Financial Roster, Business

Who Should You Add To Your Financial Roster?

They have a group of people they work with to keep their finances on point.

Most highly financially successful people all do the same thing regarding their financial affairs. They have a group of people they work with to keep their finances on point. This team of professionals comprises seven experts that everyone should consider working with.

When discussing these seven experts, one of the first questions most ask is, “Why do I need all these people?” Here’s the breakdown of why each group of people is important to your financial success.

A Banking professional

Banking has changed over the years, and the industry relies heavily on conducting business virtually. However, what hasn’t changed is that people will always need to borrow money. So, when you need money, looking good on paper or the computer is one thing, but having a relationship with a lender could prove highly beneficial for your transaction.

IRS, taxes, 1040

A Tax professional

Everyone should pay their fair share of taxes and not a cent more. And everyone should make it a point to avoid any issues with the IRS. If you’re a business owner, you should know what you can and can’t do from a tax standpoint based on how your business is structured. If you don’t work with a tax professional, you’re probably paying the government more than you should. Having a tax professional is critical to your financial success because they pay attention to the laws, and codes constantly changing, be it federal, state, or local. And, you don’t have the time (nor do you plan on making any) to do that kind of research to stay up-to-date with all the tax changes.


An Insurance professional

There are various types of insurance you might need to consider having during your lifetime: life, disability, health, umbrella, business, and long-term care, to name a few. This might prompt you to connect with multiple insurance professionals because particular licenses are needed to sell certain types of insurance. Thus, you must make sure the insurance professional is properly licensed. The process should always go in this order, no matter what kind of insurance you want. With the help of your insurance professional, you can determine how much insurance (whatever type it is) you need, then explore the various options based on the need. 

Investment, Stocks

An Investment professional

This team member has fallen out of favor because many people feel they can use technology to do their investing, be it for general purposes or retirement. However, studies have shown that the average person gets better investment returns over the long haul simply because they work with an investment professional. Why? Because the professional will help you avoid emotions when making investment decisions.

Real Estate Agent, Home

A Real Estate Professional

Whether you’re looking for your first home, an investment property, or working to build your commercial real estate empire, you will probably need this expert to assist you. The real estate market is like any other market; it will ebb and flow, and at times, it’ll be a buyer’s market or a seller’s market. So, it will be easier for you to navigate the market if you have this professional by your side.

Mediation client meeting lawyer consulting government help, Businessman and Male lawyer or judge consult having team meeting with client, Law and Legal services concept

An Attorney

When it comes to legal matters, you will need assistance from a legal professional. Like the insurance expert, you might find yourself enlisting the services of multiple attorneys depending on your specific need and making sure your attorney is properly licensed. So, for example, if you have an estate-planning need and want to make sure your family will be good long after you’re gone, you’ll probably be better served by an estate-planning attorney instead of a divorce attorney.

A Financial planner

This member serves as your team’s quarterback. They aren’t trying to sell you any particular product but work with you to clarify your financial situation. Essentially, this team member helps you see your financial situation from a 5,000-ft. view. Plus, as they work through the planning process with you, they will probably ask you to coordinate their efforts with your other team members. For example, if your financial planner is having a retirement conversation and trying to determine if a pre-tax or a Roth contribution is better within your 401k, they will want to consult your CPA or accountant.

We’ve only got twenty-four hours in a day. So, let the experts do their job because their sole purpose is to help you do the heavy lifting. Becoming a financial rockstar is challenging when you go it alone, but having your team in place will allow you to get back to living life with a lot less stress.

RELATED COTENT: Use Financial Literacy Month To Get Those Finances In Order

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Jasper Smith is the founder of The #BuildWealth Movement®. He’s worked in the financial services industry for over 15 years and holds a life insurance license, multiple securities licenses, and the Certified Retirement Counselor (CRC®) designation