High-net-worth families have plenty of things to worry about. So it’s nice when the question of whether their financial advisors have their best interests at heart isn’t one of them, says Matthew T. Shafer, advisor and author of The Future of Your Wealth.
Shafer, who offers tips for overcoming potential problems within a group of advisors, explains that “wealthy families—and many middle-class families—have multiple advisors who specialize in different disciplines, including attorneys, tax specialists, insurance agents and the like. A family could find the best specialist in each field, but if these experts do not work in harmony, the results can be dreadful.”
To keep key players working together for the betterment of clients, Shafer offers the following tips:
1. Check your egos. Those who’ve reach the pinnacles of their professions tend to have strong personalities. Although everyone may agree that a second pair of eyes can improve the overall product, reviewing another’s work can be tricky. Strive for a collaborative tone among experts and try to void finger-pointing—it’s unprofessional and counterproductive.