Building Your Network Of Financial Professionals

Achieving growth with your money and investments is important, but of equal focus is how to protect your financial security. Building a network of qualified financial professionals is one of the best ways to ensure that your finances stay on track to achieve your goals for your family and your future.

Your financial team

When you are building a house, you don’t rely on one person. You need a contractor, maybe an architect, and definitely a plumber, an electrician and an HVAC specialist to work together to create a stable and safe home that will last for years to come. The same thinking holds true when it comes to your money and investments.

Some of the people you may want to include on your financial team are a banker, a tax preparer, an attorney, an insurance agent and a financial planner. Each person has their own area of expertise that can have a big impact on not only what investments you make, but also the best way to secure your financial future. Investing is complicated, and each of these experts touches on areas that are vital for creating a solid plan.

For instance, a financial planner can make investment suggestions when it comes to stocks, while an insurance agent is able to steer your toward the most appropriate insurance policies, including ones that accrue cash values.

How to select your team

A network of financial professionals can keep you disciplined and on track to achieving your financial goals. They’re a valuable asset when it comes to researching and keeping up-to-date about the latest rules and regulations, so you don’t have to spend your time in the weeds.

You know you need a team, but how do you go about selecting who is right for you? Start by asking friends or family members, in a similar stage of life as you, if they have any recommendations. Then think about these three things when evaluating the suggestions you’ve received:

  • When it comes to a financial planner, what is the type of fee structure that works best for your needs—a fee-based model or an hourly pay scale?
  • Run a background check on your prospective financial professional, as well as ask for references from current clients and verify their credentials are current and accurate.
  • Shy away from professionals who over promise or brag. No financial professional can guarantee certain results, especially when it comes to the stock market and investing. If they say otherwise, you should treat those assurances as suspect.