What is Advisor Integration?
From our experience, most people have never been educated on what advisor integration means and why it is important. Below is a brief explanation.
A person's financial well being is NOT just about their investments.
Obviously, investments are an important part of one's "financial life", but there are other critical parts that need to be handled properly as well. Some of those areas include tax planning, asset protection and estate planning. While many of us use professionals to prepare our taxes, create our Wills and Trusts and make sure that we have the necessary insurances (auto, home, umbrella, etc.), very few people understand the importance of those different professionals coordinating their efforts to make sure that their clients are getting the best guidance possible.
For example, if your investment advisor does not speak with your tax advisor PRIOR to implementing investment decisions so that the resulting tax consequences can be part of the decision making process, it can cause both the client and their tax person a lot of unpleasant surprises when filing their taxes. Many times this can be avoided by proper communication between the various advisors. At the very least, the outcome will not be an ugly surprise at tax time, when it is too late to do anything about it.
This is just one of many examples of why communication between your various financial professionals can be impactful on your financial success. The reality is that most of these professionals provide a very specific service and benefit, but they are not in a position to analyze the impact of their service on your entire financial plan. The only professional that may be in that position would be your Wealth Manager/Financial Planner, which is why we encourage our clients to facilitate that communication.
Ask yourself the question, "Are my current advisors communicating and coordinating like this?" If not, should they? Uncovering the answer to that question is something that you should explore seriously.
I encourage you to contact us to get a deeper understanding of the positive impacts this one practice can bring to your wealth management plan.