4 Most Important Members of Your Financial Team

Were you ever a part of a team sport? If so, do you remember what it felt like to be a team player? It was, no doubt, exciting to work toward a common goal. When it comes to your financial success, there are certain professionals who should definitely be on your financial team. They include an accountant, estate lawyer, financial coach and financial advisor. These professionals play an important role in helping you achieve your money goals.

To ensure you’re putting together a great team, meaning people who care about your financial well-being as much as you do, interview each professional. Ask friends or business colleagues you know for trusted referrals then prepare a list of questions to ask each one before your meeting. Remember, you’re hiring them and you should feel good about who you’re working with. Notice how you feel in the presence of each individual. Do you feel at ease or uncomfortable and unsettled in any way? Not all personalities jive so listen to your intuition and move on if you just don’t see yourself working with some of the professionals you interview.

Here’s why each professional can be an asset on your financial team:

Accountant: At tax time this professional is extremely valuable. Sure, you can complete your own tax return, but I always say, "leave the expert work to the experts." Accountants stay updated on new tax laws and can save you loads of time and money. If you make a mistake on your tax return, it could cost you money and time to fix whatever errors you made. To find a good accountant, ask friends if they could provide a trusted referral. Get at least three referrals and schedule an appointment to meet each one and see how this person would work with others on your financial team.

Estate Lawyer: An estate lawyer specializes in probate law. Although no one wants to think about being without a spouse or partner, it’s important to protect your family just in case something should happen. Never think tragedies just happen to other people. I know this first-hand and can tell you that having properly planned for such an occurrence makes it easier if it should happen to you. An attorney will make sure your wills get written according to your wishes and that you have the appropriate powers of attorney should you ever need them. Seeking the services of an estate lawyer will also remind you to check beneficiaries named on any of your current life insurance policies and/or retirement accounts, and if you’ve remarried, it’s especially important to be sure this information is updated.

Financial Coach: A Financial Coach helps you take back control of your financial life, achieve your financial goals and provide you with guidance, support and accountability in helping you eliminate your financial obstacles and struggles. This professional also helps you build financial confidence and develop a Financial Game Plan that’s centered around your financial goals.

Financial Advisor: Whether your retirement savings is in a Roth, Traditional IRA or in a company 401(k) plan, an advisor will help you build wealth. A financial advisor can help you determine how much money you’ll need in your retirement years and how much you should be saving now. An advisor’s job is also to be sure your portfolio investments are well diversified, which means not having all your eggs in one basket. Don’t wait until you retire to hire a financial advisor. They can help you most well before your retirement years and play an important role on your financial team.

Are you ready to begin building your team? Start today and you’ll see how your financial team can help you win with money!