4 min read
Imagine the unexpected. Perhaps your home is swept away in a flood, or you are noticing the first signs of memory loss, or maybe Mom is suddenly in the hospital and Dad is overcome by fear of losing his lifetime partner. On such days when emotions are running high, knowing you have a collaborative team of financial professionals who know you, your family, and each other can bring tremendous relief. But it's hard to steer through the waves if your financial "crew" isn't in place before the storm. Many people don’t think about building this team when life feels calm and manageable. Let’s look at what you can do to avoid trying to fix your ship during a financial storm.
Understanding the Concept of a Financial Team
So, who is on your financial team? Think of your financial team as a circle of trusted professionals, each with their own specialty, working together on your behalf. This team usually includes a:
- Financial Advisor
- Accountant or Tax Professional
- Insurance Agent
- Attorney
Together, they provide comprehensive guidance to help you make informed decisions—not just about your money, but about the unique needs of your life journey. This same core team of professionals can also serve as trusted sources to connect you with other specialists needed in specific situations, such as daily money managers, care managers, or health care advocates.
Key Roles in Your Financial Team
Financial Advisor
A CERTIFIED FINANCIAL PLANNER® professional or CFP® helps you see the big picture. They’ll work with you to align your savings, investments, and income with what matters most to you—whether that's retiring comfortably, supporting family, or preparing for future health needs. They provide holistic financial guidance based on your goals and may include investment advice, tax management, and referrals to other specialists. They are essential for business owners and individuals during life’s transitions, such as young professionals, young families, sandwich generations, pre-retirement, or legacy situations. Their primary goal is to help you create and maintain a financial plan that aligns with your goals and risk tolerance.
Accountant or Tax Professional
These professionals help you stay on top of tax filing and can identify ways to make the most of current tax laws. If you own a business or have complex finances, they’re especially valuable in helping you keep more of what you've earned.
Insurance Agent
Your agent helps you understand your options for protecting your assets. From homeowners and life insurance to health or long-term care coverage, they can advise you in selecting coverage that supports your current situation and evolving needs.
Attorney
An attorney handles the legal aspects of financial planning, including estate planning, drafting wills, managing property transactions, protecting assets from litigation, and helping with a succession plan if you're in business for yourself. Their legal expertise is fundamental to safeguarding your financial future and ensuring your wishes are carried out in the event of your short or long-term disability or death.
How to Choose the Right Team
Start with your goals. If you have a financial plan, you’re in a stronger position to assemble the right professionals around it. While some roles overlap, each has distinct expertise. Here are a few tips:
- Ask for referrals from people you trust, such as friends, family members, or other professionals. When you do, it’s wise to ask if the person making the recommendation has any financial ties—such as referral fees or participation in a professional network that could influence their suggestion.
- Check credentials and licenses to be sure each professional is qualified for their specific role.
- Look for people who are willing to collaborate with the rest of your team—it’s important that they work well together.
- Choose professionals who listen closely and take the time to understand your values, not just your numbers.
- Your team should feel like a trusted group that works with—not just for—you.
Building a core trusted team is the first step towards preparing your ship to pursue financial success.
Special Situations
While many people will not need to go beyond a core financial team, I regularly see our clients need to update, change, or add new team specialists in certain situations.
Starting, Expanding, or Selling a Small Business
In addition to updating your personal financial plan, you may want to consider adding a commercial banker to help with day-to-day access to the business money and for help with loans, a business attorney, a business insurance agent, and perhaps a bookkeeper or daily money manager who handles businesses as well as individuals and families. Visit the topic business owners for a series of articles on who to involve and when to do what.
Sudden New Wealth
Surprisingly, dealing with sudden wealth can become a nightmare. If you receive an unexpected inheritance or win the lottery, stop. Do nothing fast. Updating your financial advisor and tax professional, as well as your attorney for your will and legacy planning, is essential to avoid the emotional risks and financial pitfalls of sudden new wealth.
First Signs of Memory Loss or Possible Dementia
Because legal and financial decisions require “mental competence,” and that can become more challenging as conditions like Alzheimer’s disease or a related dementia advance, you do not want to delay. Acting sooner rather than later allows you to maintain control, communicate your wishes clearly, and minimize the risk of confusion, conflict, or exploitation.
Marriage, Divorce, or Death in the Family
Major life events like getting married, going through a divorce, or losing a spouse are deeply personal and often overwhelming. Beyond the emotional impact, these transitions bring financial responsibilities and decisions you cannot ignore, and your team and additional specialists can provide support. It can help to remind yourself that it’s not just about updating documents—it’s about making sure your financial plan continues to reflect your values and provide for the people you care about most.
Your Next Steps
A well-coordinated financial team isn’t just about managing money—it’s about caring for yourself and those you love. If you haven’t already, consider bringing your family together to talk through your plans and introduce key team members. If something unexpected happens, your loved ones know who to call.
Having the right people in place is like having a well-prepared crew and a sturdy ship—ready to navigate both calm waters and unexpected storms. With a trusted financial team by your side, you can spend less time worrying about what's ahead and more time enjoying the journey—rain or shine—with confidence that your journey is guided by people who understand your values and vision.
Resources
Find a CFP® Professional – CFP Board
American College of Trust and Estate Counsel (ACTEC)
National Association of Estate Planners & Councils
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Adam Robert, CFP® is a co-owner of Clute Wealth Management in South Burlington, VT and Plattsburgh, NY, an independent firm that provides strategic financial and investment planning for individuals and small businesses in the Champlain Valley region of New York and Vermont. For informational purposes only. LPL Financial does not offer legal or tax advice. Securities and advisory services offered through LPL Financial, Member FINRA/SIPC.
Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. Clute Wealth Management and LPL Financial are separate entities.