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The Tour de France - A "team" sport?

| July 08, 2019
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Winning the Tour de France is the consummate team sport. Every July, thousands of people travel to France to cheer on their favorite cyclist or team to victory. Before you think, "Doesn’t only one cyclist win the race?”, remember that the Tour de France consists of 18 teams, comprising the most elite cyclists in the world. Why are there teams when only one person can win the race?

Consider that it is nearly impossible to win the race by yourself, regardless of your skill level. From a physics standpoint, biking in a pack creates an aerodynamic advantage and burns less energy, similar to a flock of geese travelling together to conserve energy. The teams are composed of bicyclists that excel in specific areas so that the team captain can utilize each one at different points in the race.

Effective wealth management uses a similar approach. Families of wealth need several team members, including their wealth advisor, CPA, banker, attorney, and liability insurance specialist, to name a few. Each of these professionals, working in tandem, play specific roles for your financial health. They also work in a timely manner, depending on the different stages of your financial life. Their ability to collaborate and coordinate their efforts is instrumental to your overall financial health.

Creating and executing an effective wealth plan for your family and the next generations is a team sport. Make sure that your financial team has enough experience to help you get past the finish line.

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