Personal Finance

Who Do You Need on Your Financial Team?

$100 bills, magnifying glass, and calculator

By Lawrence Sprung, CFP®

Financial success is not something you can achieve on your own; it takes the right team to help you get there. Here is an overview of the top professionals you should consider:

1. Wealth Manager or Financial Advisor

Make sure that your wealth manager is a fiduciary who is required to act in your best interest, not a salesperson. The right wealth manager will help you design and develop a financial plan that will allow you to review all areas of your financial life. They will also make sure you are addressing the necessary areas and will coordinate with the other financial professionals assisting you.

2. Tax Advisor/CPA

You will need a good tax advisor to review financial decisions you make and the impact they will have on your tax situation. When making investments and business decisions, it is important to know what the potential tax ramifications may be.

3. Risk Manager/Insurance Advisor

We tend to spend much of our effort on building and maintaining our financial assets and sometimes overlook the risks that may exist. It is extremely important to understand potential risks to your assets and how to mitigate those risks. Many times it is as simple as obtaining insurance coverage. You certainly want a risk manager as a part of your team to review and help protect you from these inherent risks. You may ultimately decide to self-insure, but simply being aware of the potential risks and making an educated decision is key to your financial health.

4. Banking/Lending Professional

Having a banking/lending professional as part of your team is needed as well. Most people will need a mortgage or some other banking product or assistance. It is vital to build a relationship with a bank early on, and the right relationship could make navigating the banking and lending component of your financial life much easier. (For related reading, see: Do You Need a Private Banker?)

Having a Financial Team You Can Trust Is Essential

Certainly there are countless other professionals that you may need as part of your financial team but these form a good foundation. It is important that your team communicates and has a working relationship to make sure decisions are reviewed and discussed with you from a holistic view. Building your financial team is not something that should be done overnight because it is too important. To move the process along, however, you should find a key member of your team to rely on and have them introduce you to others that may be a good fit for your personal situation. Having a team of professionals you can trust who are leaders in their field and work well with others will help deliver the best financial outcomes for you.

(For more from this author, see: 5 Financial Habits You Should Start Today.)

Disclosure: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

This article was originally published on Investopedia.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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