Leverage Your Advisor Part I
We all know individuals in our lives that have been successful in their wealth building. What you will often notice is that those individuals have a really close personal or working relationship with their team of advisors. These powerful teams of advisors typically consist of their attorneys, CPAs, financial planners, and bankers to name a few. The reason that these successful individuals generally have close relationships with their advisors is that they understand the importance of leveraging others with expertise knowledge in their wealth creation process. Now those of you on the call all invest in real estate. And as real estate investors, you understand the importance of leverage when it comes to these real estate deals. Leverage, when speaking in real estate terms, generally means using borrowed money to increase the rate of return on your investment. But how many of you have actually leveraged your team of advisors? When we talk about leveraging your team of advisors, we are talking about identifying ways in which to utilize your advisors and their expertise to help increase the rate at which you grow your wealth.
We know that it's hard to be a jack of all trades. As such, we pay for the professional services of our attorneys to review our contracts and entity structures to ensure that we are getting the maximum liability protection on our investments. We know that taxes are the number one erosion of wealth in the United States. That's why we pay our CPAs to strategize ways for us to save money on taxes resulting in more money to re-invest with. But aside from the common ways in which we utilize and interact with these advisors, there are many additional ways that we can leverage our advisors to help us to achieve our wealth building goals. Let's go over today's agenda to give you an overview on what we will be discussing tonight:
1) How to Leverage Your Advisors - how maximize your relationship with your advisors
2) Becoming the Captain of Your Ship - Using the Team Approach
3) Ways your Advisors Can Help Accelerate Your Pathway to Success
4) Advisor Evaluation Techniques
5) Creating Your Powerful Team of Advisors
Now the question becomes: How do you leverage your advisors. Well the first step in leveraging your advisors is to build your relationship with your advisors. Advisors, just as everyone else that you may know, are more inclined to provide additional assistance to those with whom they have a good relationship with. One of the key components to relationship building is to establish trust. So this means that you trust that your advisors that they will act with your best interest in mind and that you do the same for them. Then, develop a good personal relationship with them and build rapport. Be sure to be in constant communication with your advisors as this accomplishes two important objectives: one, they are more likely to identify opportunities, whether technical or transactional, that will benefit you. And two: close contact allows you the ability to build relationships with them. So how do you become a special person to your advisors? A way to develop your advisor relationship is through reciprocity: what we mean by this is through referrals. This is something that is extremely easy for all of us to do but we often overlook that opportunity. Be a spokesperson for your advisors and let others know what a good job they are doing for you. This is a very easy way for you to build your relationship with your advisors because everyone appreciates receiving referrals for their businesses. This will make you stand out from all their other clients and demonstrate that you have your advisors' success in mind. If you have a great advisor, there is a tendency for people to not want to tell others about them. Actually, this is one of the best ways to build that relationship, and that's by helping them generate business. They will be thankful for what you have done for them and they will go that extra mile for you when you need something done quickly. The hidden bonus here is that they will refer business back to you. Once you establish that kind of relationship with your advisors, they will always keep you in mind when they come across opportunities that they feel will benefit you.
Story:
* If they are good at what they do, spread the word about them. People will feel they need to reciprocate and help you out in return.
* Don't rush your time spent with advisors. Focus on the value you will receive with the information and the strategies you get from the conversation.
* Spending money on advisors should be viewed as an investment.
* Ask your advisors what are the ways in which you can help them? That is an open ended question and their answers may indicate ways in which you can work together more efficiently or ways in which they would like to receive referrals from you. Either answer allows you to continuously build onto that long-term relationship
You are the Captain of the Ship
o Learn to speak their language. how many of you have talked to specialists and you don't understand what they way. Specialists often use a lot of professional jargon. Take time to learn that language and don't be shy to ask questions when you don't understand what they are saying. one of the most important languages to success is the language of money. Know the language to understand what they are talking about and to ask the right questions. Also, learn the language of business. This is specific to the type of business that you are in.
o Be pro-active in working w/ them
o Give them all the information they need
o Make corrections quickly
* Who Do You Want on Your Team?
o Depends on your business or investment strategies and activities
o For those of you are real estate investors buying rental properties or doing fix and flips, consider whether you need all of these people on your team
*Real estate attorney
*Asset protection attorney
*Estate planning attorney
*Transactional (contracts) attorney
*Banker (both nationwide and local banks)
*Financial planning strategist
*Mortgage broker
*Real estate broker/agent (multiple)
*Self-Directed Retirement Custodian/Administrator
*Architect
*General Contractor
*Builder
*Personal Assistant
*Title Insurance Specialist
*Hard money lenders
*Debt Partners
*Property management company/personnel
*Insurance broker and different insurance specialists
*Tax strategist/CPA
*Bookkeeper
*Look for Part II of this article next month.
