How to build your own team of financial experts

Anyone who watched the Canadian women’s Olympic hockey team achieve victory in 2002, knows it took a heck of a lot more than a loonie under centre ice to bag them a gold medal – it took a team of great players with different strengths working together to make it happen. So why not try thinking of your financial goals in the same way? We all have our strengths, but to reach our potential it helps to tap the best people for advice on everything from investments to your career. Ultimately, with the right experts on your team, you can make sure your hard-earned cash is working for you.

Here are the experts you should consider recruiting to help reach your goals:

A financial advisor: Some people are great at doing their own investing, but not everyone is cut out for investment research and number-crunching. At some point, a financial planner can help you determine how to reach your financial goals through a savings and investment plan. That means helping you figure out how much to put aside for retirement, how much to save for other goals (buying a house? Your kids’ education?) and how to invest your money to make it happen. They can help you prioritize your financial goals and show you a realistic path to get there. Of course, financial advice is packaged in all different ways, from fee-based to commission-based. This recent blog post outlines some of the factors you need to consider before hiring an advisor and what you should look out for.

An accountant: At some points in life, we could all benefit from the advice of a professional accountant – even those of us who doggedly complete our own tax returns year after year. An accountant’s job is to help you keep money in your pocket – they bring the knowledge of available tax deductions and an understanding of how to manage your income so that you pay less tax on an annual basis (income splitting anyone?). You might not need accounting advice on a regular basis but it sure can help when your circumstances change, like when you retire or your work situation changes.

A lawyer: Having a good lawyer on your team is an invaluable resource, especially when it comes to estate planning. A lawyer can make sure your will is airtight so that your wishes are carried out after you’re gone. Even if you’ve used a DIY, over-the-counter will kit, you should get a lawyer to look it over and make sure it’s correct – any mistakes or overlooked items, and your will could be contested.

A mentor: Have you ever wanted your own personal career Yoda? You know, someone who will listen to your work dilemma or career goals and give you advice based on years of hard-earned experience? Well, there are potential mentors all around you: more senior people at your work or in your field. It’s a good idea to establish a relationship with someone who has achieved some of the career goals you aspire to. They can act as both a sounding board for your own work-related ideas and challenges, and as a goldmine of feedback and advice. This article by career consultant Adele Scheele in The Huffington Post outlines how to initiate relationships with people around you that could lead to winning advice and furthering your career.

Caroline Cakebread is a Toronto-based financial writer and editor. She’s also a recovering academic and the mother of two kids. Check out her personal finance blog for Chatelaine Your Money.