MAKING CENTS: Evaluating your team of advisers

Communication seems to be the single most important issue. Are the professionals working for you good at returning calls or email? Do they offer timely and insightful advice, or is it always you who must reach out to get their attention regarding something you overheard at a conference or read in a trade publication? If any one of your advisers is hard to reach and never proactive at reaching out to you with ideas or planning suggestions, it may be time to get a second opinion.

When you are communicating with a professional, do you understand what’s being said to you? Although technical talk is sometimes needed, I find advisers who speak in jargon and technical terms very difficult to work with. Working with professionals who can bring some of these highly technical topics to an understandable level makes informed decision making more efficient.

Do the various members of your professional team ever talk with one another or do they compete for your attention?

At least annually, have a meeting with as many of your advisers as may be needed and let the discussions begin about getting or keeping your personal and business financial house in order. An agenda that covers everything from business growth, risk management, investments, and tax and estate planning is recommended.

In addition to group meetings, take the time to meet with your advisers one-on-one. Getting to know them, and a little about their business can be a helpful part of the process. You want to learn about their succession plans. What happens to your company if one of your advice givers retires or fails to wake up for breakfast?

Learn about the other clients they serve. Do they have many like you? Are the clients that they serve in your industry or age group and about the same size as you or much larger or smaller? A professional with deep knowledge of your specific demographics can be a positive factor based on all that’s seen when serving other clients.

Mistakes are a sign that you may not be dealing with the most qualified professional for the job. Everyone makes mistakes, but consistent mistakes or omissions should give you cause to pause.

Switching from one professional to another is never easy. But suffering, or not realizing that you are getting inferior service, is even worse.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.