We Can Be Our Own Football Team
Football is by far the most popular sport in America and has been for over five decades.1 In an
age of fractured media and streaming services, football's ability to draw a huge audience on any
given Sunday (or Saturday, for college fans) makes it a defining aspect of American culture. Its
influence is felt in many ways, including in how we talk: Hail Mary. Game plan. Moving the
goalposts. Monday morning quarterback. Blitz. Fumble. Punt. Run interference. Two-minute
drill. Call an audible.
These are some of the football terms that have found their way into everyday conversations.
Sports are often considered a metaphor for life that can teach us lessons about adversity,
discipline, teamwork, and overcoming obstacles to reach a goal. So let's huddle up and go over
how we can work together to be our own football team for our clients.
Attorney - Quarterback
If the attorney is the quarterback in this metaphor, then the ball we hold in our hands is a client's
estate plan, and the end zone is the goal they are trying to reach with that plan.
The quarterback receives the football on every offensive snap. They must read the field, make
quick decisions, and distribute the ball accurately and on time.
But things do not always go according to plan. You can have the perfect play drawn up on paper
and then be forced to adjust to what happens on the field of life. There could be a botched snap
(say, a divorce), a blitz (pressure, such as the birth of a child, that disrupts the offense's timing),
or a turnover (like a sudden market downturn or job loss) that forces an on-the-fly adjustment.
It is the job of the quarterback (and attorney) to lead the team and make critical decisions under
pressure. Sometimes, that means holding onto the ball and running it themselves. But we also
must know when to hand the ball off or throw it to another player on the team - like the financial
advisor.
Financial Advisor - Offense
A financial advisor is comparable to the offense in football because both involve strategic
planning and forward progress toward specific goals, both short-term and long-term.
The offense - the financial advisor - creates a game plan based on the situation. They survey
the field (a client's finances and market conditions) and adjust strategies to capitalize on
opportunities.
Just as the offense runs a variety of designed plays to advance the ball, a financial advisor uses
different investment tools, like stocks, bonds, real estate, and retirement accounts, to reach a
client's objectives. They might even have the occasional trick play - a high-risk, high-reward
strategy - up their sleeve, ready to call at the right time.
Financial advisors take what the defense gives them one play at a time, adjusting near-term
client milestones, such as saving more, reducing debt, and rebalancing a portfolio, with their
ultimate goal of building wealth and leaving money behind for their loved ones.
Insurance Agent - Defense
To extend our gridiron metaphor, an insurance agent is the football team's defense. While the
offense in football aims to score points, the defense is responsible for stopping the opposition,
which in this case takes the form of accidents, illness, liability claims, natural disasters, and
other losses that could turn the tide of the game against the client.
Many modern-day defenses have a "bend but don't break" scheme that focuses on limiting
damage and preventing the big play. The same can be said of an insurance agent. By making
sure the right financial products are in place, such as homeowner's, renter's, business, and auto
insurance, they can ensure that their client is covered and help to prevent a worst-case
scenario.
Tax Professional - Special Teams
While the offense and defense get most of the glory, special teams can shift the momentum of a
game and often turn out to be the difference between a win and a loss.
Special teams players, like tax professionals, have a specialized skill set that is utilized during
key, high-stakes moments. They may not be on the field for every snap, but when their number
is called, they are ready to go, and their impact can be game-changing.
A punt or kick return can be likened to a personal or business tax filing, helping a client gain
field position and giving them an advantage at a critical game juncture. And when the game is
coming down to the end (i.e., filing the estate tax return), an accurately placed kick can prove to
be the deciding factor.
Tax professionals can also create scoring opportunities by finding ways to maximize tax
refunds, reduce taxable income, or uncover tax savings.
Let's Team Up
When working as a team to advise our clients, we all have a role to play. Offense, defense, and
special teams are complementary. All three phases of the game must come together to achieve
client success.
Young clients might be starting out deep in their own territory and need many plays to reach the
end zone. Middle-aged clients are closer to the 50-yard line, with a few successful plays behind
them but still a long way to go. And older clients may be looking for that last play or two to get
them across the goal line.
Every advisory team needs a game plan that accounts for a client's strengths, weaknesses,
current position, and goals. In estate planning, the game plan must be detailed enough to meet
specific objectives and flexible enough to address life changes (think in-game adjustments).
With the right team of advisors and strategies in place, an estate plan ensures that the final
score reflects a winning outcome for the client, their family, and future generations.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
