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Who should be on your financial team?


Some of the most important decisions we all need to make in our lifetime is deciding who should be part of our financial team. Building a financial team that understands your unique financial situation is key in having a successful financial future.
 
Who is the most important person that needs to be on your financial team?
Your spouse or significant other is the most important person who needs to be part of your financial team if you are in a committed relationship. Without both of you working towards a common financial goal, there is little chance of your financial situation being positive.
 
Who is likely the first non-family member on your team?
Probably it should be an insurance agent, someone who will help you get the right coverages for auto, renters, and homeowners insurance. Making sure you are properly covered is very important and help you avoid large, unexpected expenses.
 
Should the next team member be a financial advisor?
Yes, maybe not so much to manage investments at the beginning but more to help you decide what type of life and disability insurance you need. They will also be the person who will help you develop your lifelong financial plan so that are making the correct decisions with your money.
 
Why is an attorney so important to have on your financial team?
They are critical in making sure that you have the proper estate plan in place. An attorney will help you craft Wills, Trusts and Power of Attorney documents. Your estate plan will change over time so you will have several opportunities to interact with them over your lifetime.
 
How can having the right realtor on your financial team make a difference?
Realtors will play a major role in buying your first house and probably many other houses as you transition through life.  An experienced and knowledgeable Realtor can help make buying and selling homes less stressful because they can provide guidance on all aspects of the real estate transaction.
 
Any other people who should be on your financial team?
One final team member is likely going to be an accountant, at some point in your life, your financial situation might require working with someone to handle tax situations that you encounter and maybe even be the person who completes your tax returns every year.
 


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