If you want to provide the best service, don’t try to be a jack of all trades, says Financial Planning columnist John J. Bowen Jr. Instead, form a team of four experts that can handle any client situation.
VOICEOVER: Four members of an elite team. Your clients’ lives are complex. You can’t handle all of their needs on your own, and you shouldn’t even try. Instead, focus on surrounding yourself with the right experts who can provide the needed services.
Here are the four teammates you need to make your practice successful. One, a private client lawyer. Your clients’ estate planning, wealth protection, and legal needs will be well-served by this big-picture professional.
Two, a life insurance specialist. An independent insurance expert can recommend the right solution for any situation.
Three, an accountant. Your practice will benefit from someone with detailed knowledge of taxes to inform planning strategies.
Four, yourself of course. You are the team manager and the clients’ closest ally. Once you have a team in place, use their expertise and your client knowledge to make a game plan.
For more tips on practice structure, go to financial-planning.com.