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Are Your Advisors a Team, or a Mob?

September 24, 2015

If you’re like a lot of financially successful households, you probably have multiple advisors, such as an accountant, a wealth advisor, an insurance broker and an attorney. Think of them as a team engaged with different aspects of your financial life. 


The question is: Are they working together for you?

I am often surprised to learn that a family’s advisors not only lack communication, but have never met and do not know one another. That’s no way to run a team. “Individual commitment to a group effort,” said legendary football coach Vince Lombardi, “…is what makes a team work, a company work, a society work, a civilization work.” I would add that it also makes a household work, along with the household’s financial goals.

A Team Sport

But to have a team, you need a coach, otherwise group effort degenerates into mob action. The coach ensures that each team member is the best at their position, and that they are communicating and collaborating to achieve common goals.

That’s what we do at PartnersInWealth. By acting as your PersonalCFO we make sure your financial team is operating collectively for your benefit. It’s the only approach that produces optimal results. For example, one of our client couples, a lawyer and a small business owner, had advisors who were extremely competent, but were each stuck in their own separate “silos.” One day we called a meeting between their CPA and their pension consultant to kick around some new ideas, and a way was found to restructure the small business’ retirement plan. The change allowed the couple to increase their contribution to the plan, and save an estimated $80,000 per year in taxes.

All it took was disrupting the routines of a couple of advisors who were used to working alone, getting them in the same room, focused on the same goal, to improve the client’s financial situation.

No Guarantee, But Confident You're Better Off 

Not every single client experiences such a radical immediate benefit from our collaborative approach. But I am confident that each of our clients are better off as a result of our efforts to ensure their advisors act as a team, not a mob. That’s why it’s one of the first things we look at when a new client comes to us.

We at PartnersInWealth also act as your trusted sounding board for all financial matters, and any questions or concerns you may wish to discuss. We bring the diverse aspects of your financial life together so you can be in control, make better decisions and rest easy knowing your finances are performing like an engine tuned to its highest level. To learn more about us, please contact Jim Waters, CFP®, at 713.964.4028 or

Filed Under: Building Wealth

Written by PartnersInWealth

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