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ASSEMBLING YOUR ADVISORY TEAM

ASSEMBLING YOUR ADVISORY TEAM. Assembling Your Advisory Team . WHO WHAT WHY WHERE HOW. Why do you need a team of specialists?. This is a unique and complex set of issues Most advisors don’t deal with these issues on a regular basis They don’t have a shared process

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ASSEMBLING YOUR ADVISORY TEAM

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  1. ASSEMBLING YOUR ADVISORY TEAM

  2. Assembling Your Advisory Team • WHO • WHAT • WHY • WHERE • HOW

  3. Why do you need a team of specialists? • This is a unique and complex set of issues • Most advisors don’t deal with these issues on a regular basis • They don’t have a shared process • They don’t operate as a team • Good team communication is critical • Most advisors don’t meet as a team

  4. Values-Based Planning Financial Independence Planning Family Wealth Planning Business Exit Planning

  5. Competent Skills Training Practice Experience Beginner If you have not done this before you are, by definition, a BEGINNER! Assembling Your Advisory Team (Why)

  6. Assembling Your Advisory Team (Who) • Accountant (CPA) • Lawyer • Financial Advisor • Investment • Business Insurance • Valuation Expert (Appraiser)

  7. Assembling Your Advisory Team (Who) • CPA’s Expertise / Skill Set: • Tax PLANNER (v. Tax Preparer) • Valuation Techniques • NQDC Experience/Knowledge • Work jointly with Financial Advisor (communicate) • Business Structures (evaluate for tax and liability) • Audit Experience

  8. Assembling Your Advisory Team (Who) • Lawyer’s Expertise / Skill Set: • Variety of Compensation Plans • Buy/Sell Agreements • Estate Planning • Wills & Trusts • The Tax Code

  9. Assembling Your Advisory Team (Who) • Financial Advisor’s Expertise / Skill Set: • Investment • General Securities Lic. (Series 7) • Business Insurance • Life & Disability • Property & Liability (risk transfer) • Understands Risk • General Business Savvy • Has met a payroll (…still does) • Real Estate • Capital Markets • Banks and Lending

  10. Assembling Your Advisory Team (What) What will they do for you? • #1 – They will ask the right Questions! • Guide a process that will aid you in: • Clarity • Balance • Focus • Confidence • Help you: • Gain Ownership Perspective • Identify Ownership Objectives • Achieve your objectives through Ownership Planning

  11. Assembling Your Advisory Team (Where) Where do you find your advisors? • Who do you trust? • People similar to you (friends, neighbors, associates) • References from existing advisors (CPA, Attorney) • Beware the Generalist (aka “Beginner”) • Specialist advisors devoted to this type planning • Interview them; check references and credentials

  12. Assembling Your Advisory Team (How) How do YOU make this team work? • Bring them together for a team meeting • Observe the chemistry • Are they good listeners? • They should arrive with more questions than answers • They should be looking for your “big picture”; your goals and objectives

  13. What to Look For; Critical Attributes of a Family Coach or Advisor • Not judgmental or critical • Will have a consistent process (simple, understandable) • They build skills with family members • They have a “track record” of successful families (references) • The family feels personally comfortable and confident when talking with them. • The coach is part of a larger team with multiple resources.

  14. What are the Signs of a Well-Coached Family? • No “taboo” topics. (No “elephants in the living room”) Can talk about everything. • Able to talk, then take action, even on emotional topics. • High degree of trust and personal care among family members. • No “pretending” on level-of-competence scale. • If breakdowns, then mature dialogue occurs in family • Clear mission for wealth; all could state it accurately • Family members active in family philanthropy; philanthropy is integral part of planning strategy

  15. What are the Signs of a Well-Coached Family? (cont’d) • Heirs had a long-range vision of where they fit in the family mission and knew what was expected of them to qualify for any role they chose, as well as meaning of commitment • There was minimal gossip within the family. Most conversations, including criticisms, were open and above board. • They all understood the tools available, and practiced the skills of communication. They fully appreciated the impact of a promise, and how quickly trust can be betrayed by a broken promise.

  16. Thank you!

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