How a Little Collaboration Saved $80,000



In our last WEALTHWISE , we talked about an “all-under-one-roof” approach to financial services, where all of your advisors (banking, investments, insurance, etc.) are part of the same corporation. While this approach may have the advantage of convenience, it is no way to run your family’s finances. Once a single firm has you “captive,” they will do everything they can to keep all of your business inside their own corporate pipeline.


What you need is to be free to engage the best advisors and financial products available for your unique situation. Why restrict yourself to one firm? But at the same time, you want your advisors to be fully coordinated with each other and collaborating for your benefit.


What exactly does such collaboration look like?

First of all, collaboration requires communication—a free flow of information between all parties. Our clients Michael and Audrey, who are married, are a perfect example. Michael is a lawyer, and Audrey runs a small consulting business. While their financial situation was enviable by most any standard, their PERSONALCFO here at PARTNERSINWEALTH, Kristina, had a feeling that there was room for improvement.


She arranged a group meeting with Michael and Audrey’s CPA as well as their pension consultant. It was an open brainstorming session to find ways to enhance Michael and Audrey’s financial position. The group kicked around various ideas, but nothing clicked until the focused creativity and the dynamics of being in the same room with one another led to an idea for restructuring Audrey’s small business retirement plan. The change allowed Audrey to increase her contribution and shift more of the plan assets to her. Implementing the idea saved Michael and Audrey some $80,000 per year in taxes.


While each client’s situation is unique, the key point is that Michael and Audrey’s PERSONALCFO pulled the couple’s advisors out of their separate “silos” and into the same room with each other. Then she asked the question: What else could we be doing to help Michael and Audrey? That made all the difference.


That is what our professional team at PARTNERSINWEALTH does: we open lines of communication between your various advisors to ensure they are coordinated and collaborating for you. We objectively bring together all the diverse aspects of your family’s financial life to remove clutter and improve decision-making. The goal is protecting and accelerating the growth of your family’s net worth so your family can achieve its life-goals. For more information, helpful guidance or professional assistance with your financial big picture, please contact Jim Waters, CFP®, at PARTNERSINWEALTH  713.964.4028 or