I follow college football and there is not bigger day than signing day. That is the day coaches find out which players they recruited will play for them. It’s a tough gig, depending on the whims of 18 year old athletes. But most important is trying to evaluate what high school players will develop the skill set you need for your team. You need to do the same thing. You need to evaluate who has the skills you need for your team? You don’t have the same issues as college football coaches in finding players for your team. You can deal with adults who have a track record. But you still have a good degree of uncertainty.
Despite the “do-it-yourself” movement, financial success depends upon having good people around you. What makes a good person? First of all, honesty. Someone who will give you all the information you need for a decision, the good, bad, and ugly. Someone who will stay with you and advise you in a rapidly changing environment. Someone who will not sugarcoat it.
Next, is technical expertise. There are a small percentage of people in finance that really have the knowledge and experience to accurately guide you. Most are merely salespeople. Search out those exceptional folks who have the expertise and ability that puts them on top of the dog pile.
Finally, is communication. It does you no good to have someone on your team that you can’t get a hold of. You should be a priority of your team members. Attorney’s are famous for this. Having a good attorney that doesn’t get back to you with your questions is the same as having no attorney.
Putting together a good team is critically important to financial success. Don’t be afraid to shed folks who aren’t doing the job you expect them too. Creating a team is an ongoing process. Folks that work for you in the beginning might not be the same as who you need as your finances mature and you gain experience.
Most importantly, remember you aren’t in this alone. Once you get your team together use them to help you reach success. The best leaders recognize that putting together a team is critical for their success and listening to their advice is part of having put together the team.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.