Keys to success #7: Wealth creation is a team sport

Creating wealth on your own is a difficult task. You cannot know everything and as such you need to create a trusted team of advisors around you.

You may not need the them straight away, but you will need to add them as time passes.

A basic team may include the following:

1. Accountant (CPA): Will be necessary from the start to set up your business and investment structures. They will provide advice on the most tax effective methods to allow you to maximise returns and investment potential. They will advise on the best structures so you set yourself up properly at the start.

2. Mentor: This person will have done what you want to do. They should challenge your thinking and ask you questions on matters you may not have considered. They can be a great source of ideas and inspiration as well as a motivator.

3. Solicitor/Lawyer: Will guide you through the legalities of what you are doing to ensure things like contracts, NDA's (non-disclosure agreements) and purchasing of properties is done to your advantage.

4. Finance Broker: When looking to a finance your investments such as property or businesses, they will do the running around and source the best finance options for you. Use them for this kind of leg work. Make sure that your accountant, finance broker and solicitor work together.

5. Insurance Broker: This person needs to understand your business and investments in order to source the most suitable protection for these assets.

6. Estate Planner: Will set up your wills and testamenary trusts to protect your assets from predators after you have passed on. They will set up your wills in a way to minimise disputes in order to ensure your wishes have the best chance of being followed. Your solicitor could do this but it's always best to use a specialist in this area.

7. Investment Advisor(s): If you focus on what you do best, which is make money, then get the help of a good advisor for investment advice. However, you need to also put in much effort in order to scrutinise their advice until you are confident that they are helping you to achieve your desired outcome(s).

8. Frinds that are Business People and Investors: Though not technically part of your team as such, it is good to have a few people you can bounce ideas off. I have a close friend who has quite a large business and I have discussed my estate plan with him and he has done the same with me to see if we are getting similar advice - you never know when you may pick up a bit of information from a friend "in the know" that you can ask your advisor(s) about.

To be honest, I didn't have all of the above. Some came in at the latter stages of our careers, especially numbers 2 & 7. Number 8 was always my wife, she was the closest thing I had to a "friend" in business that was intelligent and understanding. We would find solutions to problems together. We are certainly a great team and always have been!

However, if you can find them all, these advisors are there to help you and give you information you may not know.

Wealth creation is a team sport, and you will need these people (and possibly more) to maximise your returns and protect what you create.

Your team may change over time as you may outgrow their advice and capabilities. When that happens, you will need to seek even better advisors.

It's up to you to make sure you have an effective team around you to achieve your goals.