By Amy J. Wolff

“This is one of the most important areas of my life and I don’t know who to hire. Frankly, I don’t even know what I should be looking for. Can you help me?” lamented Ms. Anderson, a very well known and successful business owner, after one of my recent seminars.

As you might imagine, she is not the first to ask me that question. You may be asking the same question.

Having made thousands of presentations to people over the last decade and instructed thousands of attorneys, accountants and financial advisors on how to work with people of means, here are some of my thoughts. As we stressed, in this complex area, you need to work with a specialist. A specialist focuses on you, works exclusively with people just like you and is an acknowledged allstar.

A Specialist Focuses on You and Your Issues

The best way to determine someone’s focus is to spend some time with them. 

“I barely had time to speak,” complained Jane, a retired woman on her own, who attempted to interview an advisor to determine if they were a specialist. That’s a real tipoff that you’re not with a true specialist: they do more than 90 percent of the talking when you first get together.

And when they talk, are they helping you think about your dreams and concerns… or are they talking about what they do? That’s the second tipoff. The first job of a true specialist is to help you determine what’s most important to you and what’s most urgent.

Lastly, do you understand them—do they speak in plain English or techno-talk?

A Specialist Helps People Just Like You

Once you have accumulated more than $1 Million, you are in the top two percent of wealth holders in the United States. Your issues are unique. You need an advisor that serves others like you. Do they spend 100 percent of their time, effort and education on advanced wealth preservation for people like you?

“I looked on his website and he had seven specialties. How can that be?” Dr. Stewart asked me. “It’s impossible for me to be excellent in multiple specialties.”

You need to ask the advisor a few questions: What is your professional specialty? What percentage of your clients has over $1 Million? Do you have a description of your Ideal Client? Have you saved your clients in taxes through your planning?

A Specialist Is an Acknowledged All-Star

“In my profession, it was clear who the true specialists were. I was a generalist before I retired. That’s back when you could be one. You can’t do that anymore. It’s way too complex.” shared attorney Brown.

Every profession knows its “all stars.” All-star speaks to proven results. There is a big difference between even a major leaguer and an all-star. All-stars can often be identified as those who are published in their field and those who teach their professional peers… you can’t fool your peers.

Here are a few good questions: Where have your articles been published? Any books? Any radio and television appearances? For what professions do you teach for accredited Continuing  Education? 

Warren Buffet said his advisors must be someone he can trust implicitly; someone who is at the top of their game professionally; and someone he enjoys spending time with. To me, that’s another way to say: specialist… an advisor who focuses on you, works exclusively with people just like you and is an all-star.

 

Amy J. Wolff is a financial educator, author, speaker and wealth planner for women. Ms. Wolff can be reached at (952) 405-2000.