Many people might think of a financial advisor as a single individual. But in fact, a financial planning strategy and results are best driven by a team of professionals. If you are currently looking for a new financial advisor or financial planning services in the St Louis MO area, then this article may be helpful. We will be discussing ways that a team effort can benefit you and your financial goals and needs.

The Elements of a St Louis Financial Dream Team

Why a team? Well, comprehensive wealth management involves multiple varied disciplines designed to reach your goals and objectives.  At Trinity Wealth Advisors, we call this life-wealth planning, where we seek to understand what matters most to you, and then collectively build a strategic path towards those financial objectives. The following are seven key technical aspects of your planning that should be evaluated once you have provided us with clarity regarding your personal goals.

First, Trinity Wealth Advisors will focus on investment management for your retirement and non-retirement portfolios. We leverage the diversification of asset classes and investments within those classes to optimize returns and manage risk.  We are also very aware of current market conditions so we can appropriately select rowing or sailing strategies and then choose investment management styles that complement our overall approach.  Most importantly, we regularly monitor your portfolio comparing your performance with relevant benchmarks, and share your results with you throughout the year.

Second, we will help assess your risk vulnerabilities by bringing in unbiased specialists in long-term care and life insurance who will review your current coverages to determine if you are under or over-insured and will assess whether your policies will best accomplish what you have intended for them.  We also make basic recommendations on identity theft coverage and Property and Casualty insurance parameters. 

Third, a St. Louis financial advisor will review your income and spending to determine whether it has all been accounted for and potentially offer ways to improve your use of it.  Even the wealthiest individuals won’t be able to reach their goals unless their income and spending are balanced and any debt is managed effectively.

Fourth, if you are a business owner, we want to be sure your business is integrated effectively with your personal finances.  Also, if you are wanting to sell your business in the next few years, we have consultants we recommend and work hand-in-hand with to create a succession plan that will increase the value of your business and ultimately sell your business for top dollar.

Fifth, we help manage your charitable giving. Affluent individuals often wish to support their most cherished causes using both tax-efficient annual giving as well as building a lasting legacy utilizing charitable trusts.  A popular implementation we can provide is the inclusion of younger family members for a positive generational impact in your charitable work.

Sixth, we consult with you and your CPA to provide tax strategies that save you money both in the current tax year, as well as over your entire lifetime. High net-worth individuals are in some of the higher tax brackets and therefore savings here can be significant!  We really prefer your hard-earned dollars go towards your own wishes rather than the government’s.   To do so, we utilize strategies such as Roth Conversions, Charitable bunching combined with Donor-Advised Funds, Qualified Charitable Distributions, tax loss, and gain harvesting, and mitigation strategies for the Widow’s tax penalty.  

Seventh, financial advisors at Trinity Wealth Advisors are experienced in assisting clients with estate planning needs both before and after death.  Estate planning is more than just assuring your assets go to the right family members, friends, or charitable organizations.  It’s also about how to do that most effectively, efficiently, and with the most privacy. Estate planning also includes end-of-life planning, such as determining who will oversee your estate distribution and make health care decisions when you are unable to. 

In all cases, our financial advisors in St. Louis are experienced CERTIFIED FINANCIAL PLANNER™ Professionals. To earn the CFP® designation, we have had to pass comprehensive examinations in all of the subjects referred to above, demonstrate experience, and adhere to a strict code of ethics. We are fiduciaries, which means that we will always place your financial best interests ahead of our own.

Working With Other Members of Your Team

Financial advisors at Trinity Wealth Advisors understand that sophisticated strategies need to include other professionals. We are experienced at working with accountants, lawyers, business consultants, nonprofit leaders for charitable giving, and other potential members of your dream team.

The Role of Goals in Realizing Your Dreams

All comprehensive financial advising in St. Louis, Missouri begins with a discussion of your individual and family goals. We develop strategies to meet these goals. Think about it; your goals could be a second home and building a business to pass on to your children, while your neighbor’s goals might be extensive travel and charitable work. The variability of goals, individual to individual and family to family, is why goal assessment is foundational to our work.

That said, goals change over time. The very achievement of some of your goals might cause you to develop others or to change some goals. Life events, such as marriages, births, divorces, or deaths can also cause goals to change and necessitate a revisiting of financial plans.

How to Build a Financial Dream Team

A financial advisor is a key component of any financial dream team. If you’re searching for a financial advisor, there’s no substitute for interviewing them. 

When you meet, assess your comfort level. You should feel comfortable asking questions. Prepare a list of questions you want answered, whether it’s about strategy, how they work, or even a financial term. 

Is the initial discussion unhurried and calm, or does the person seem overly busy or distracted?  Are you comfortable personally talking to the people involved? Do you understand the explanations you are given? If not, then ask again and if you still don’t get it, then that might be a reason to look at another advisor. 

Look for a financial advisor who works frequently with people who are roughly of the same income level and life stage as yourself. High net-worth individuals may have different needs and objectives than those who are just starting out financially. In addition, of course, financial advisors will have more expertise in your needs if they have more experience with your financial peers.

It can also be a good idea to find a financial advisor who shares your values and beliefs. How much better it is when your advisor is not only your trusted financial expert but also fully in sync with you as he or she cheers you on towards your life achievement.   

Finally, consider how they work. If you’re working with a team, have you had a chance to meet all the members? Will they all be directly accessible or is there one point person? Can you go into their office or are meetings and communications all online?

Trinity Wealth Advisors: A St. Louis Financial Dream Team 

At Trinity Wealth Advisors, we feel the best financial strategies can be found by working in partnership with our clients. We employ a team approach that lets our clients benefit from specialists in investments, financial planning, tax, estate planning, and more. We work with you to highlight your goals and provide tailored financial strategies to realize them. Our advisors are CERTIFIED FINANCIAL PLANNER® Professionals with more than 25 years of experience on average. We look forward to working with you. Schedule your right fit meeting today.