Building your “Personal Wealth Team”

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Business owners often do an amazing job assembling world-class teams within their business, but neglect to bring the same intentionality to building out the necessary support system in their personal and financial lives.

The core of a "Personal Wealth Team" typically consists of the following professionals:

• Wealth advisor

• Tax accountant

• Estate lawyer

• Business lawyer

• Insurance specialist

• Investment specialist

• M&A lawyer

• Investment banker / M&A advisory

• Business coach or consultant

Some roles could be added to the list or dropped depending on one’s needs and situation. Assembling the team on your own is downright daunting and not an efficient use of most business owners’ time. 

Typically a “quarterback” emerges that helps be the glue between all the professionals. Many times that role falls to the wealth advisor, but it can be any one of the other specialists depending on tenure of the relationship with the business owner, family dynamics, nuances within the business, most current or pressing needs, etc.  

The power of having the right team around you ultimately helps you more optimally achieve your goals, sooner, and with less stress. If you wait to assemble that team or find an advisor who can do it for you until you are ready to go through an exit, business succession or retirement, it’s too late. 

Some entrepreneurs' situations may warrant establishing a family office or joining a multi-family office.  That’s typically reserved for families worth $100mm+ or more.