for each role, since people may retire or they may not be taking on new clients at the time when you need them.
If you have trouble finding the perfect members of your team, ask for recommendations. For example, your Financial Planner is probably very well connected to tax advisors and attorneys. Many of these “trusted advisors” know each other and have worked together in the past. Talk to several people and ask good questions before deciding!
A word of caution about working with family members: this is not a time, in my opinion, to do someone a favor. This is your future, your financial health, and your legacy. Choose wisely and ask yourself, if a family member was doing a poor job, could you let them go quickly and easily?
Putting together your team may be easier than you think, and once it is done, you will have a sense of relief that comes from being prepared!
Ready to assemble your dream team? Reach out to us for trusted referrals to any of these professionals and start building your path to financial security today!
- Kirsten Reilly, Broker Associate
m. (408) 835-2962
