Building enduring wealth requires surrounding yourself with the right experts. Just like in medicine, where a team of professionals works together for a common goal, your financial team should work in harmony to accelerate your financial goals.
Why Do You Need a Financial Team?
While the costs associated with a financial team might seem daunting, they are an investment that can help you earn multiples of their cost. CPAs, asset protection lawyers, insurance agents, financial advisors, and real estate specialists all play essential roles in building wealth efficiently.
Who Should Be On Your Financial Team?
Depending on your financial goals, your team may include a CPA, asset protection lawyer, insurance agent, financial advisor, and real estate investment specialists.
CPA
A knowledgeable CPA can help maximize tax savings and adapt strategies as your financial goals evolve. It’s important to find a CPA who specializes in areas aligned with your objectives.
Asset Protection Lawyer
An asset protection lawyer can safeguard your wealth from potential lawsuits and provide tailored strategies to protect your assets.
Insurance Agent
Experienced insurance agents can help you find the right policies to protect your wealth, whether it’s life insurance, disability insurance, or insurance on investment properties.
Financial Advisor
Find a financial advisor who understands your unique financial situation, including investments in real estate and alternative assets. Look for advisors who can create a personalized financial plan that aligns with your goals.
Real Estate Investment Team
For real estate investors, building a team of lenders, agents, contractors, and property managers is essential for success. Diversify your real estate portfolio and work with experienced sponsors or operators in syndications or REITS.
How to Build Your Financial Team
Join communities, network, and interview potential team members to ensure they align with your goals. Check credentials, conduct background checks, and consider trial periods to establish lasting relationships with your financial team.
Start Forming Your Team Today
Surrounding yourself with trusted financial experts can elevate your financial success. Be willing to switch team members if they don’t meet your standards and continue to build an all-star financial team to achieve financial freedom.
Peter Kim, MD is the founder of Passive Income MD, offering education through the Passive Real Estate Academy and the Passive Income MD Podcast. Join the Passive Income Doc Facebook Group for community support.
Start building your financial team today and take actionable steps towards achieving your financial goals!
