03/21/2023
I Need a Specialist!
“This is one of the most critical areas of our life, and I don’t know who to hire. Quite honestly, I don’t even know what questions I should ask or what I should be looking for. Can you help me out?” asked Mr. Williams, a very successful local business owner, after one of our recent workshops.
As you might imagine, he is not the first one to ask me that question. You may be asking that same question yourself.
Having made hundreds of presentations to thousands of people of means over the last 10 years, here are some of my thoughts. As we stressed, to be successful 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 all-star.
A Specialist Focuses on You and Your Issues
The best way to determine a person’s focus is to spend some time with them.
“I barely got in a word edge-wise” complained Ruth, a retired businesswoman on her own. She had attempted to interview an advisor to see if he was a specialist. She quickly found the real clue that you’re not dealing with a true specialist--they do more than 20% of the talking when you first meet with them.
When they talk, are they helping you to truly think about your dreams and concerns, or are they talking about themselves than what they do? That is the second tipoff. The first job of a true specialist is to help you determine what is most important to you and what is most urgent.
Lastly, do you understand them? Do they speak plain English, or do they use some type of techno-babble that leaves you confused? You also want to see a description of their Unique Process. Is it their own, or someone else’s?
A Specialist Helps People Just Like You
Once you have accumulated more than $1 Million you are in the top 2% of wealth holders in the United States. Your issues are unique and you need an advisor that serves others just like you—exclusively. Do they spend 100% of their time, effort, education and resources on advanced wealth planning and preservation for people like you?
“I looked on his website and he had seven specialties listed. How can that be?” Mr. Poole, CPA asked me. “It’s impossible for me to excel in multiple specialties, and I’m pretty good.”
You need to ask the advisor a few questions: What is your professional specialty? May I see a sample zero estate or tax reduction plan? What percent of your clients has over $1 Million? Do you have a description of your Ideal Client?
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 was back when you could be one. But you just can’t do that anymore. It is way too complex now” shared attorney Bender.
Every profession knows its all-stars. “All-star,” just like in sports, speaks to proven performance. There is a big difference between 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 others. It is not easy to pull the wool over one’s eyes when you are a teacher or author.
Here are a few questions to ask: Where and what have you taught? Do you have any radio or television appearances? Do you do any pro – bono work?
Warren Buffet said his advisers must be people he can trust implicitly; must be someone who is at the top of their game professionally; and someone he also enjoys spending time with. To me, that’s just another way to say ‘specialist’…an advisor who focuses on you, works exclusively with people just like you, and is in all-star.
Ray O’Connell is an author, educator, CEO and creator of The Financial Confidence Blueprint. His Virtual Family Office has more than 20 specialists to advise clients. O’Connell can be reached at (770) 688-8000.
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