Do you need a financial quarterback?

The Wall Street Journal asks:  Do you need a financial quarterback?

The more money high-net-worth investors [$25 million or more] have, the more advisers they tend to accumulate: attorneys, accountants, financial planners, money managers, insurance agents, personal bankers. Corralling all of them can feel like a full-time job. 

Enter the quarterback—someone responsible for making sure all of the advisers are on the same page when it comes to meeting an investor’s needs. The person acts as a liaison between the advisers and sets the wealth-management agenda, keeping clients up-to-date on their investment portfolio, estate planning and tax issues. …

After the financial crisis, people saw they had holes in their wealth plans.   They wanted a point person to make sure their plans were current.

Investors with substantially less wealth also can benefit from the service. There is a fee for the service often based on the amount of assets and the complexity of the case.  A quarterback might work with advisers at several firms, attorney, insurance agents and tax advisers.  After gathering all the data and advice the quarterback presents a single all-inclusive report.

Most people try to do this themselves.  The problem is that they lack the expertise to know not just the right answers, but the right questions.  Hiring an RIA may be the answer.

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Korving & Company, Investment Management, Suffolk, VA

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