The data drives the analysis. Complete data make for a good plan. Incomplete data makes for guesswork. Fact-Finders generally contain some "goals and objective" information. To do an inspired plan, as opposed to a merely prudent plan, the advisor has to go beyond "needs and wants" to the client's aspirations for a better life in a better world.
The Goal Clarifier
An Optional Worksheet for clarifying and quantifying specific goals. This Goal Clarifier, if the advisor takes the time to use it and has the skills to elicit this "soft data," will help the back office number crunching team create scenarios that achieve not only goals, but also higher aspirations. The Goal Clarifier draws attention to the timing issue as well. When does the client wish to achieve a goal or aspiration? Now, later, at death, or beyond death? The Clarifier provides a track for the advisor to run on in exploring these issues.
The Wealth DiagnosticA preliminary analysis designed to motivate the client to follow through with a full plan. The Diagnostic shows that not all goals are met on the current plan.
The Family Wealth Goal Achiever: Iteration #1
The first of potentially many iterations showing how permutations and combinations of potential tools and techniques affect the client's cash flow and balance sheet from now until death. The analysis highlights income tax and estate tax consequences, and net wealth to heirs, government, and philanthropy, under each iteration or scenario. The "number crunching" provides a framework within which the client, and the client's advisors, can compare the financial consequences of adopting various strategies.
Powerpoint and Handout
http://giving.typepad.com/PPP_Talk_-_Edit_6pctg.pptx">Download (1578.4K)
Download FitzsimmonsExhibits.pdf (539.7K)
Download the-fitzsimmons-case6.doc (128.5K)
Phil Cubeta and Tracy Gary would like to thank their friend and colleague, Randy Fox, CFP, ChFC at InKnowVision, for allowing us to use his sample case and materials. Randy is Past President of Advisors in Philanthropy. He is working from the advisor side of the table to build working partnerships with nonprofit professionals.
InKnowVision is a national consulting and marketing firm and the leader in the design and development of wealth transfer planning and income tax solutions for independent advisors who serve affluent families.
