Thursday, July 7, 2016

Building Your “Dream” Team

Do you have a dream team working to build your dreams?  You may assume you can do things on your own with a little help “here and there”.  If you think you don’t need a dream team, you may choose to re-think your strategy.  With help from professionals, you can move your dreams forward effectively and perhaps more quickly. 

A CERTIFIED FINANCIAL PLANNER® professional acts as your GPS system to guide you in the right direction and identify areas which require attention.  Only by working together as a team with other professionals do big and little things get accomplished.  Someone once said that when Mother Teresa spoke, everyone listened. Even today, her profound messages ring true.  One of my fondest quotes from Mother Teresa paraphrased is “I can do things you cannot, you can do things I cannot; together we can do great things.”

Why is it important to rely on professional help?  Here are some reasons.

1.               Discovering effective strategies to accomplish our dreams may be identified by someone else other than ourselves. You’ve heard the common advice about getting a second opinion. When one effective strategy is put in place, we trigger a ripple effect for others. For example, when you can find ways to reduce your taxes, you redirect money to fund other dream ambitions.


2.               Knowing all the features and benefits of every financial product would be impossible.  We simply don’t know what we don’t know. Matching specific products to our needs is best discussed with an expert. For example, the most recent challenge is when it is suitable to use a Tax Free Saving Accounts (TFSA) versus a Registered Retirement Savings Account (RRSP)?  Again, the usual response is “it depends.” 


3.               Creating a smarter “you” happens when you seek advice from professionals.  A favorite proverb says, “As iron sharpens iron, so one person sharpens another.” We learn from each other.  “Book knowledge” is different when applied to real-life experiences.  Professed professionals learn from their clients’ circumstances and then pass on their experiences.
Financial Planning Wheel

With all the different aspects in the development of your financial plan, you need to engage others’ expertise.

q    A tax advisor needs to know the total amount held in registered investments in order to withdraw the money effectively. 

q    Having one investment advisor ensures investments are diversified so you do not face unnecessary market risk. 

q    An insurance representative determines whether you have adequate insurance to cover gaps in your coverage.

q    A lawyer designs your Last Will and Testament to safeguard your final wishes. 

q    A financial planner creates a picture with financial numbers to ensure you can retire with your desired income.

These illustrations are a sampling of the importance of hiring the “right people” to work with you to uncover the loopholes in your financial plan. When you engage the right professionals, you are in essence building your dream team to move your dreams forward both effectively and efficiently. 

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