Building the RIGHT team around you is fuel for your portfolio!!!!

Which maybe true, but who mentors your mentor?

 

Good post @Rolf Latham . I've had various unofficial mentors throughout the years who have made a massive difference; I also had one when I was younger and didn't know better who was really just an idiot.

I now help a couple of people more on the business side and Im acutely aware of the damage that can be done if i feed them rubbish, both directly and indirectly in terms of wasted opportunities.

Unfortunately we live in the day and age of business coaches who have never built successful businesses and "mentors" who often dont know what they're on about. That doesn't mean there aren't excellent people out there of course

 

Damn...I use Nick's firm SWM but have only ever been involved with his employees. I tried to use his personal services 5 or 6 years ago but got directed to one of his accountants instead. I must say, everyone in the firm is very professional and EVERYONE's work is sent to Nick before it is sent to the Tax Office anyway. He runs a tight joint there!

 

We work with Nick too.
I meet with him about once a year to discuss plans, but all our other stuff is looked after very well by another team member.
The service has been outstanding and high attention to detail is paid, really happy with them.

 

Sounds too cult like for me. Think like we do or you're out?

 

Nice post @monalisa and so very true. We've certainly benefitted from the value of a great team around us during our investing journey, and continuing into business. Also continued to use Nick M and Rolf for many years now and very happy with their service and client ethos.

However, despite personal recommendations, there are always going to be personalities that clash and some "fits" that just aren't right, for a myriad of reasons. What one client would consider a great approach and very analytical, another considers overbearing. One client may be comfortable and at ease with brief abbreviated emails, whilst another expects everything spelt out in spreadsheets and pie graphs. Each to their own. It really is about finding the right professionals for YOU and your circumstances.

I've had many experts recommended on this forum, who've turned out to be both fabulous (10/10) and disappointing (0/10). Unfortunately, though I may be a rare beast, I do expect that professionals follow up when they say they are going to do so, follow through with information that they said they would provide, and return correspondence/produce outcomes that they claimed they could. Old-fashioned service goes a long way in retaining business and having clients return.

 

Is there any particular order you recommend when forming your team?
Eg broker first or accountant first?

 

Not really. Though usually most professionals can give recommendations to others they've dealt with previously.

 

Mentors are an interesting one. I don't have 'mentors' per se, but some older people around me who share their views.

This could be good and bad. Sometimes these folks are at a different stage in life, have different risk appetites, and their advice may not be pertinent. Putting aside their personal opinions on something though, I find their knowledge of facts, history and information very valuable.

 

I agree, it is great having people who have been through the process that you are looking at. This is also where I find this forum great, where you will get various views and commentary back and forwards on a question. If you're not sure about what a mentor (or anyone else) advised, you could ask the same question here and get a variety of responses.

 

I'm currently learning from a younger person as I know nothing about this stuff . Age doesn't always = knowledge or insight . In this particular case I like the passion that comes with youth from the person I am learning from, it also makes me feel younger when I talk to him and get excited about the plan .

 

Most important thing is the 'mentor' not only talks the talk, but very successfully walks the walk. No point really, being taken under the wings of anyone who doesn't at least have 3-5 times the wealth you want to create and also made the wealth from the same vehicle/strategies that your interested in/suit you, in my opinion.

There are many people out there who have 1-2 properties and think that they are ready to start mentoring newbies (not talking about few tips here and there) and in some cases also charge a fee... They are extremely dangerous IMO.

 

One thing to clarify re: your post, @Leo2413, is on the idea that someone you learn from should have success with the specific vehicle (or in the specific area) of focus for you.

I want to stress that I believe this depends on whether you are aiming to learn specific things about specific things, or to learn more broadly

A lot of what can be learned from others is widely applicable. Concepts that cast a net which falls over a number of areas can be very helpful even if whoever is casting the nets hasn't mastered every area they engulf.

 

I agree with you @Steven Ryan to a certain extent. While having a broad knowledge on vehicles such as shares, businesses etc adds to the depth of the mentor, if a person is interested in renovation and selling, for example, I believe its much more important and useful that the mentor has specific knowledge and success in that area, knows the ins and outs and nuonces of its inner workings, than say being proficient at share trading, or SMSF set ups etc. So I agree with you, it depends on the needs and wants of the student.

However I do believe that mentors are most useful when they can assist a student more closely, directly and in a practical manner, that relates to the needs of the student, be it a broad understanding of wealth creation or something more specific.

But the main point I was trying to make was, being mentored by someone who is barely successful themselves make no sense to me.

Thats just my opinion.

 

Most of you guys are Sydney based. Can anyone recommend a great MB and, more importantly, an accountant in Melbourne? I don't mind where in Melbourne.
Thanks

 

@Peter_Tersteeg and @tobe are excellent Melbourne based brokers although brokers are extremely as effective these days from anywhere in the country.

 

MB doesn't have to be where you are - even if they were you'd be emailing back and forth anyway.

Accountant does in my view. I like to discuss scenarios with them. Some people may not.

Everyone's different though - one you find great another person might find bad. Its just about who you gel with.

 

Thanks @York and @D.T. I have a good mortgage broker in Brisbane although having a Melbourne based great broker would make my life simpler (not having to scan docs, etc) I'll get in touch with @Peter_Tersteeg and @tobe over the next week. Hopefully they can point me the the right direction when it comes to accountants. Thanks again, guys