Just as great sports people need an amazing team, so do you as a business owner. This is especially true if you want to create financial freedom through your business. Roger Federer didn’t achieve all his success on his own, nor will you.
But who do you need and how do you build your team?
You need the Awesome Eight.
To achieve financial freedom you are going to need to assemble a team to take on the challenge with you, people who have the know-how and expertise to get you there. The team you will require to be financially free using your business will have eight people who play the following roles.
Trusted Personal Financial Adviser
Your trusted personal financial adviser is the leader of your team. They lead financially successful clients to become crystal clear about their values, goals and current financial reality. Then they lead them by orchestrating the creation of a truly comprehensive plan to bridge the Financial Freedom Gap between where they are now and where they want to be, so they can achieve financial freedom.
Your trusted personal financial adviser will lead you through the whole process of achieving financial freedom. They play the key role. They are the conductor who leads, marshals and manages the orchestra – being your financial team.
As a business owner, you will more than likely already have a relationship with an accountant. However, most accountants are simply form fillers; they are not business advisers.
An accountant who is part of your team should only work with people who want to grow their business. They understand the key areas you need to help you grow your business like cash, profits, team and efficiency. And they are aware that having a successful business is only half the job. Using your business to create financial freedom, a legacy and having an impact on your community is the end goal. Working with a trusted financial adviser completes this journey.
A good accountant understands this and is able to work collaboratively with your trusted personal adviser.
A finance broker will be able to explore the strategies available to take advantage of the investment opportunities that structuring your loans can provide you. They will bring to the table solutions to leverage your assets to fast track your success. Again, they will work collaboratively with your trusted personal financial adviser and do the heavy lifting for you when it comes to finance applications.
A good finance broker understands the value of a well thought out loan structure to achieve financial freedom.
All good financial plans need to have a level of personal protection built in. An insurance broker will be able to outline what types of personal insurance you need, how much you need and how to best structure the payments of these policies. While it might not be the most uplifting stage in your journey, it could be the most important.
A good insurance broker will help you put the right personal insurance policies in place and know the value of providing peace of mind to you and your family on your journey to financial freedom.
Estate Planning Lawyer
An estate planning lawyer is someone you want to meet before you need their advice. Putting an estate plan in place – much like a personal insurance plan – provides you with peace of mind. A good estate planning lawyer will understand your specific circumstances and those of your business, and therefore be able to recommend what is right for you.
The first person you need on your team to help you create the assets you need to achieve financial freedom (there are two more) is an investment adviser. The investment adviser will work with your trusted financial adviser to put together portfolios across assets such as shares, international investments and income producing assets.
A good investment adviser will give you proactive and ongoing advice in relation to your portfolio allowing you to grow your assets to become financially free.
As Australians we love property. The problem is, we often think of ourselves as experts in property. But a property adviser has true expert knowledge in this area. They can research, work with and negotiate on your behalf for both residential, commercial and development properties.
A good property adviser has access to assets and property not available to the general public.
The last adviser in your asset- building team is your superannuation adviser. Superannuation is an amazing vehicle, but just like a Ferrari – look under the hood and it’s a complex beast. You need someone on your team who understands how to get the most from this vehicle, especially how to maximise the tax concessions and strategies for business owners.
There you have it.
The team of awesome eight advisers you need to achieve Financial Freedom, all coordinated by a trusted financial adviser.
Now, if only you knew that trusted Financial Adviser…