What is… the benefit of working with a team of professionals in planning?
Whether it be for business or personal planning, people often want to reduce their expenses by using only one professional (or even trying to DIY it all). While I am frugal myself, I know from my work that reducing the number of professionals is actually not the frugal option!
It’s very important to have the right professionals for your planning, because these people know what they are doing and can advise you on the best way to accomplish your goals. Something as simple as a phrase that the attorney knows to include in the documents due to practical experience (something you won’t gain even spending weeks researching the topic) could be something the protects your business or saves your family money. Similarly, expecting your attorney to also provide financial advise not only won’t happen (as an attorney professionally cannot do so), it is not the way to gain the best advice for you.
“Every situation is different” is something I expect clients don’t believe, but I take care to work with professionals who agree with this. While it is important for us to draw parallels between situations, it is equally important that we evaluate every client individually. Often, a client will first come to us explain that they have an ABC situation, thinking they are just like their friend. However, upon further discussion, we find out that D and E also apply – and C doesn’t really. That can entirely change a plan, but even if it were only a small change, it’s essential to consider in creating the proper plan.
When you have professionals who work together, you end up with a better plan. As professionals, we are used to working together and have a better sense of the lingo than you do, so each of us telling you so that you can try to remember it and tell others simply is not the most efficient or effective way. We are better able to spot issues, so we can discuss clients and say ‘oh, that will be a problem with something they told me in this area.’ We can work together with your goals front and center to ensure that the ultimate plan is individualized to you and truly matches not only your situation but also meets your goals.
Additionally, if you plan spans jurisdictions, you will likely need professionals for each applicable area in each jurisdiction. I work with clients to coordinate this planning, bringing all of the professionals together to create the right plan for the client.
The next likely question is which professionals you’ll need. The answer is that it depends on your situation. Many will want to start with a trusts & estates attorney, a tax advisor (may be the same attorney, another attorney, or a CPA), and a financial planner. Insurance agents may also be important. Beyond that, a business owner may need to include a business attorney and professionals related to the business. Once you start working with one or more professionals, you can ask if there is anyone else you may need to see. If you want the professionals to work together, you may want to provide permission for them to speak with each other, including any parameters you want on those permissions.
As a final note, while it is often convenient to work with other professionals that we know, the most important consideration is that you are comfortable with and confident in every professional on the team. You might want to switch them from time to time. You might pick people who haven’t worked together in the past. You may select the team all at once or build it over time. That is all normal. While some professionals may recommend a few others if you request it, the selection of every member of the team (and decision to keep working with them) is up to you, the client.