Every investor needs a good team of people available to them; experts who can be relied on to give wise counsel when it is required. Here are the people that an astute investor simply cannot do without.
A Bold Accountant
The type of accountant that an investor needs is not only knowledgeable about different types of investment and how various interests should best be structured, they also understand the intricacies and rules as they relate to investors. Through this, they can confidently recommend various actions which will yield the biggest benefit for the investor, without breaking any laws or bending any rules. The bold accountant is confident because they pay attention to any changes and the tax code, or legislative adjustments that may impact their clients.
A Sensible Lawyer
Just like the bold accountant, the sensible lawyer understands current legislation as it relates to investment, they are also aware that for them to benefit long-term from their clients, they must always act in their best interests. This means building a relationship, and not attempting to get as much money out of them as possible. The sensible lawyer will make you aware of any areas of potential concern and offer insights into potential areas for profit. They will also charge fairly and deserve every cent.
An Educated Mentor
They have been there and done that, and are also aware that the market is everchanging. The right mentor appreciates that any actions they have taken in the past don't necessarily translate to effective action now. They listen, analyse and tell you the truth – regardless of what you want to hear. They are not your friend; they are the voice of experience and rather than seeking your approval, they hope to guide you in the right direction.
A Knowledgeable Real Estate Agent
Or agents, depending on your strategy. This agent knows the area they work in intimately. They know the locals, and are aware of property investment opportunities, before the rest of the market. They keep an eye on certain properties and call you first – because they know you are a reliable investor who sees opportunity when it arises.
A Financial Advisor Who Actually Advises
Financial advice has become something of an ironic term over the last decade or so. Now, many advisors only exist to sell the products of other businesses, a list of which they provide to their clients. In doing so, these advisers fail to do the basics of their job.
Your financial advisor should listen first, and then offer advice on the merits of the problem or opportunity. A good financial advisor will consider the circumstances and present solutions that offer the smoothest pathway to resolution – not just a list of products from other people.
Unfortunately, and as you have likely experienced, there is a lot of trial and error involved in selecting your ideal team. Don't be afraid to remove people who don't fit with what you are trying to do, and cling on to top practitioners – they are not as common as they used to be.