Wherever you are on your journey to building wealth and a legacy, including starting or growing your business or thinking about how your business fits with your financial and estate planning, having a carefully selected team of professional advisors to answer your questions and provide you with trusted advice is critical in making wise, strategic decisions. The professionals on your advisory panel, in addition to your attorney, should include a CPA, a financial planner/wealth management advisor, and possibly a real estate professional, and they should all work together as a team.
What Role Will Each Member of Your Wealth Preservation and Growth Panel Serve
While you may have a clear understanding of what each of the professionals described above, we want to discuss how they can support you as a collective. We’ll go one-by-one and highlight how each of the uniquely trained advisors on your team can pool their expertise in helping you make informed business and wealth management decisions.
Your CPA as Accounting and Tax Advisor
You can rely on your accountant to provide you with operational assistance such as bookkeeping and payroll compliance, as well as assistance with budgeting and financial forecasting and tax planning, reporting, and compliance. Your work with a good CPA can reduce the chances of you encountering more costly problems in the future.
Your Wealth Manager as an Investment and Financial Planner
The role of your wealth manager is not only to safeguard the wealth you already have but to help you grow your proverbial nest egg. A skilled financial advisor will know you and your objectives, and your risk tolerance, and with this insight and their experience and knowledge to help you develop investment strategies to help you achieve your desired financial outcomes.
Your Real Estate Advisor as Property Professional
For many, investing in real estate is a component of a long-term growth strategy, or you may need to find space for your business to rent. Having an experienced real estate professional to help you navigate investment opportunities or find a home for your business can be essential in your overall plan
Your Attorney as Legal Advisor and Quarterback
From starting your business to drafting and negotiating contracts, and possibly one day selling your business or passing it on to your heirs through a comprehensive estate plan, these are just some examples of how a lawyer can counsel you and aid you in devising risk mitigation strategies, to advance your financial objectives.
Building a Strong, Strategic-Oriented Advisory Panel To Support You
When forming your panel of advisors, it’s important that each professional is a communicative and proactive member of your team. Building your collective of professionals who understand the synergy and value of teamwork to help you develop and regularly update and adapt a strategy to build the legacy you envision can take time. However, one or more of our attorneys who regularly handle business and estate planning, and asset preservation is a good starting place.
Contact our law office, Wilson Ratledge, PLLC, to discuss how our legal team can assist you in strategically planning for your future, including preserving and growing your business and your legacy.