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DISCLAIMER: This article is for informational purposes only and does not constitute legal or financial advice, nor is the content represented as being all-inclusive, correct, complete or up-to-date.  No one should rely on any information contained in this article and should, instead, consult with qualified legal and tax professionals for personalized guidance.

Effectively managing your business finances is a crucial aspect of running a successful company. Equally important, yet often overlooked, is the need to effectively manage your personal finances in a focused way. The complexity of balancing both can quickly become overwhelming. This is where the pivotal role of a personal finance team comes into play. Drawing from my experience, building a financial dream team dedicated to supporting your personal finance goals goes beyond mere monetary guidance. It’s about partnering with advisors that offer comprehensive support and learning to empower your journey of navigating both business and personal financial landscapes with expertise and foresight.

Building A Financial Dream Team

1. Wealth Advisors: Your Financial Guides

A wealth advisor is your personal finance partner in making sure your financial growth keeps pace with your life goals. They help you understand complicated investment choices and build a financial plan that fits your personal ambitions and risk comfort. Looking at the big picture, your advisor can help you see how each financial decision impacts your future.

2. Accountants: Keeping the Score and Strategizing Taxes

Accountants help keep your finances well-organized, stay on top of every dollar earned and spent, and ensure you have a clear picture of your financial health. They’re like detectives, always looking for ways to save you money on taxes (hopefully!) and staying up-to-date with the latest tax laws and regulations. With the right accounting support, you can rest easy knowing your finances are in good hands.

3. Insurance Experts: The Protectors of Wealth

Insurance advisors are crucial for protecting what you’ve worked so hard to build. They open up a world of insurance options beyond the basics, covering crucial areas like personal liability and disability insurance, and help safeguard your assets and secure your financial future against unforeseen events. Your insurance advisor will help you understand the different types of insurance and how each one fits into your overall financial plan.

Budget Strategists: Handling Your Everyday Finances

Budgeting tools, like a simple budgeting sheet or apps like Rocket Money, can help you organize and plan your daily money management. They can give you a clear view of where your money is going and help you make informed decisions about spending and saving.

Finding Your Financial Heroes

Reflect on what you want to achieve, and then look for experts who align with these goals. If possible, choose your advisors from within the financial institutions you already use – they’re likely to be familiar with your financial history, which can be a big advantage.

“Finding the right personal financial team starts with truly understanding your financial goals.” – Nancy Twine

The Vetting Process

Picking the best financial advisors is like picking the best team for your business. Here’s how I did it:

1. Vet Everyone

It’s crucial to check a potential advisor’s qualifications and history of helping others. Look for those with a track record of success with clients who have similar goals to yours (i.e. have a history of working with entrepreneurs or in the startup space).

2. References and Testimonials

To that end, do your research: hearing from their other clients can give you a real sense of how they work and the impact they’ve had.

3. Alignment of Financial Philosophies

Your advisor should understand your investment philosophy and financial needs as an entrepreneur. It’s important that they understand your vision and can provide advice that’s tailored to your situation.

4. Review Their Track Record

Make sure the advisor you’re considering has a solid reputation and no history of issues with financial authorities. Consider using online resources like AdvisorCheck and

5. Communication and Availability

It’s important to work with an advisor who communicates well and is there when you need guidance or have questions.

6. Customization and Scalability

Your advisor should be able to adapt their advice as your finances change.

7. Fee Structure Clarity

Knowing how advisors are compensated ensures their advice is honest and straightforward and not influenced by commissions or hidden fees.

Learning from Your Financial Team

Building a strong financial team doesn’t require you to be an expert of finance, but it does require a desire to learn and collaborate with professionals who are as passionate about teaching as they are about providing counsel.

Your advisors should be teachers, helping you understand the financial world so you can make smart decisions. Being curious and eager to learn is essential. 

Keeping Personal and Business Money Separate

As it relates to my business, we leverage financial specialists that support business needs like managing cash flow and maintaining strong books & records. For my personal finances, more time is spent on managing my investment portfolio and planning for the future. This separation ensures that both my business and personal finances get the attention and expertise they need.

My financial team has been invaluable not just in planning my personal wealth goals, but also in teaching me about the complexities of personal finance. They’ve helped me understand more nuanced concepts to help me make empowered decisions.

Do you have personal finance support? If so, how has your personal financial team helped shape your entrepreneurial journey? If not, where do you believe you could use the most support?