By Jason LaBarge | Financial Advisor and President, LaBarge Financial
The football playoffs were thrilling, even if the Baltimore Ravens weren’t involved. Their team was injured at times and disjointed during key games down the stretch, which kept them out of the playoffs. From the offense and defense to special teams and the coaching staff, football teams need to work together to be successful.
These are lessons we can learn from and apply to our finances. Modern financial planning is complicated, and not only do you need to plan for retirement or manage investments, but you also should consider taxes, insurance, Social Security and more.
Once upon a time, these were all done separately with attorneys, accountants and financial planners with little communication between each resource. I believe that today’s financial landscape needs a cohesive team to create a strategy and execute it efficiently.
Lessons From Multifamily Offices
I’ve observed this philosophy in practice at multifamily offices. These operate and manage the finances of ultra-wealthy families, like the Bisciotti family and Ravens owner Steve Bisciotti. They have billions of dollars, which few others can match, but a closer look shows comprehensive planning that matches the work of a team that understands the greater mission.
From retirement and taxes to investments and estate planning, attorneys, accountants and financial planners are all in lockstep with one another. When one family member dies, the money remains managed by the office, and they work together to continue managing the money for the rest of the family.
I believe this cohesive planning process is more efficient and involves extensive communication. Decisions aren’t made by individuals but by the team, and the entire plan is taken into consideration.
Apply These Lessons To Your Financial Planning
Whether you have billions of dollars or thousands of dollars, the same philosophy can be applied to your financial plan. Each component of a plan impacts the other one. A tax strategy may unintentionally increase estate taxes, or an investment decision could disrupt your Medicare benefits.
That’s why it’s important to have each aspect of your financial plan in lockstep with one another, not just through communication, but through coordinated strategies across all parties involved. Just like multifamily offices, accountants, estate planning attorneys and financial planners can be partners in your financial journey.
This shouldn’t end when you pass away. The team should continue to manage the finances for your entire family and work to help create a legacy that you can be proud of.
Finding A Cohesive Team For Your Finances
Financial planners can often be focused only on investments, not tax or estate planning, leaving you to find help elsewhere and a disjointed financial plan that could lead to mistakes and inefficiencies.
We believe the future of financial planning is having a team to manage your financial plan. That means establishing partnerships with attorneys, insurance, and accountants who understand your financial picture and can work with the financial advisor to create a cohesive plan.
As you evaluate your financial future, consider the complexities of your financial situation. Do you want to play telephone between multiple offices, or do you want to have the convenience of a solid team that is going to work together to help you achieve your goals?
Jason LaBarge, financial advisor and president of LaBarge Financial
7 Riggs Avenue, Severna Park, MD 21146
443-647-4321
www.labargefinancial.com
Securities offered only by duly registered individuals through Madison Avenue Securities LLC (“MAS”), member FINRA/SIPC. MAS and LaBarge Financial are not affiliated companies. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. Insurance products are offered through the insurance business LaBarge Financial LLC is also an investment advisory practice that offers products and services through AE Wealth Management LLC (AEWM), a registered investment adviser. AEWM does not offer insurance products. The insurance products offered by LaBarge Financial LLC are not subject to investment advisor requirements. LaBarge Financial is not affiliated with the U.S. government or any governmental agency. LaBarge Financial LLC has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice. 3673713 – 1/26