This is One Unique Way Successful People Manage Their Investments As your wealth grows, so does the complexity of managing it. Here's how many high net-worth individuals tackle that challenge.

As a successful entrepreneur, you know what takes to succeed: hard work, decisive action and confidence. When it comes to wealth management, however, these skills aren't always transferable.

"If you look at high net-worth individuals, a lot of times how they've created their wealth is by taking risks. That's something they're very comfortable doing," says Chris Turchansky, president of ATB Wealth, the wealth management division of ATB Financial.

"The risks that people have taken to create their wealth and the assumption that continuing to take those risks will lead to more success, or the same success in an area where they're not experts, is a common mistake that we see," he adds.

So, what's the best way for successful professionals to manage their wealth? By surrounding themselves with not just one, but a team of wealth advisors.

There are three key reasons why high net-worth individuals should enlist a team of experts to help manage their money.

First, the greater your wealth, the more complex managing it becomes. While having a financial advisor is important for everyone, high net-worth individuals often have complicated finances that require more sophisticated solutions. Having a team of experts stickhandle their strategy reduces the difficulty of achieving their financial goals and grants them peace of mind.

As you get older, Turchansky warns there may not be enough time to "earn back" any losses resulting from missteps in your investment journey or mistakes you may have made managing your finances single-handedly.

"You're putting a lot at stake if you make a large mistake later on in your career," he says. "Since time is no longer on your side, your ability to work through different market cycles is not as great."

Second, high net-worth individuals — in addition to having standard financial goals like saving for a vacation, their child's education or a new vehicle — are focused on the transition of their wealth. This transition is commonly done in one or both of the following ways: intergenerational wealth transfer (passing on wealth to children, grandchildren or other family members) and legacy giving (donating to causes or organizations one is passionate about).

Enlisting the help of a team of advisors will allow you to balance these goals and ensure that your wealth is protected and passed on to future generations.

And third, having a team surrounding you is invaluable when it comes to time management. Whether you're an entrepreneur working tirelessly to ensure the success of your company or a high-ranking executive juggling responsibilities at the top of the corporate ladder, your time is precious. For this reason, you don't want to spend what little free time you do have crunching numbers. It's important that the team of advisors you hire is committed to one cohesive strategy, however; otherwise, your hard-earned free time could be eaten up by damage control.

One of the biggest risks of a financial strategy that isn't coordinated is paying too much in taxes. Estate planning can suffer too, with beneficiaries receiving far less money than what was anticipated if the strategy is not aligned with the overall plan.

To avoid this, Turchansky stresses that every member of your wealth management team must work together transparently "to make sure that what's being recommended on side A doesn't impact, in a negative way, what's happening on the other side." This means clear communication between you and your advisors, whether through quarterly phone calls or annual meetings.

When it comes to fees, transparency is also king.

"The people you're dealing with should talk openly about the fees that you're paying, specifically when there's a number of different services they're providing," Turchansky says.

When building your team of advisors, don't be afraid to ask them questions like: how do you get paid? Or, what's included in your fee and what's extra? Once you've compiled each advisor's answers to these questions, compare them to ensure that everyone is on the same page. To those worried about the cost of this kind of hands-on, comprehensive advice, Turchansky explains that hiring a team is not much more expensive than hiring a single advisor so long as they aren't charging any hidden, unnecessary fees.

In addition to the financial experts, Turchansky notes that it's important to involve all key planners in financial decisions, whether that's your spouse/partner, business partner, adult children or high-ranking employees.

"It really is about having everyone who's impacted have those conversations around what you're actually planning to achieve."

ATB Wealth consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. ATB Investment Management Inc., ATB Securities Inc. and ATB Insurance Advisors Inc. are individually licensed users of the registered trade name ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

The information provided in this presentation is a simplified general summary and is not intended to replace or serve as a substitute for professional advice. Professional tax advice should always be obtained when dealing with taxation issues as each individual's situation is different. This information has been obtained from sources believed to be reliable but no representation or warranty, expressed or implied, is made as to their accuracy or completeness.