Money can certainly make life easier in many, many ways. Everyone knows that – it’s why we work so hard each day. But there are new problems that crop up along the way. As you increase in wealth, your financial planning needs will increase in complexity along with it.

It can be daunting to consider whether or not a transaction or sale in your portfolio will trigger significant tax consequences, given that higher-net-worth portfolios are generally held in taxable accounts by necessity. If you hold restricted stock units or options, this can be even more complicated.

Even with the plethora of online and automated financial tools available today, you still need robust investment planning, developed with a trusted professional.

I’ve met countless successful people over the years at functions who have a similar relationship when I tell them that I’m in the wealth management business. Without explicitly stating as much, they allude to how they personally would never require the services of a financial advisor. “I’ve learned everything I’ve needed to know about finances on my own along the way,” they’ll say.

Try as you may to keep up with the tax laws and market dynamics, even if this is your full time job, you’ll want help. Consider that most mutual funds pay millions of dollars per year for research and data. The reason? They know that high quality information can be worth 10x or more their investment. We all get blinded by our personal beliefs, especially when it comes to money, so having outside counsel helps you make sound decisions.

With all due respect, the same skills that go into building a business aren’t the same as managing one’s personal wealth. Most entrepreneurs learn the value of delegating responsibilities to maximize their time and energy – just as they would hire a professional graphic designer or website developer, they should recognize the limits of their abilities in financial management as well.

Consider the sheer array of disciplines and skills that go into effectively managing your portfolio. You need to think like a tax attorney, a CPA, an insurance professional. It’s simply too much for one person to take on alone.

This is where a designated wealth advisor can add tremendous value by coordinating a team of skilled individuals, all working toward the same goals that you have outlined for your wealth. It can be very common for professionals from such disparate backgrounds to offer contradictory, even harmful advice. For example, a CPA might recommend a tax strategy to minimize their tax bill without considering what the impact would be on savings in future years. You need someone who has a sense of the strategic picture and can ensure that everyone stays in their lane. Your advisor can serve as the quarterback of this team – don’t worry, you’re still the owner of the team. But you don’t have to rely on yourself to run every play.

As the owner of the team, remember to not be overtly fixated on the gross return at the bottom of your quarterly statement. There is so much more that goes into your wealth strategy than quarterly investment returns. A trusted advisor and coordinated team can add enormous additional value to the tune of several hundred points of alpha each year.

This could come from helping you choose the right asset class to adjusting savings strategies based on tax laws. The best financial advisors can be trusted with your money without your insights. When you get to that level you’ve found someone who can help support you for the long term.


Life can already feel complicated. Take some of the complexity out of your finances by working with a pro.

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