Hosts Kevin Richards and Tony Shore of KNR Consulting Group emphasize financial teams on a new episode of their Smart Money podcast.
In this episode, Richards and Shore break down the three components of the financial team, and give listeners a sense of how to build their own expert teams.
Listen to Kevin Richards' and Tony Shore's conversation here.
The Role of the Financial Advisor
The first and most important member of any financial team is an independent financial advisor, or a fiduciary, Richards says. An independent advisor always has the individual client's best interests in mind--which means no pre-set options or agenda.
"I call this person the quarterback", Richards says.
Expanding Your Team
Richards uses a medical analogy to explain how a financial advisor might go about helping you build your team. "You have your general practitioner," he says. "And they are then going to bring in specialists as needed if they find that you may have heart trouble, God Forbid."
According to Richards and Shore, a CPA is a crucial member of any financial team. Richards emphasizes the importance of planning for taxes early in the year. "Taxes cannot and should not be looked at lazily or reactively," Richards says. Communication between the CPA and the financial advisor is key to making a proactive tax plan--a plan, Richards emphasizes, that considers the "full picture" of the client's assets. While a CPA looks back on a client's financial year, a financial advisor looks to the future.
Finally, Richards and Shore recommend that an estate planning attorney should complete your financial team.
A One Stop Shop
KNR Consulting offers clients all three of the aforementioned services--an all-star team that "has already been vetted, already has a track record, and works well together." Richards believes that securing a collaborative financial team protects clients and helps them maximize their assets even in uncertain times.
"We could all be our own doctors--sure, I can go online and go to WebMD.com or read all the books that are out there in the library," Richards quips. But most of us don't want to take chances with our health, which is why we go to doctors--experts with extensive experience in their fields.
Why not treat your finances with the same care by seeking out a team of knowledgeable and experienced professionals?
KNR Consulting Group is offering free consultations on building financial teams to listeners who call the office at (949) 218 3900. You can find more information on their website: knrconsultingroup.com. Check out KNR Consulting's new book, SMART MONEY, at smartmoneysmartlife.net.
Inquiries: [email protected]
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Source: Adam Torres / Co-Founder
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