Synergy: Enhancing the Work of a Team Already in Place

Synergy: Enhancing the Work of a Team Already in Place By Eddy & ScheinWhen a client has a team of healthcare, financial or administrative professionals, there sometimes needs to be a liaison between the client and the professionals, or between the different professionals. 

A daily money manager/financial organizer can do that.

Case Study:

80-year-old Paula already had a team in place before we began working with her. The team consisted of her two adult children who lived across the country, her attorney, her financial advisor and her accountant. Everyone was doing what they were supposed to do:

  • The kids visited and called regularly.
  • The attorney drafted documents like trusts and wills.
  • The financial advisor managed Paula’s portfolio.
  • The accountant prepared tax returns.

Eddy & Schein was originally hired to create Quicken financial reports and gather tax materials for the accountant. Once that project was accomplished, we took over the review of daily mail, bill paying and consistently updating Quicken.

Paula had no interest in managing the financial affairs or the professionals. She was happy to let Rebecca place the calls, set appointments and make things happen. Rebecca arranged for the financial advisor to visit and review Paula’s investment strategy; invited the attorney to bring Paula and her husband legal documents to be signed in front of him; and saw that Paula and her husband had proper health and home insurance. Eddy & Schein became the bridge to make sure all information was properly communicated.

One day when Rebecca arrived at Paula’s house for the usual work, Paula told Rebecca she had a major project in mind which would cost a lot of money. Rather than giving Paula her opinion, Rebecca suggested that, together, Rebecca and Paula speak to her team of advisors. Rebecca called Paula’s accountant, her lawyer and her kids, writing notes from each conversation and sharing them with the team.

  1. Together, they planned a conference call with Paula’s kids from her attorney's office to discuss all the ramifications of the plan. Paula needed to sell some major pieces of art in her possession in order to raise the funds.
  2. Paula’s attorney put Rebecca and Paula in touch with the right department at Christie's auction house in order to list, market and handle the pieces, and Rebecca worked on the details.
  3. When the proceeds from the auction were available, Rebecca arranged for them to be wired by Christie's to Paula's financial advisor. Rebecca could then request disbursements on Paula’s behalf, as needed, over the course of the project.

At a time when Paula was trying to work part-time, as well as manage caregiving for her husband, she needed someone who could help her coordinate the discussions with the other professionals in her life. Everyone needs a team; if a team is already in place, a liaison may be needed to support their work and interactions with the senior.

Who’s coordinating your team? If you or someone you care about needs team coordination, you don’t have to go it alone! Call us for a complimentary phone consultation in New York at 212-987-1427 or in Los Angeles at 626-372-0090.

Rebecca Schein Gideon Y. Schein,
Rebecca R. Eddy
Partner/Co-Founder
Gideon Y. Schein
Partner/Co-Founder

Eddy & Schein
212. 987.1427
NYmail@eddyandschein.com

626.372.0090
CAmail@eddyandschein.com

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