By: Molly Grubb, AIF®
Do you ever feel you are getting advice from ten different professionals and getting ten different answers? Your head is spinning faster than an F5 tornado. Your inability to make a concise decision based on the advice you are receiving leaves only a path of destruction in two major areas—items that affect your health and your wealth. It is wonderful that in today’s world we have access to an immense amount of information and we have the most access to education. However, this creates a problem with advisors, as they all petition you to listen to them rather than to someone else. There is a war among their egos to see which one will win and able to say the coveted words “I’m right.” There is no prioritizing that puts you, the client, first in a collaborative fashion to do what is right for you. This leaves you confused about what is best for you versus what will just benefit someone else.
Here is one simple step to simplifying how you can make well-informed decisions. Hold onto your seats, because this might be too simple and obvious. You should have one point of contact be the quarterback for all the other advisors to organize and simplify all their advice in a format that allows you to just make decisions. Although this seems easy, it is rarely practiced. Despite this, society is starting to wake up from the crazy life and demand to have advice simplified. You are starting to see the first establishments in concierge medicine, where you have one doctor who will be the one to orchestrate all your medical needs and can serve from anywhere in the world. That person will point you to the best specialists and work with them on your behalf along the way to ensure you get the help you need.
What are some qualities that you need to look for to find your quarterback, your personal CFO? It works best when that person possesses an entrepreneurial attitude, as this means he or she will be hungry enough to do what it takes to go that extra mile for you. You MUST trust the quarterback thoroughly, not because you know the person but because, unasked, he or she has taken those extra steps to help grow your wealth or improve your health. If you are lucky enough to find a personal CFO you trust, he or she will organize and vet all the advisors on your team to ensure they are all working collaboratively. The wonderful thing is that most of the time you do not have to meet all the advisors; the quarterback is doing it for you. For the most part, you meet with just the quarterback, who will provide the solutions so all you have to do is say yes, no or not yet. You may occasionally have to meet with your team of advisors when you need to execute something they don’t have the credentials for, and they should always be at that meeting to ensure everything gets executed in a way that is in line with your mission.
This innovative process is intended to save you significant time, money and, most important, stress. This is how you transform an F5 tornado into a bright, sunshiny day.
This blog is a publication of Grubb Wealth Management. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of any subjects discussed. A professional advisor should be consulted before any investment decisions are made. All expressions of opinion reflect the judgment of the author on the date of post and are subject to change.