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Be the Quarterback of your Financial Team

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Assemble the right team to carry out your financial game plan

Robert's rich dad said, "Business and investing are team sports."

So many people view their financial journey as a solo endeavor. Maybe they tackle their financial goals with their spouse, but for the most part, they shy away from seeking help.

That's a big mistake. When you try to go it alone, your journey will be a constant uphill battle.

That's why, in every financial endeavor you take on, whether it's getting out of debt, starting a business, investing in a new asset class, or saving for retirement, you need a solid team in place that you can trust to help you achieve your goals.

Assembling your team

Your team should include experts in many different areas who can advise you on how to achieve your financial goals.

Some key players for your team include an attorney, a CPA to help with accounting and taxes, an objective and well-vetted broker, various experts in your chosen investment and business areas, mentors, and coaches.

Additionally, you need a solid support system made up of friends, family, even life coaches, who can help keep you grounded and sane.

An important thing to keep in mind when selecting your team members is to make sure they have your best interests in mind. In other words, make sure they're playing for you and your team, and not someone else's. Oftentimes, financial planners or advisors are playing for the team of the mega-corporation or bank they work for. They don't care about your goals, they care about making profits for themselves and their bosses.

By building a team of advisors whose opinions you trust, and who prove that they care about your success, you can create a winning game plan that works for you.

Vetting your team members

There are so many options for advisors and coaches out there. Everyone wants to offer you advice, or tell you what to do with your money. So how do you pick out the good financial advice from the bad? How do you choose the best members for your team?

Start by asking some questions.

  1. Is the person offering the advice successfully doing what I want to do?
  2. Does the advisor practice the advice they preach?
  3. Is the advice clean of commercial ties, biases, and paid endorsements?
  4. Is it really financial advice or a sales pitch?
  5. Are they interested in creating a long-term relationship, or do they view this as a one-time transaction?
  6. Finally, do you trust this person? In your gut, do you feel they are ethical, moral, and forthright? Do you trust them to tell it like it is?

Be the quarterback

The quarterback is the most important member of the team. They assess the situation on the field, look for their options, and make the ultimate decision on how to act. The quarterback needs to be able to trust his teammates to be in the right place, and to carry out the play he initiates.

Be the quarterback of your financial team. Take charge of every financial decision, and don't let anyone steer you away from your goals. If you've assembled a strong team around you, they will support you every step of the way. They will offer their advice, and help you assess the playing field and consider all your options. But at the end of the day, you're the one who calls the shots.

It's your money, and your risk, so make sure you are in control of every decision you make.

Original publish date: October 20, 2016

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