A Whole Team Behind You

Jason Pike

| November 3rd, 2020

A Whole Team Behind You

Personal finance and health matters have a lot in common. Doing the best thing for your finances and health are always simple but not always easy. Eat mostly whole foods and incorporate plenty of exercise and movement into your life. Keep track of your spending and spend less than you earn.

Personal finance and health are also both best approached holistically. The whole is greater than the sum of their parts. In health matters, that can translate to having a family doctor who oversees your health but who refers you to and consults with specialists when necessary. In financial matters, that can translate to working with a team of advisors rather than a single advisor. When you work with a team of professionals, each of whom specializes in a specific area, your health and your finances will be in peak form.

Ever-Changing Needs

To use the health analogy again, we start our lives being cared for by a pediatrician, but as we progress through life, the kind of care we need changes. The same is true for financial care.

The kind of financial advice and planning you need when you’re just starting your career and are still dealing with things like student loan debt is different than the advice you need as you prepare for retirement. And your needs change again during retirement.

Working with a financial team allows you to work with people who specialize in the different stages of financial life.

But the Same Familiar Faces

Many of us stay with the same family doctor for many years, and that is beneficial. Medical issues are very intimate and private. We generally do not like to recount our entire medical history to a new doctor every few years and build a new relationship with a stranger.

The same is true of money; our finances are a private thing. We don’t want to keep having to build new relationships with an ever-changing cast of financial advisors because our needs have changed, and our current advisor is no longer meeting them, or our advisor retires, and we’re passed along to a stranger.

When you work with an advisory team, you will not have to forge new relationships throughout your financial life. You will know each of the members on your team.

Back Office Support

Anyone who works solo in their own business knows how many different things you must juggle simultaneously. It can be hard to keep all the balls in the air at the same time when you are doing everything alone.

Working with an advisory team does not just mean a team of advisors. We also have people working behind the scenes on your behalf, whether that means streamlining the client onboarding process or making sure our team is always up to date on the continually changing world of compliance.

Economy of Scale

You might think, “This all sounds great, but working with a team must be more expensive than working with a single advisor. There is a lot more overhead.” That does sound logical, but it turns out not to be the case due to economy of scale. Economies of scale are cost advantages gained by businesses when production becomes efficient. Businesses can achieve this by increasing production and lowering costs.

Research shows that advisor teams are more productive than sole advisors and that teams grew revenue 17% faster and asset growth 11% faster than solo advisors. More production for us means lower fees for you.

Join the Team!

Our team at CoreVision will create a game plan tailored to you, your family, and your financial goals. We would love to have you on our team.

Securities and advisory offered through LPL Financial, a registered investment advisor.  Member FINRA/SIPC.

By Jason Pike

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