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Evaluating Your Lineup

With sports, as in life, the lineup determines the success. When it comes to money, your situation is no different. Assembling a strong team who work toward your success is the goal.

Let’s look at the basics first. Who is the team?

 

This is the “team” that works for you to reach your goals. Straight forward so far but it’s a little more complicated. Some of the things to consider are:

First and most important... in ANY relationship, who do they work for? Are they a “fiduciary” or a salesperson? Do they owe allegiance to another entity or do they work solely for you?

Along the lines of who do they work for is how do they get paid? It’s an honest question and one that should be asked. If someone can’t look you in the eye with a straight answer, you need to look elsewhere.

A corollary to the who and payment is their disciplinary background. Does anyone on your potential team have a disciplinary record or something in their past worth noting. Each profession has its own record keeping but for investment advisors you can check their history on brokercheck.finra.org 

Another thing to consider is having a different person doing each job. In todays environment, some professionals cross the lines and perform numerous functions. While this might make life easier, it eliminates a check and balance that keeps people honest. Having a few professionals also adds synergy and can yield some great results.

Sport emulates life and building your team is no different. Draft wisely, demand accountability, measure results.