Perry J. Green, Chief Financial Officer and Senior Wealth Strategist at Waddell & Associates, compares achieving financial success to winning the Super Bowl. He emphasizes the importance of having a well-coordinated team of financial professionals to help individuals reach their financial goals. While only 35% of Americans work with financial advisors or wealth strategists, 83% of those who do reported feeling less stressed about their financial plan for success.
Green outlines five key players in building a successful financial team, with the wealth strategist serving as the quarterback who coordinates and communicates effectively with the other team members. Other essential players include an attorney who acts as an offensive lineman, a certified public accountant (CPA) integrated for additional communication and strategy, a banker for assistance with loans, and an insurance agent responsible for supporting health and life events.
Green highlights the importance of working with an estate attorney for significant life events such as having children and reaching retirement. He emphasizes the role of a CPA in discussing financial adjustments like investments, business ownership, and charitable giving, which can impact financial success. The banker is crucial for acquiring loans during moments of significant change, while the insurance agent supports health and life events for individuals and families.
The communication within the financial team is key to its resilience and success. Regular meetings are essential, with the frequency varying based on assets and life changes. Individuals with assets ranging from $500,000 to $1.5 million typically schedule “all-team” meetings every other year, while those with over $1.5 million have annual team meetings. Green advises individuals to reflect on their current team and relationships in 2024, ensuring that any gaps are filled and additional lines of communication are added as assets and life changes influence the path to financial success.
In closing, Green reminds readers that the information provided is not investment, tax, or financial advice, and individuals should consult with licensed professionals for specific situations. He also mentions that Forbes Finance Council is an invite-only organization for executives in successful accounting, financial planning, and wealth management firms, encouraging readers to see if they qualify. Overall, Green’s insights emphasize the importance of having a well-coordinated financial team to achieve financial success, comparing it to the teamwork required to win the Super Bowl.
