Building your Wealth Team

Building your Wealth Team
Building your own personal wealth team is perhaps the most
important step you can take to creating massive amounts of
wealth. Why? Quite simply, it's a matter of leverage. At
ProVision, we are fond of saying that the three most
expensive words in the English language are, "do it
yourself." When we try to do things all by ourselves, we
are ignoring the fact that we all have only 24 hours in the
day. By building a wealth team, we are leveraging those
hours into hundreds or even thousands of hours each day.

Imagine, for example, a man like Bill Marriott. Suppose he
told himself when he went into the hotel business that he
was going to manage his hotel all by himself. If that were
the case, rather than building the mammoth chain of
Marriott hotels, he would likely have a small bed and
breakfast. Instead, he built a team of thousands to
locate, build and manage hotels around the world. He used
his wealth team to leverage his time.

But that's not all he leveraged. Don't imagine for a
minute that Bill only leveraged his employees' time. He
also leveraged their intellectual capital. He knew from
the start that if he were going to build a hospitality
empire, he would need ideas from all of his employees,
advisors, vendors and other team members in order to be
successful.

You can do the same. There was a time when Bill Marriott's
father, J. Willard Marriott, only had a single store. He
didn't start out with a large team or lots of money. But
he understood the value of other people's time, knowledge
and wisdom, as well as his own intellectual capital. He
used these to begin and empire that his son, Bill, has
taken to a level that perhaps even J. Willard never
conceived.

How do you get started? As I suggest in my coaching, begin
with a mentor. A mentor is a teacher. Someone with ideas
that you like and who you feel you can follow to financial
freedom. It doesn't have to be anyone you know personally.
It can be a well-known financial guru or a lesser-known
financial professional whose ideas strike a cord with you.
This mentor will be a critical part of your financial team.

The next person you need is a strategic wealth coach. This
is clearly the most important member of your team. A
wealth coach brings everything together. They hold you
accountable for your activities and provide quality advice
about how you should proceed. Your wealth coach should be
a financial professional and preferably a certified public
accountant or have similar credentials and experience.

Your wealth coach should be your primary source for many of
your team members. They should be able to recommend
several of the members personally or they should help you
learn how to find and interview team members. Team members
will include such individuals as attorneys, financial
advisors, tax strategists, bankers and insurance agents.
If you are in business, of course your team will be much
larger and will include all of your employees, contractors,
vendors and customers.

Can you imagine how powerful your wealth creation machine
becomes when you have all of these team members working
towards your success? There is no way you can be as
successful on your own as you will be with all of these
talented people helping you. So go out and begin creating
your own wealth team today, beginning with a mentor and a
coach.

Warmest Regards,

Tom

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Tom Wheelwright is not only the founder and CEO of
Provision, but he is the creative force behind Provision
Wealth Strategists. In addition to his management
responsibilities, Tom likes to coach clients on wealth,
business, and tax strategies. Along with his frequent
seminars on these strategies, Tom is an adjunct professor
in the Masters of Tax program at Arizona State University.