A few days ago, I met with a local private wealth advisor for lunch at Melville Tavern in Monterey. We had an interesting discussion on how wealth advisors and real estate agents share a similar inner circle. We also share some similar responsibilities. Real estate agents help guide their clients toward successful purchases and sales of real estate, while wealth advisors help guide their clients toward successful financial decisions in a variety of areas. We both help facilitate life transitions and assist in what can often times be a big decision or number of decisions. We also noted that we are both fiduciaries, which means that we are bound to put the interests of our clients above our own. It was great to find out we had that in common.

When I asked what professionals he generally works with, and how we might be able to work together, I found out that he regularly works with CPA’s and estate planners – another commonality between us. Real estate agents work with CPA’s in a referral capacity, as well as collaborating as a team when a mutual client is looking to make a real estate purchase or sale. Those purchases and sales can have tax implications, so CPA’s and wealth advisors are often times involved as they work toward making a decision on whether to buy and sell property. Estate planners help facilitate how an individual or family’s assets will be managed and distributed in the event of their passing. There are many ways estate planners and Realtors work together, but one example would be if an individual passes away and leaves a piece of property to their heirs. The heirs decide to sell the property and need a Realtor to manage the sale. Estate planners and Realtors work together to make that happen, and when making those kinds of decisions it is very helpful to have the input of their wealth managers and CPA’s.

Building a great team of advisors is a great way to help make some of life’s most challenging decisions. When those advisors come together to work toward common goal, it can make a huge difference in the outcome of what can sometimes be a difficult process.

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