A Values-Based Approach to Wealth Planning
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
A Values-Based Approach to
Wealth Planning
We all have a story
One day Alice came to a fork in the roadAnd saw a Cheshire cat in a tree.“Which road do I take?” she asked.“Where do you want to go?” was his response.“I don’t know,” Alice answered.“Then,” said the cat, “it doesn’t matter.” - Lewis Carroll
The Planning Horizon
Strategies, Tactics and Tools
Mission, Vision, Values & Goals
Above
Below
WHY
HOW
You Must Stay Above the Line Long Enough for
Your Plan to Emerge
The Planning Horizon
A great answer to the wrong question, may be interesting...
but it’s useless, expensive and time wasting!
… Because
“If I had one hour to save
the world I would spend fifty-five minutes
defining the problem and only five minutes finding the solution!”
Albert Einstein
Individuals face many dilemmas in the planning process.
Me FamilyFamily Charity
Charity MeFamily Family
Charity CharityMe SpouseMe Myself
What are your Big Rocks?
Financial Independence
Social Capital Family Legacy
The Realms of Planning
Financial Independence
Social Capital
Family Legacy
PrioritiesPriorities
SocialCapital Legacy
SocialCapital Legacy
Family LegacyFamily Legacy
FinancialIndependence
FinancialIndependence
Define andProtect
Define andProtect
Define andProtect
Define andProtect
Define andProtect
Define andProtect
What’s your number?What’s your number?
14
Men Women
47 47
Average life expectancy by the year 2025A
ge
Sour
ce: U
S D
epar
tmen
t of H
ealth
, Hea
lth, U
nite
d St
ates
200
8.
75.280.482.28585.887.886.989.9
Financial Transcendence
Birth
Family LegacyFamily Legacy
Social Capital Legacy
Social Capital Legacy
Excess$
AccumulateAccumulate ProtectProtect TransferTransfer
FinancialDependence
Financial Independence
Deficit
What’s your number?What’s your number?
What does Legacy mean for you?
Questions to considerWhat are you passionate about?
What makes you, you?
What keeps you up at night?
Where do you want to make an impact?
If you could change one thing in the world – what would it be?
What does social capital mean to you?
Warren Buffett
Parents should leave children “enough money so they wouldfeel they could do anything, butnot so much that they could do nothing.”
To pull it off, you’ll need to dig deep.
Without being clear on your values, how can you know if you're even planning for the right things?
Stress Test
… retain sufficient resources to protect your financial security and maintain your desired lifestyle?… transfer what you have, to whom you want, when you want, the way you want?… direct your social capital in a manner consistent with your personal values?
Does the strategy allow you to ...
You’ll need a team.
Strategy Teams
Investment
Risk
TaxLegal Client
CA
InvestmentInsurance
Business
Fiduciary
RealEstate
Philan-thropy
Legal Virtual Team Resources
CORE
TEAM
The Virtual Planning TeamCore Team
Expert or Specialist
People see the world not as it is, but as they are.
Investment
Insurance
Accountant
Lawyer
Professional bias
Advisors often establish objectivesby analyzing strategies
Advisors often interpret total confusion as the need for
more information
The Human Capacity To Trust
1
2
3
4
5
Is Limited!
COACH
Who is your Coach?DiscoveryManagement
GapManagement
BudgetManagement
KnowledgeManagement
CommunicationManagement
InformationManagement
ProjectManagement
TalentManagement
Allison Maher, CA, CFP, TEPFamily Wealth Coach Planning
www.familywealthcoach.ca
Related Documents
