Building Your Advisory Team

By Peter A. Racen, CLU®, ChFC®, CASL®, AEP®, CFP®
Chief Executive Officer
Racen Wealth Management

A successful and effective wealth management strategy addresses many aspects and should evolve over time. Making sure you have the right protection for your assets and managing all the details so plans align with your goals and objectives can be overwhelming. Unfortunately, handling all of this complexity on your own can leave you open to some unexpected risks and surprises down the road.

That’s why a collaborative advisory team can be so beneficial. No one individual is an expert in every element of your wealthcare. To have confidence that all pieces are working together in the most effective way and that no details are falling through the cracks, your team should include a variety of professionals with specific areas of expertise. Working together to provide comprehensive guidance, the team examines your goals, strategizes, and helps implement the steps necessary for your situation. Periodic reviews fine-tune the focus on best outcomes for you, your family, and your estate as your circumstances evolve.

What type of experts are on an advisory team?

There’s no such thing as a one-size-fits-all solution when it comes to advisory teams, but there are some key players that you’ll want at the table to share their wisdom:

Legal professionals are crucial when it comes to protecting your financial future. An experienced and trusted attorney will recommend the appropriate legal structures to protect your best interests.

Insurance Specialist
An insurance specialist with a comprehensive planning approach can help identify the right coverage for your needs and limit potential exposure in the future, including property and casualty insurance, life insurance, disability, and long-term care insurance.

Someone to crunch the numbers is always an invaluable part of any team. For your collaborative advisory team, choose a tax specialist to analyze and minimize your tax liability. The accountant will also provide critical financial recording and analysis.

Investment Professional
While the other team members primarily focus on keeping you protected, an experienced investment banker is there to make sure your money and your investments are living up to their full potential.

Wealth Management Advisor
In football terms, your wealth management advisor fulfills the role of quarterback for your entire financial plan. You’ll meet with them more frequently than the other team members, and they’ll facilitate communication, strategize, and keep an eye on the big picture and progress toward your goals.

How do you choose the right people for your team?

An advisory team only works if it works for you.

There are some key traits and attributes that you should prioritize when selecting your advisory team. Different professionals and organizations bring their own philosophy, perspectives, and values. Take time to find advisors that are able to listen, understand, and adapt to YOUR unique needs.

You need a team that you trust to give you solid advice and insights that are useful. Experienced professionals will be able to connect you with additional resources accumulated throughout their career. A strong background is crucial, allowing your advisors to view your financial situation and plan through a lens that takes into consideration past trends, new innovations, and - most importantly - your needs and goals.

Driving your financial goals becomes much less daunting when you can rely on a team of experts who are collaborating for your best interests. You’ll gain confidence and peace of mind that your assets are being maximized and your priorities are being addressed.

Are you ready to build your advisory team? Racen Wealth Management has decades of experience guiding clients to protect, promote, and preserve their financial futures. We firmly believe in a collaborative advisory approach and can connect you with other trusted professionals to complete your team. We look forward to being an integral part of your goals – just reach out to learn more:

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries. Peter Andrew Racen uses Racen Wealth Management as a marketing name for doing business as a representative of Northwestern Mutual. Northwestern Mutual Investment Services, LLC (NMIS) (investments and brokerage services) a registered investment adviser, broker-dealer, and member of FINRA and SIPC. Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and trust services), a federal savings bank. NM and its subsidiaries are in Milwaukee, WI. Peter Andrew Racen is an Insurance Agent of NM; Registered Representative of NMIS and Advisor of NMWMC.

Racen Wealth Management

Peter Racen, CFP®, CLU®, ChFC®, CASL®, AEP®

Racen Wealth Management


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