Our clients tell us that one of the most beneficial aspects of working with us is that we are proactive in collaborating with their other professional advisors. P&A believes that everyone should have three trusted and independent advisors: an accountant, an attorney, and a fee-only investment advisor. As a client seeking help, the burden of coordinating these professionals shouldn’t have to fall on your shoulders. For many of our clients, P&A serves as our clients’ financial quarterback, working alongside their other two advisors to ensure their best interests are being served. One of the chief reasons we find ourselves in this role is because we do not impose any additional fees on the client for assisting them in this manner.
In today’s world of complex tax, legal, and investment rules and regulations, this coordination between professionals has never been more important. Each professional brings a unique perspective to the table allowing for a comprehensive approach to a clients’ total financial picture.
Let’s preface all this by saying the client would have to give all three advisors permission to speak to each other, but we think it’s in their best interests to allow this collaboration.
With five people in our office holding the CFP® designation, we understand where these professions overlap and how they affect your entire financial picture. Accountants and attorneys know that our motivation is the same as theirs…to work in the best interests of our mutual client, not to sell them a product.
Our financial planning process is a window into a client’s financial life. The more we learn, the better our advice can be to a particular client. Often times during the process we’ll notice a client doesn’t have, or hasn’t recently updated, basic estate planning documents like a will or power of attorney. This presents a red flag that merits further discussion. If the client does have an attorney who specializes in estate planning, a meeting could be set up with the client, their attorney, and P&A. If not, we can recommend several attorneys for the client to interview.
P&A also works closely with our clients’ accountants in order to appropriately address tax-related issues. Working together we are able to manage the assets our clients have with us as tax efficiently as possible. Here are a few examples:
-asset sales away from P&A by a client can influence the actions we take in their portfolio with us
-if a client has a large loss carry-forward, it may make sense to take some gains
-if a client is philanthropic, establishing a donor-advised fund may be advisable
If you want us to talk to your other professional advisors regarding a financial transaction, we’re more than happy to lift that burden off of you. We tell our clients to get as much work out of us as possible for the fee they pay us, which incidentally doesn’t go up as a result of this extra work.