Next we will talk about some of the ways that your advisors can help you to accelerate your wealth building process.
One of the ways that we mentioned earlier is through business referrals.
Take the opportunity to let your advisors know what your ideal client or prospect looks like and let them know that you would appreciate any referrals that they would consider sending.
This is a great way to leverage your relationships in order to build and expand your business or investing.
Another way to leverage your advisors is to have them look for investment or business opportunities with you.
Communicate your wealth building goals and let them know to pass you information on any good opportunities that they come across.
Another way to leverage your advisors could be to raise money.
For example, if you are trying to raise funds for a real estate deal that you are involved in, than let your CPAs, and financial planners know that you are looking to raise money.
They are in great position to advise their other clients on whether or not your deal would be something good to invest in.
Also, if you have a good business and personal relationship with them already, they would be happy to pass your investment opportunities along to others in their network.
Also, since you are a client, your advisors will be able to share your success stories with others.
Another way your advisors can help you in your wealth building is to provide you with market information and sometimes even competitor information.
Generally, your advisors should be able to share some high level information with you without violating any rules or identifying the parties involved.
For example, your advisor may be able to let you know that they have seen clients who invest in certain types of properties in specific markets and what the actual returns on those investments were.
This type of market information is extremely valuable to you in making your own investing plans.
In essence, train your advisors to be pro-active in providing services and delivering opportunities to you.
Also, utilize their specific experience and network to be the eyes and ears on the ground for you.
One of the most powerful concepts that we have seen with regards to advisor relationships is in working with a team of advisors.
The reason for this is what is commonly referred to as synergy.
Synergy occurs when you put a group of people with different expertise and experience together in working towards a common goal...
in this case...
your success.
The first step in assembling a powerful team of advisors is to get everyone on the same page.
So share with your team all pertinent information for example your goals, objectives, concerns, risk tolerance, investing criteria, etc.
The next step is to get them working all together on the same page.
It may make sense to set-up meetings or conference calls with your team in order to efficiently and effectively resolve an issue or capitalize on an opportunity.
We have seen some amazing things happen when an individual's advisors come together to resolve and issue or to discuss an opportunity.
As we stated previously, communication is key in having an effective team.
Communicate with the appropriate advisors in advance of undertaking any significant action steps.
The reason is that any planning opportunities exist before you actually sign on any documents.
So if you are looking for ways to save taxes, for example, talking to your advisors before making the purchase of real estate leaves you with far more strategies for tax saving opportunities than if you were to speak to them after the fact.
Also, constant communication allows your advisors to identify additional opportunities or plan for any expected set-backs during the year.
As captain of your ship, make sure you utilize your advisors time effectively.
So ask powerful questions.
And by powerful questions, we mean avoid the yes or no questions.
Powerful questions generally begin with "how can I...
" So "how can I increase my return" or "how can I save taxes".
The phrasing of the question is extremely important because it automatically puts in the advisor in a position where they are thinking strategically for you.
Another way to ask that question is "what would need to happen in order for me to accomplish X" This forces them to not just give you a quick answer but actually take time to think of ways in which to help you achieve your goal.
Another type of powerful question is to ask them what they are seeing out there in the market.
For example: what are some effective ways that you have seen your clients capitalize in this current economy? Or how are others dealing with today's challenges? The answer to these types of questions will give you insight to what has been effective or ineffective in other peoples experiences.
Asking good questions provides a learning experience for you.
A lot of people will ask yes or no questions because their advisors charge by their time.
The key here to keep in mind is, putting cost aside, how much benefit are you getting from the advisory costs that you pay.
oWhat to look for in an advisor (see advisor checklist) oRole oExperience oPersonal Viewpoint oEducation oCompensation oResponsibility oClient Contact oYour Needs oAdvisor Organization oFinancial Controls oHow to evaluate your advisors oWhat metrics do you use to track your wealth team's performance? oWhat non-numeric measures do you use to hold your wealth team advisors accountable and tograde their performance? oQuestions to Ask -Subjective -Objective -Indirect