We all know individuals in our lives that have been successful in their wealth building. What you will often notice is that those individuals have a really close personal or working relationship with their team of advisors. These powerful teams of advisors typically consist of their attorneys, CPAs, financial planners, and bankers to name a few. The reason that these successful individuals generally have close relationships with their advisors is that they understand the importance of leveraging others with expertise knowledge in their wealth creation process. Now those of you on the call all invest in real estate. And as real estate investors, you understand the importance of leverage when it comes to these real estate deals. Leverage, when speaking in real estate terms, generally means using borrowed money to increase the rate of return on your investment. But how many of you have actually leveraged your team of advisors? When we talk about leveraging your team of advisors, we are talking about identifying ways in which to utilize your advisors and their expertise to help increase the rate at which you grow your wealth.
We know that it's hard to be a jack of all trades. As such, we pay for the professional services of our attorneys to review our contracts and entity structures to ensure that we are getting the maximum liability protection on our investments. We know that taxes are the number one erosion of wealth in the United States. That's why we pay our CPAs to strategize ways for us to save money on taxes resulting in more money to re-invest with. But aside from the common ways in which we utilize and interact with these advisors, there are many additional ways that we can leverage our advisors to help us to achieve our wealth building goals. Let's go over today's agenda to give you an overview on what we will be discussing tonight:
1) How to Leverage Your Advisors - how maximize your relationship with your advisors
2) Becoming the Captain of Your Ship - Using the Team Approach
3) Ways your Advisors Can Help Accelerate Your Pathway to Success
4) Advisor Evaluation Techniques
5) Creating Your Powerful Team of Advisors
Now the question becomes: How do you leverage your advisors. Well the first step in leveraging your advisors is to build your relationship with your advisors. Advisors, just as everyone else that you may know, are more inclined to provide additional assistance to those with whom they have a good relationship with. One of the key components to relationship building is to establish trust. So this means that you trust that your advisors that they will act with your best interest in mind and that you do the same for them. Then, develop a good personal relationship with them and build rapport. Be sure to be in constant communication with your advisors as this accomplishes two important objectives: one, they are more likely to identify opportunities, whether technical or transactional, that will benefit you. And two: close contact allows you the ability to build relationships with them. So how do you become a special person to your advisors? A way to develop your advisor relationship is through reciprocity: what we mean by this is through referrals. This is something that is extremely easy for all of us to do but we often overlook that opportunity. Be a spokesperson for your advisors and let others know what a good job they are doing for you. This is a very easy way for you to build your relationship with your advisors because everyone appreciates receiving referrals for their businesses. This will make you stand out from all their other clients and demonstrate that you have your advisors' success in mind. If you have a great advisor, there is a tendency for people to not want to tell others about them. Actually, this is one of the best ways to build that relationship, and that's by helping them generate business. They will be thankful for what you have done for them and they will go that extra mile for you when you need something done quickly. The hidden bonus here is that they will refer business back to you. Once you establish that kind of relationship with your advisors, they will always keep you in mind when they come across opportunities that they feel will benefit you.
Story:
* If they are good at what they do, spread the word about them. People will feel they need to reciprocate and help you out in return.
* Don't rush your time spent with advisors. Focus on the value you will receive with the information and the strategies you get from the conversation.
* Spending money on advisors should be viewed as an investment.
* Ask your advisors what are the ways in which you can help them? That is an open ended question and their answers may indicate ways in which you can work together more efficiently or ways in which they would like to receive referrals from you. Either answer allows you to continuously build onto that long-term relationship
You are the Captain of the Ship
o Learn to speak their language. how many of you have talked to specialists and you don't understand what they way. Specialists often use a lot of professional jargon. Take time to learn that language and don't be shy to ask questions when you don't understand what they are saying. one of the most important languages to success is the language of money. Know the language to understand what they are talking about and to ask the right questions. Also, learn the language of business. This is specific to the type of business that you are in.
o Be pro-active in working w/ them
o Give them all the information they need
o Make corrections quickly
* Who Do You Want on Your Team?
o Depends on your business or investment strategies and activities
o For those of you are real estate investors buying rental properties or doing fix and flips, consider whether you need all of these people on your team
*Real estate attorney
*Asset protection attorney
*Estate planning attorney
*Transactional (contracts) attorney
*Banker (both nationwide and local banks)
*Financial planning strategist
*Mortgage broker
*Real estate broker/agent (multiple)
*Self-Directed Retirement Custodian/Administrator
*Architect
*General Contractor
*Builder
*Personal Assistant
*Title Insurance Specialist
*Hard money lenders
*Debt Partners
*Property management company/personnel
*Insurance broker and different insurance specialists
*Tax strategist/CPA
*Bookkeeper
*Look for Part II of this article next month.