The Professionals You Need on Your Financial Team
Your financial plan should be dynamic — changing as your situation does. It’s an ongoing and evolving process. However, it can also be a highly complex process that requires the help of many different people.
By gathering insights from various professionals, each with expertise, your financial team will lead you in the right direction. You may only need some of these folks now and again, but you want them on speed dial when you do.
Building your financial team takes time, inclination, and an eye for talent. Or, if you prefer to simplify the process, you can hire a full-service firm with in-house specialists. Either way, with the right advisors on your financial team, you will confidently, responsibly, and effectively manage your finances no matter the challenge.
Here are seven financial professionals you should add to your team:
- A Certified Financial Planner (CFP®) provides advice regarding investment planning, retirement planning, cash flow planning, tax planning or tax mitigation strategies, insurance coverage, and more. A CFP® can be your team’s quarterback — coordinating with the other experts to help make sure all parts of your financial picture work together to achieve your goals.
- A Certified Public Accountant (CPA) can assist with tax preparation, accounting, auditing, and tax event planning. They are highly knowledgeable in the ever-changing tax regulations. They can help you make the best decisions for your current filings and work closely with your CFP® to develop proactive tax planning to minimize future tax implications.
- An estate planning attorney creates and maintains a plan to protect your assets and pass them on to future generations. They also specialize in wills, trusts, business structures and transitions (C-Corp, S-Corp, LLC), and other legal matters related to estate planning.
- A philanthropic advisor determines how you can give back to society or start a charitable foundation. In conjunction with your CFP®, they can advise on the most efficient ways to donate money. Furthermore, they can identify high-quality organizations that match your interests, help you engage your children in philanthropy early in life, and explore options for charitable giving strategies that work for you, including foundations, charitable trusts, or donor-advised funds.
- A private investment advisor specializes in tailored investing strategies for qualified investors who want to expand their opportunities beyond public markets. They can source and advise on private equity, venture capital, real estate, and private lending opportunities. Private investment advisors help you safely navigate a marketplace that can yield greater returns while also posing greater risks. (To access private markets, a qualified investor must meet net-worth and annual income requirements.)
- A real estate advisor provides integrated real estate investment guidance. They may give detailed analyses of individual properties, strategic recommendations, and even roadmaps for complex 1031 exchange strategies, which could provide cash and equity benefits over the long term.
- A risk management & insurance broker assesses risk and determines the appropriate coverage levels. They are unbiased and search for the best coverage and price point to prepare for the unexpected and provide advice on minimizing potential losses. Note that we outsource this role to ensure its independence.
How to find trustworthy experts for your team
You aren’t short of options when deciding who to draft into your team. One approach is to find, interview, and vet each professional, but this can take a lot of time. Another option that many find convenient is working with a firm that can give you access to in-house specialists, such as tax professionals, estate planning attorneys, real estate and private investment specialists, and philanthropic advisors.
This approach can save you time and money; you won’t need to find and vet these professionals independently. Additionally, when all the folks you need are within one firm, you are spared the headaches of ongoing orchestration.
Build a team for financial security
Your team should work together to create an overall plan that best fits your needs and objectives—one that will ensure financial peace of mind now and in the future.
Feel good about knowing you can call on this team when you need them.
At Brighton Jones, we have built a team of in-house experts to collaborate across your balance sheet to develop and implement a holistic plan that aligns with your goals and values, giving you the confidence that every facet of your financial picture is factored in.
Additionally, your Personal CFO team quarterbacks and coordinates on your behalf, saving you from playing general contractor and having to vet and manage several sub-contractors.