We often work with local estate-planning attorneys on those kinds of elder-care planning issues. In general, we work closely with attorneys and CPAs using a team approach for our clients. That is a prime area for referrals for all parties involved, and we have established many strong relationships there.
Referrals from these attorneys, accountants, and our current clients are how we grow our practice. I would say in all of those relationships, our philosophy of making a planning model the first priority is a real asset and something that helps drive referrals. All of these constituencies tend to come away very impressed with our dedication to a disciplined planning process and the tools we use along the way.
We use what I call a “three-factor approach to planning,” in which I tell new and current clients, “We want to be in touch with your estate-planning attorney, and we want to be in touch with your accountant. Obviously, we also want to be in close touch with you, the client. We want to be there as the quarterback for you, bringing all of these parties together as a team because the best-designed plan is going to ensure that all of those parties are communicating effectively.”
For example, there may be significant opportunities for an individual to benefit from tax-advantaged investment strategies in several areas of their financial plan. I have also seen many instances where a wealthy individual has trust documents and trusts established, but they haven’t funded the trusts; they never took the time to retitle the assets. I tell clients this is like buying a sophisticated and high-powered new car, and then not putting gas in the tank. By working in a team-oriented environment with all of a client’s trusted advisors, we can help ensure their financial plan is firing on all cylinders and giving them maximum performance.
Disclosure: Kevin McGrady is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. It is not our position to offer legal or tax advice. IFP is not an affiliate of Lincoln Financial Advisors Corp. CRN-1547286-071416
Photography by Mae Gammino