Four Ways to Build a Strong Advising Team
Expert’s Advice: ?
When you run a small business, you make thousands of decisions, covering everything from personnel to profitability. And one of the most important decisions you can make is choosing the right counselors to advise, support, and protect you and your business. ?While financial advisors, CPAs, attorneys, insurance professionals, real estate agents, and others can each provide very specific expertise and value, a team-based approach can help you cover all your bases and tie everything together.
Here are four things to keep in mind as you build that team:
1. Take time to vet.
Like you would with any business deal, do your due diligence. Make sure prospective advisors have the appropriate capabilities to thrive in their role, and that they’ll be a fit with your way of working.
2. Define roles.
Consider appointing one advisor the “quarterback.” That ensures everyone on the team is collaborating with an eye on both short- and long-term financial, professional, and personal goals.
3. Recognize potential conflicts of interest.
This is especially applicable to advisors who help with the financial aspects of your business. Whenever possible, look to hire advisors who have a fiduciary responsibility, a legal mandate to look out for your best interests and not their own.
4. Stay involved.
Through it all, be an active participant. Don’t rely exclusively on others to make major decisions about your business – especially your financial dealings.
The best team of advisors is built upon mutual trust, with everybody headed in the same direction – yours.
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Disclosure Sentence: Please see important disclosure information at https://jnba.com/disclosure/.
Contact Info:?
Richard S. Brown
JNBA Financial Advisors
8500 Normandale Lake Blvd, Ste 450
Minneapolis, MN 55537
www.JNBA.com