Have you ever heard the phrase, “teamwork makes the dream work”? This phrase can be used for everything from organized team sporting events or activities to jobs and even creating long-term investing plans. Individuals have their unique skills, so when building a team, it’s important to promote collaboration to get everyone’s expert ideas and bring them all together to take the most appropriate action. Thinking in terms of investing, working with a team of advisors can help investors make decisions that can impact them for the rest of their lives. And the investor, who is an integral part of the team, is an often-overlooked aspect of the team-based decision-making process.
Even the experts don’t know everything
Even the most experienced financial advisors don’t know everything there is to know about every aspect of investing. That’s why the most reputable organizations build a strong team with diverse backgrounds and knowledge to ensure all bases are covered. This team collaborates with one another to gather opinions, discuss strategies, share past experiences and more, all to help the investor win. If a financial advisor tells you they know everything – presenting expertise as hubris – then it may be a warning sign. That’s not to say their opinion is guaranteed to deliver bad advice, but it’s always a good idea to have a shared process where different ideas and opinions can be considered and inform the decision-making process.
Investors are part of the team too
As an investor, you should be encouraged to give your opinion as well and be a part of the team. As you are the reason why the team is getting organized in the first place, sitting back and letting your financial advisors do all the work isn’t ideal for fostering a strong relationship. If nothing else, your advisors need to know what your short-term and long-term goals are so that they can make appropriate recommendations in your best interests. If you don’t give your input, the team-oriented relationship may seem one-sided, and weak links can surface and become problem areas over time.
Close collaboration supports long-term focus
Long-term focus can be difficult to achieve and even harder to maintain. However, when you have open lines of communication with your financial advisor, it’s much easier to remain focused. Discussions with your team should revolve around risk management, specific needs, goals, objectives, time horizons, life changes and more. An investment decision you make today may have to be changed later to keep you on the right path. But when the focus is on the long-term, you’ve got a great shot at staying on track.
Each United Capital financial advisor you work with has their unique set of skills and expertise. However, the advice and service you receive is consistent among them all due to the basic principles of our program. We truly believe life shouldn’t revolve around money, even though money often provides us with the life we want to live. Living richly has a different meaning for each person, so once we gain insight into what it means to you, we can help you get on the right path. Don’t hesitate to contact us to schedule a consultation and meet with one of our expert team members.
