You don't have to be Wealthy to have a Team of Advisors
There seems to be a huge misconception only wealthy people can have a team of advisors. I’m here to tell you this just isn’t true. I do understand how these preconceived notions would develop, namely through television and the media. The rich and powerful are the ones portrayed on TV with having multiple advisors typically taking advantage of unsuspecting typically naïve citizens who don’t have the means to have their own team of advisors to protect them. I can almost guarantee you any time you turn on the television, there will be at least something on TV showing the scenario described above, but I digress.
I want to clarify something, just because you have multiple advisors, doesn’t mean you have a team of advisors. Most people have some combination of a property & casualty agent, an accountant, life insurance agent, financial advisor, attorney, a real estate agent etc. The definition of a team is a group of individuals working together to achieve a common goal. My question to you is “Do any of your advisors know the others exist?” and even if they do “Do they have any idea how to contact the others?” I’m betting most likely the answer is “no” to each question. Does that sound like a team to you? Of course not, but I have good news for you, you can bring them together and create your team of advisors!
I must admit, it is easier said than done creating your team of advisors. The biggest challenge you have is each advisors ego. They need to want to work together as a team for you. If all your advisors are truly willing to work together for your benefit you’ve struck gold, because it is pretty rare. The reality of the situation is advisors are not accustomed to working with other advisors since they want to be the main financial person in your life.
It is a lot of work bringing advisors together working for your benefit, but I’ll tell you it is totally worth it. The feeling of security and satisfaction knowing you have a group of professionals working for you and your best interests is priceless. I can tell you this from experience, from both sides of the table, being someone with a team of advisors and being part of a team of advisors. It is easier to have a team of advisors when you’re wealthy as you can buy their loyalty, but if you are willing to put in a little effort and find the right advisors, you too can have a team of advisors without being wealthy.