- “Led by the most trusted adviser, the Core Team’s permanent roles cover four essential areas of competence: tax management, legal management, investment management, and risk management. Core Team members must be willing to take comprehensive responsibility for their arena even when it means verbalizing a need they can’t personally fill and recommending the temporary addition of a specialist/ expert on the team. They are each compensated according to their individual business models.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent? By Scott Fithian and Todd Fithian. Page 79-80
- “The demand for the Intentional Team Model calls the bluff of the one-stop-shop. In the affluent marketplace, the one-stop-shop will cease to be viable for four key reasons. First, wealth holders have best-in-class expectations. They have the business acumen to know that no single organization can maintain this level of talent in every discipline. They recognize that top talent often feels stifled under the weight of bureaucracy and sets out to hang its own shingle. Second, today’s wealth holder encounters the need for very specific solution providers. There are so many intricacies to complex planning; a single organization can’t possibly house every facet under one roof in a financially viable business model. Third, some of the wealth holder’s planning needs are temporary. Third, some of the wealth holder’s planning needs are temporary. It isn’t cost-effective, and therefore it isn’t likely that a single institution would house all of the expertise to address every facet of future planning- both known and unknown. Last, every wealth holder has existing relationships. In the smoke-and-mirror media barrage of today’s financial services marketplace, it is tough to relinquish the one known commodity in his or her planning- the trust he or she places in longstanding advisers.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent? By Scott Fithian and Todd Fithian. Page 86