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Our nation’s recession knows no
income class and the financial woes of wealthy individuals, including
athletes and entertainers, continue to mount. Tax liens, foreclosures,
rejected credit card transactions, obvious reductions in lifestyles,
and suffering or failed businesses, are not only buzzwords among those
in the middle and lower income brackets, but of those with higher
incomes as well. The general public is often left wondering how people
with seemingly so much, repeatedly make poor and ill-advised financial
decisions.
Anytime someone earns vast amounts of money or has the potential for
that level of income, they need a group of financial advisors to
support them. The purpose of the team is to protect the assets,
safeguard against negative financial fallout, and ensure generational
wealth.
Below are a few suggestions of who a financial team should be comprised of and their roles:
Accountant – The purpose of an accountant is to
provide information for sound economic decision-making. This person
should understand where you are and where you want to go financially.
Their job is to ensure financial stability that allows your money to
work for you.
Financial Planner – The scope of this person’s advice
should almost always focus on long-term gains with some room for
short-term needs. Their services and focus should include portfolio
design, investment analysis, and wealth accumulation.
Attorney – The purpose of the attorney is to ensure
that all legal issues are covered. For high-wealth individuals, an
attorney is the key figure in contract negotiations and estate planning.
Other players on the team may include marketing,
public relations, and/or image advisors. Even successful and less
well-known entrepreneurs hire communications professionals to manage
messaging about products and services.
The team should
understand and share your vision and provide guidance in achieving the
stated goals. You should never simply form a cheering squad of people
that constantly tell you ‘yes’. It should be a group of professionals
that are serious about their role and your success as their client.
Remember, forming a dynamic team is going to help you weather almost
any financial storm that may come your way.
Sherry
Bryant is the principal consultant of Sherry Bryant & Associates, a
full-service financial services and wealth management firm in Atlanta,
Georgia.
You can visit the firm online at www.SherryBryantAssoc.com.
