What a thrill to feel a sailboat glide through the water as the wind catches the sails and you hear the “whoosh” of the waves alongside the hull. Last month I had the exciting opportunity to join fellow Villanova alum, Skipper Dean Walters (also pictured here) on a sailing trip on the Chesapeake. While I’m no sailing expert, it’s clear that sailing requires teamwork. One person steers the boat, another hoists or lowers the sails and a third helps navigate the boat through potential hazards while monitoring weather conditions. There is a role for everyone on board.
This cooperation reminds me of financial planning and investment management where advisors benefit from relying on various experts and tools to serve clients effectively. The “crew” in my financial advisory practice includes:
1) Financial Planning Tools and Software- Helpful for gathering important client data and life goals and testing plans in various economic and market scenarios.
2) Investment Tools- Platforms such as FactSet, Bloomberg and Morningstar aid in evaluating investments and monitoring financial markets.
3) XY Planning Network – A key partner in areas including compliance, operations, and marketing.
4) Network of Experts- Collaborating with specialists along with software focused on Medicare, tax and estate planning, help with adding value.
5) Custodial Services- My custodian, Charles Schwab, safeguards client assets while also providing investment trading and operations support.
6) Fellow Financial Planners- My membership with XY Planning Network, Financial Planning Association, and CFA Society of Philadelphia, allow me to regularly interact with other professionals and discuss best practices.
7) Website and Social Media: A well-developed website and presence on social media such as LinkedIn help foster good communications with clients and prospects.
8) My Professional Network- I enjoy interacting with my business relationships and my students, who always offer new perspectives.
9) Most Valuable Crew Members- My wife and family, for their never-ending support and keen insights!
Just like sailing, advisory and financial planning require a whole “crew” on board to provide clients with the best experience possible.
