As someone looking to make smart decisions about your money so you can live a life of significance, one of your biggest goals should be to ensure you’re getting value from your professionals — the wealth managers, accountants, lawyers and other experts you rely on for guidance.
This is especially true as your level of wealth grows over time and your financial concerns and objectives become increasingly complex, Bob Bove, Wealth Advisor & Certified Exit Planning Advisor at The 4:8 Group, told Smart Business.
With that in mind, rate the following statements from 1 — not at all — to 10 — extremely accurate — as they relate to your experience.
How do you rate the professional services you are receiving?
1. The professionals I’m using really understand me — including my hopes and dreams, as well as my concerns and anxieties.
2. They are very good at explaining ideas, opportunities and solutions in a way that is clear and understandable.
3. I have a sincere and trusting relationship with the professionals I work with.
4. They are consistently able to access best-of-class expertise.
5. My business professionals achieve the expertise I need and want on an expedited, cost-effective basis.
6. They employ what-if thinking to identify possibilities and opportunities.
7. The professionals I am working with make sure I am staying on track and following the best course of action, or they determine whether an alternative approach would be more appropriate and effective.
A 1, 2, or 3 means an important aspect of your working relationship is far from optimal, while a 4, 5 or 6 indicates the element is in progress but could use improvement.
An 8, 9 or 10 indicates the professionals you rely on are where you want them to be and are adding real value to your financial life. If you improved all the statements to 8, 9 or 10, your financial life could improve and your ability to take care of the people you care about could be enhanced or optimized.
What are the three key drivers that determine whether your professionals are adding real value to your financial life?
1. The human element. This addresses the quality of the relationship you have with the professionals you engage, those who truly understand you and who are able to communicate with you in a way that resonates with you.
When experts get to know you beyond the numbers and the human element aspect is strong, the professionals you work with know who you are and what matters to you. Only by being so in tune are they able to coordinate solutions that meet your specific wants and needs.
2. A cohesive team. When it comes to your overall financial team and its moving parts, it is unlikely that one professional can to everything you want and need. Not even the smartest or hardest-working person can possess the full range of knowledge that affluent individuals require.
3. Systematic processing. Some professionals deal with clients in a haphazard, disjointed manner, making it nearly impossible to get optimal results. However, it takes more than a team of exceptional professionals to pursue exceptional outcomes. They also need to work seamlessly on your behalf, coming together to work collaboratively and creatively.
How can you be exceptional?
When professionals work together, one generally leads the team and coordinates, with the end result being ideas and plans that may not have been identified if each professional stayed in their own silos.
Strive for excellence by identifying and working with professionals who see the importance of being exceptional and who have the resources to be exceptional on your behalf. It’s the best way to pursue optimal financial outcomes — now and in the years to come. ●
INSIGHTS Wealth Management is brought to you by The 4:8 Group.
