By Stewart Koesten
As comprehensive wealth managers, our firm’s advisors often guide clients on how and when to engage other professionals in their financial planning endeavors. Wealth managers, attorneys, tax professionals, insurance agents and others form a “team” to guide and inform clients during major life decisions and transitions. While some clients balk at the idea of paying additional fees, going it alone or relying on non-professional advice could end up costing much more – both financially and emotionally.
There are numerous examples where a team approach has been beneficial to a client. In a recent real estate contract, a real estate attorney noticed the contract provisions for excavation were decidedly one-sided in favor of the contractors. He negotiated a better situation for the client should the excavators hit rock as they dig the foundation site. A small fee could potentially save many thousands of dollars in expense.
A financial planner working with a client who was taking a position with an overseas company negotiated a substantial sign-on bonus for the client when the advisor noted the client was losing his final and best years of pension accumulation by leaving his present company for the new company overseas.
In addition to these successful examples, we have seen corporate executives refuse to have an attorney review a compensation agreement or stock option plan. We have seen families routinely sign real estate contracts without consulting a real estate attorney. We have advised business owners not to commit to invest in ventures without considering a conversation with their tax professionals and we’ve seen first-hand that people don’t engage comprehensive wealth managers because they don’t understand that financial advice involves much more than just investments.
Individuals and families today have needs that surpass traditional estate planning and insurance. They have to consider family planning, aging parents, children, career management, education, human capital considerations, investment decisions and a variety of life transitions. The coordination of their affairs is the providence of the Comprehensive Wealth Manager. Working with a team of advisors, successful individuals and families get help to determine clear goals, establish plans, and take action to achieve those goals.
It seems to me that the active supervision of one’s affairs is not a task for just one person, in particular attempting to do it yourself. In a complicated, busy life it makes sense to engage advisors who will work together on your behalf to help you make sound decisions by making sure you have good information to do so.
I’ll pay fees for that kind of service.
For information about how we can help your individual situation, schedule a meeting by clicking below, contact Stewart Koesten –email@example.com, or call (913) 345-1881.