Wealthy individuals and families in North Carolina and South Carolina often add more advisors to their support network as their assets grow. Then they find out that having multiple advisors can lead to multiple headaches.

Do you deal with more than one investment manager? Do you have separate insurance agents for different types of coverage? Do you employ accountants, tax advisors, attorneys, trustees and other advisors from different firms?

If so, you’re not alone. Wealthy individuals and families in Charleston and the Triad region of Winston-Salem, Greensboro and High Point usually did not start that way. They most likely employed a traditional stockbroker early on, adding more specialized advisors as their needs grew. Decades later they have investment accounts at three separate firms, two or three insurance agents, an attorney they haven’t seen in several years and an accountant who does their taxes and little else for them.

Taking this scattered approach to wealth management and retirement planning becomes more problematic as your wealth grows. Here are some of the issues that usually come up:

  • Lack of vision. Multiple advisors from separate firms do not sit down together to take a comprehensive look at your future. They don’t talk about strategies and concepts. Your accountant probably talks to your investment managers only to obtain 1099 information.
  • Lack of coordination. Numerous issues and challenges arise as wealth grows, from business succession to estate planning. Advisors working from separate agendas will offer conflicting advice at different times. At any one time one or two of your advisors will be right but one or two will be wrong.
  • Lack of cooperation. Too often advisors develop an adversarial relationship, competing with each other to be the “quarterback” when they should be adhering to a carefully developed long-term plan based on your needs and goals.
  • Lack of efficiency. Advisors who are not working in harmony are not providing services efficiently. That leads to higher costs, wasted effort and duplication of services. If you are a physician or other health care specialist with a private practice group, or a hospital executive or business owner, you have little time for juggling financial advisors.
  • Lack of perspective. Specialists who are not part of a team tend to develop tunnel vision. Remember the saying, “If all you have is a hammer, everything looks like a nail.” Your insurance agent may see only one solution to a problem while your accountant insists on a different solution to the same problem.

The solution is to find a team of advisors who take a holistic approach to taking care of your family assets by working from a comprehensive, strategic family mission statement. That’s where a family office comes in. Operating in Charleston and the Triad region of Winston-Salem, Greensboro and High Point, we have wealth managers, risk managers, investment advisors, tax professionals, attorneys and life coaches who work in unity and communicate daily. That type of efficiency saves you money, cuts down on the time you spend with advisors, and offers the coordinated approach required to manage your finances and ensure your legacy.

Are you spending too much time trying to deal with multiple advisors? Do you worry about a lack of coherence in your financial strategy? Would you benefit from working with a coordinated team of experienced professionals with the same philosophy? If so, contact Timonier Family Office to begin a smoother path to financial freedom.

 

Tim L. Baker, President and CEO

Timonier, Wealth Beyond Financial™