You Need a Cohesive Wealth Management Team. Here's Why
Chances are, you know that you likely need to tap the expertise of multiple professionals to pursue optimal financial results in your life. That’s because finding one single professional with the full depth and breadth of knowledge required to effectively address all of your wealth management needs and wants—especially the complex ones—can feel like searching for the proverbial needle in a haystack.
Such a person probably doesn’t exist.
That’s why you may already be working with a diverse group of advisors—which might include wealth managers, accountants, attorneys and other specialists.
But it’s not enough to simply hire a bunch of highly qualified professionals. You’ve also got to make sure that they’re working together, in a coordinated manner, on your behalf.
Simply put: When it comes to managing your financial life, you don’t just need a roster of players—you need a cohesive team.
The coordinator
A cohesive wealth management team has a coordinator—a professional who has a full understanding of clients’ situations and what is important to them, and who works closely with the various appropriate experts to pursue the best results possible.
Typically, a wealth manager acts as the coordinator—although accountants, trusts and estates attorneys, and others can take on this role. The coordinator draws on the skills and expertise of a broad array of specialists to deliver various wealth management products and services. These specialists provide the specific niche expertise the coordinator does not personally possess.
Example: A wealth manager may see the need for a client to have an advanced-level asset protection plan involving complicated trusts or other tools. That wealth manager would then bring in a professional who specializes in asset protection plan design and implementation.
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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is registered as an investment adviser with the U.S. Securities and Exchange Commission (“SEC”) with its primary place of business in the state of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. References to registration with the SEC do not imply any endorsement or approval of the qualifications of the firm, nor do they imply that the firm’s representatives have attained a particular level of skill or training. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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