Who Is On Your Extended Wealth Management Team?

Do you have a wealth management team? Many people DIY their finances or work with just one professional. The truth is that putting together a team of specialists who work together to build a streamlined financial plan for you can be beneficial for many different reasons. When you have specialists who focus on different elements of your finances, you’re able to make more informed and empowered decisions about every element of your plan.

The Key Players

As you build your wealth management dream-team, it’s important to know who the key players are. When you know which specialists are available to you, you can start to build a team that reflects your unique financial needs.

Estate Planning Attorney

Your estate planning attorney can help you to answer questions from whether or not you need a trust, to how to set up your will or power of attorney. Many people think that they can DIY their estate plan. While this may be true early in life when your estate is more straightforward, as you near retirement, speaking with an attorney can help you to create a more detailed plan. You want to make sure your heirs are protected, and that your assets avoid lengthy, expensive processes like probate.

Specialist Attorney

An estate planning attorney can help you to create a will, a trust, and set up your power of attorney. However, if you’re going through a divorce or thinking about how to care for aging parents, a specialist attorney may be able to provide further insight.

Certified Public Accountant

The more complicated your financial life becomes, the more you may benefit from teaming up with a CPA (Certified Public Accountant). A CPA can help you with the ins and outs of your tax planning. When they work in tandem with the rest of your wealth management team, like your financial planner, they may be able to help save you (and your heirs) money over the years you work together.

Insurance Agent or Health Care Professional

Putting together a healthcare plan to take you to and through retirement can be tricky. Working with an insurance agent or a professional who specializes in Medicare can be a huge help. Together with your agent, you can create a health care plan for retirement that leverages Medicare and other supplemental plans to get you the full amount of coverage you need.

Counselor or Therapist

If you’re going through a transitional time in your life, like a divorce, or losing a spouse or partner, you may want to speak with a counselor or therapist. Although they won’t be managing your wealth directly, they can help walk you through the emotional turbulence you may be feeling around your finances right now.


Thinking of downsizing during retirement? Trying to rethink your housing now that you’ve either been divorced or separated? Wanting to move closer to family after losing a spouse or partner? A realtor can help you to make wise decisions about selling your own home, and purchasing a new space that’s more in line with your needs during this new phase of life.

Business Broker or Investment Banker

Do you have a small to medium sized business you’re looking to sell? A business broker, or an investment banker, can help. Even if you’re just looking to set up a succession plan, or step away from the business’s day-to-day as you enter retirement, speaking with someone who specializes in these big life events can help you get organized (and make wise decisions about your business as you near retirement).

Geriatric Care Consultant

Did you know that 29% of the American population is providing care for an aged, disabled, or chronically ill relative? And that most caregivers are women? If caring for aging parents, or making preparations for ongoing care after you’re no longer able to do it alone, is part of your current financial picture, a geriatric care consultant can help.

From determining whether your aging parents or relatives can afford a care facility, to helping you find affordable in-home care when the task of caregiving becomes overwhelming (or physically unsafe for you and your parents as their condition worsens), care consultants help to weigh both the emotional and financial aspects of caring for aging parents.

College Counselor

If your kids are starting to think about college, you’re going to need some clear-cut advice. A college counselor, either from their high school, the college they’re considering, or through a private consulting service, can help you create a game plan. There’s a lot to consider when it comes to sending your kids to school, including:

  • Amount of aid they qualify for
  • Whether or not you’ll need to cosign on the loans
  • What college is the best value for your money
  • Which schools are best suited for what they want to study

Fee-Only Financial Planner

Your fee-only financial planner can help you coordinate every aspect of your wealth management team. When I work with my clients, I’m hands-on with the other members of their financial team.

A fee-only financial planner is legally obligated to act in their client’s best interest and can help you find other professionals who have the same ideals. As a fee-only planner myself, I want to make sure my clients are all getting comprehensive coverage and care. I believe that the best way for that to happen is to have open communication with a list of specialists who are all working with my client’s best interest in mind.

Comprehensive financial planners are also there to help you navigate every aspect of your financial plan – not just retirement planning, or managing your investments. For example, when I work with clients, we focus on more than just the dollars and cents of their plan. We work together to think through the gray areas of their finances, like how to build a retirement lifestyle that balances your personal goals with your financial options.

Finding Specialists

When building your wealth management team, you want to make sure your key players are all specialists who know how to help you. Many people who specialize in tax planning, insurance, and financial planning focus on clients who fall into a specific niche.

For example, I typically work with women nearing retirement, or women going through a transitional period in their lives (like divorce, or widowhood). Specialists focus in on a specific niche because they’re passionate about solving the problems that that group of people face.

When you find professionals who are passionate about helping you with your unique financial problems, you may find that you get more tailored advice that better serves your needs. They’ll have experience navigating the complex financial questions you may have in ways that generalist may not.

Need Help?

Need help putting together your wealth management team? Reach out! I’d love to connect you with some of the specialists I’ve gotten to know who can help.

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Russ Thornton
Russ Thornton
Hi there! I'm Russ, and I help women in their 50s and 60s achieve and maintain their desired lifestyle leading up to and throughout their retirement years. Imagine being able to look forward to a comfortable and confident financial future...
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