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5 Members You Need on Your Financial Team

As a business owner or executive, it’s important to have the right financial team assembled to help you navigate your personal and professional financial needs. This team consists of:

  • Financial planning advisor – your financial planner looks at your entire wealth picture, including assets and debt, long and short term goals, this person helps you plan how to best meet life goals through the proper management of your finances
  • Insurance Agent – to handle your personal and company insurance needs
  • Attorney – many small business issues can be handled by the business owner, however, there are more complex issues that arise for most small business owners that are best handled by a specialized attorney (complex issues and issues that require too much time or carry high liability, for example)
  • Investment Advisor – your investment advisor is different than your financial planner, with a focus on investable assets and the purchase of individual securities
  • Accountability Partner - this person provides coaching and knows what your financial goals are and checks in regularly to help you reach your goals, the person can be a trusted friend, spouse, personal banker, or mentor, for example

Be sure to talk with peers and friends to obtain references and check credentials carefully before selecting each member of your team. Your partners should have your best interests in mind with all recommendations so understanding how they are compensated is important. Your team should be reputable and have a strong company behind them that can serve as a double check on the decisions one individual may be making on your behalf. Visit FORUM’s YouTube page for more financial tips.

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