Originally published on American Cities Business Journals

By Richard Bennett, Durbin Bennett

The times when the wealthy picked up their financial advice piecemeal are fading. These days, longer and more complex lives demand coordinated planning among multiple advisers.

The problem: Tax accountants, retirement planners, investment professionals, insurance agents, estate lawyers and charities all can go in different directions if wealth managers don’t build and lead well­ integrated, multi-adviser teams for their clients.

Here in Austin, some of our leading professionals work well together. In other cases, we operate in silos. This is a call for us to do better.

A prime example is advice given around taxes, which impact every area of a client’s financial life. An investment professional deals principally with investments which can create inefficient taxable events; a CPA meanwhile, prepares the tax return but may not know the investment adviser’s aims. Both the investment advisor and the CPA are laser-focused on his or her area of expertise, but not as much on how the various pieces of the client’s financial life interconnect.

One solution would be assemble a team of “best in class” professionals, ensuring that there are no gaps or holes in planning and executing a client’s financial strategy. A team leader responsible for coordinating communication must be identified and the team must work and communicate together effectively.

Clients are much more likely to reach their goals if they are surrounded by a team whose members work together; a silo approach can leave a client and each of his or her advisers in a reactive, rather than proactive, posture.

Just as important, perhaps, the holistic nature of financial team-building often leads to more enriching, longer relationships all around; collaboration becomes a symbiotic solution.

Of course, while clients select a wealth adviser, attorney, accountant and even a charity to support in a way that helps them realize their goals and objectives, they must do their own due diligence.

A review of the advisers Form ADV filed with federal regulators as well as checking the adviser’s references is crucial. Questions such as, who can best address long-term goals, or, do I fit the profile of the adviser’s target client, need to be addressed and answered.

When comparing finalists on your list, who is well-connected? Do they have local and well-regarded relationships in the specific areas most relevant to your needs? You need to take into consideration taxes, estate planning and insurance, as well as asset protection, real estate, and philanthropy.

Finally, do they include both partners, if the client is in a relationship? Do they have the desire and leadership skills to quarterback successfully a team of specialized advisers?

If any of us find ourselves giving advice in a bit of a bubble, by suggesting to clients that they need to speak to a lawyer, accountant or adviser about a particular issue without follow-through and a team discussion, we are falling short of expectations.

Ultimately, clients and their advisers in each of these disciplines will be best served if all specialists can work together seamlessly, so they all can turn to the task that matters most: achieving the client’s financial and personal goals now and in the future.

Richard Bennett is the co-founder of Durbin Bennett Private Wealth Management, which has been providing comprehensive wealth planning in Austin since 1987.