Blog Post #18 A FUNDAMENTAL PRINCIPLE RE: THE 4 FINANCIAL FOCUSED PROFESSIONALS (Financial Advisor, Estate Planning Attorney and P&C Agent)

JB:  Again, focusing on the primary targets.  Alright Mark, let’s review the Financial Professionals.  We’ll start with the Financial Advisor. 

A FUNDAMENTAL PRINCIPLE RE: THE 4 FINANCIAL FOCUSED PROFESSIONALS (Financial Advisor, Estate Planning Attorney and P&C Agent)

MM:  Okay, great. Before we review the Financial Professionals, who are the Financial Advisor, the Accountant, the Estate Planning Attorney and the Property & Casualty Insurance Agent, let’s review a dynamic that I think is critical for everyone to understand first.

What everyone needs to understand in the Core7 is that the four Financial Professionals are constantly doing business and referring each other.  If these four professionals are not constantly referring business to each other, they aren’t doing any business at all.  It’s important to understand that clearly.

They are constantly referring.  Talk about secondary referral targets, these happen all the time.  They really need each other.

 JB:  Yeah, this is so true.  If they’re not collaborating, basically the clients don’t have a plan.  It’s absolutely necessary that they work together.  

MM:  I agree.  You know whenever a full financial plan is created, all four professionals are needed. 

It starts when the plan is created by the Financial Advisor and the investments are made. Then you have to do a Will and an Estate Plan, so the Estate Planning Attorney has to do that to protect the assets. 

They need to be protected from lawsuits, so the Property & Casualty Insurance Agent needs to review the Umbrella Policy to protect that. 

There’s always tax planning that has to be considered, so you obviously need the accountant.

All four need to work together. It’s critical.