As business owners, we understand the importance of having a cohesive team that works together towards a common goal. But what happens when your wealth team isn’t functioning as a unified whole? Imagine this scenario: you have a group of sprinters at the starting line. The gun fires, but instead of running straight towards the finish line, each sprinter runs in a different direction—one goes left, one right, another backwards, and only a few move straight ahead. The result? Chaos. No one wins the race.
This is the reality many business owners face with their wealth teams. When the gun fires—when it’s time to make critical financial decisions—your accountant runs one way, your wealth manager another, your protection team goes in a different direction, and your business drifts off. This disjointed approach leaves many business owners operating far below their maximum wealth potential. Sure, everyone is doing something, but they’re not all running in the same direction, which means they’re not maximizing your wealth.
Identifying the Problem: Disjointed Wealth Teams
The disjointed nature of many wealth teams can lead to significant inefficiencies. Imagine your accountant advising one strategy, while your wealth manager suggests another, and your protection team offers advice that contradicts both. The result? Confusion, lost opportunities, and ultimately, a cap on your wealth potential. Without a coordinated effort, the true ceiling of your financial success remains out of reach.
When your wealth professionals aren’t aligned, they might miss critical opportunities to synergize their efforts. This lack of coordination can cause you to miss out on valuable tax strategies, investment opportunities, and protection measures that could safeguard and maximize your wealth. By having everyone run in different directions, you’re essentially leaving money on the table, and your financial growth is stunted.
The Solution: Viewing Your Wealth Team as an Organization
So how do we fix this? The solution is to start viewing your wealth team as you would your business team—structured, organized, and unified. Just as you have an organizational chart for your business, you should have one for your wealth team. You’re at the top as the owner or CEO, setting the vision and direction. Below you are the departments that make up your wealth team:
- Tax Department: This isn’t just your accountant. It includes tax strategists, tax attorneys, specialists in areas like private placement life insurance, and tax-smart investment advisors.
- Wealth Management Department: This department isn’t just one investment advisor. It’s a team of professionals, each bringing their expertise to the table to help you maximize wealth.
- Protection Department: This team handles your insurance, estate planning, and risk management needs.
- Business Scale and Exit Department: This group focuses on scaling your business, preparing it for a future sale, and ensuring you get the maximum value when the time comes to exit.
When you view your wealth team in this holistic way, each department functions as part of a well-oiled machine. You, as the CEO of your financial future, provide the vision and direction. Your department leads (team leads in the wealth team) take that vision and run with it, ensuring that every aspect of your wealth management is aligned with your goals.
Implementing the Organizational Approach
The next step is to get these departments working together. Your team leads—whether it’s your accountant, wealth manager, or protection advisor—need to meet with you and each other at least three to four times a year, in the same room. This collaborative approach ensures that no one is working in silos; everyone is on the same page, working towards the same financial goals.
During these meetings, your wealth team will discuss your financial journey, identify opportunities, and address any challenges. The team leads will then take what they’ve learned back to their individual departments, ensuring that every aspect of your wealth management is working in concert. For example:
- The Tax Department will not only file your taxes but also work proactively with your wealth manager to minimize your tax burden and maximize your wealth.
- The Wealth Management Department will collaborate with the Tax Department to ensure that your investments are tax-efficient and aligned with your long-term goals.
- The Protection Department will ensure that your assets are safeguarded and that your insurance policies are optimized to protect your wealth without unnecessary overlap or gaps.
- The Business Scale and Exit Department will work with the entire team to prepare your business for a future sale, ensuring that it’s valued accurately and that the sale aligns with your overall financial goals. But it’s not just about Exit it’s about viewing your business as apart of your entire portfolio
The Importance of Team Collaboration
The key to maximizing wealth lies in the collaboration of your wealth team. Without this collaboration, you’re likely leaving significant money on the table. A disjointed approach leads to inefficiencies, missed opportunities, and ultimately, a ceiling on your wealth that could be much higher if everyone was running in the same direction.
When your wealth team is aligned, inefficiencies disappear. Your accountant, wealth manager, protection team, and business advisors are all working towards the same goals, leveraging their expertise to create a comprehensive strategy that maximizes your wealth. This approach opens up new possibilities and allows you to reach levels of financial success that you may not have thought possible.
Conclusion: Maximize Your Wealth Potential
The journey to maximizing your wealth potential starts with organizing your wealth team just as you would your business team. By creating a clear structure, ensuring regular collaboration, and aligning everyone’s efforts, you’ll eliminate inefficiencies and unlock new opportunities for growth. Your financial future is too important to leave to chance. Take control, create a unified wealth team, and watch your maximum wealth potential soar.