Have you heard the saying: “The devil is in the details”? Well, the Seventh Pillar of Asset Protection is all about the details. The Seventh Pillar is that someone must provide effective management of administrative details. If you’re a busy entrepreneur or investor, you’re spinning a lot of plates. You need professional help. But finding the right professional advisors can be overwhelming. Here are some tips to help you find and coordinate professional advisors who can help guide you through your financial journey.
Want a short cut?
If you want to skip to the punchline, the best way to coordinate and manage all of your administrative details is to sign up with our Virtual Family Office service. We have already vetted the best professional advisors and can be your one point of contact. So you can focus on what you do best, and leave the details to us.
Research credible advisors and compare qualifications.
When researching professional advisors, make sure to compare qualifications and credentials. Look for advisors who are an attorney, or who have CFWA (certified family wealth advisor), CFP (certified financial planner), CFA (certified financial analyst) or CPA (certified public accountant) designations. These signify they have specialized training in financial topics that may be relevant to your life goals. Be sure to vet any potential advisor before making a commitment and invest time in getting to know them and asking questions about their business practices.
Make sure services offered match your needs.
A quality advisor will tailor their services to meet your individual goals. They should be transparent about their fees, including any upfront and ongoing charges, and explain the services you’ll receive for those fees. Be sure to ask about possible conflicts of interests, such as a financial firm’s own products or investments being offered rather than what’s best for the client.
Check references and client feedbacks.
Before making a decision on which professional advisor to work with, it’s important to do your research and check references. Ask friends and colleagues in the industry for recommendations, read online reviews and speak with previous clients to get an understanding of how they felt about their experience. Determine whether the advisor’s style fits your values, needs, interests and goals. Additionally, find out if they have any certifications that are valuable to your goals.
Interview and ask questions to evaluate how a potential advisor may work with you.
Interviewing potential advisors can seem like a daunting task, but it’s necessary to ensure that you’re making the best choice. Have a list of questions prepared before you start that will help you determine whether the advisor is a good match for you. Questions should focus on experience and specializations, services offered, and comfort level with investments. It’s also important to evaluate how comfortable each potential advisor makes you feel when talking about your financial goals and if they appear knowledgeable and trustworthy.
Ask for Referrals
Ask friends, family members, or colleagues with similar financial needs if they have personal experience with any specific advisors. Your contacts may be able to provide you with invaluable insights that could save you time in the selection process, as well as help ensure that the advisor is capable of providing the services and support your unique situation requires. They may even offer referrals to multiple potential advisors, allowing you to cast a wider net when selecting.
Probably one of the most important parts of the Seventh Pillar of Asset Protection is that you somehow get referrals to vetted professionals. This can be one of the most useful benefits of using a virtual family office. the VFO already has a list of vetted advisors to refer you to.
The Seventh Pillar of Asset Protection is that someone must provide effective management of administrative details. You have three choices here. First, you can try to research and do everything yourself. That only works for people who don’t need to sleep. Second, you can find professional advisors yourself and try to herd them all in the same direction. Or third (and this is the best choice), you can find Virtual Family Office that has already pre-vetted the very best advisors and can coordinate them for you.
At Sudden Wealth Protection Law, we offer VFO services to busy entrepreneurs and professionals. The benefit to you is that you can focus on what you do best. And we can make sure the details get handled for you. Give us a call at 602-443-4888 to learn more.