Is your financial advisor a comprehensive Wealth Manager? Take this free assessment and after 28 questions and 12 minutes from now, you'll know what your next conversations with your financial advisor will be about. According to a recent study 79% of financial advisors call themselves “Wealth Managers” yet less than 8% of those meet even the most basic criteria. So if a financial advisor describes themself as a “Wealth Manager” what does that mean? Well, simply put, it is a Comprehensive Trusted Advisor who, like a Personal Chief Financial Officer, is orchestrating your wealth for you in all areas. Take this quick assessment to see how your current financial advisor rates as a comprehensive Wealth Manager. NOTE: This is a measure of an individual advisor, not a group of advisors. So, keep a single advisor’s face in your mind as you complete this assessment. CONFIDENTIALITY: your e-mail address below will never be shared with any other organization, it will be used to e-mail you a complete set of these questions as well as all your responses for use at the next meeting you have with your financial advisor.
| My financial advisor ensures that I have a comprehensive written lifetime financial plan in place. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor ensures that my comprehensive written lifetime financial plan is fully reviewed at least annually. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor has a process to continually review all my financial accounts, even those financial accounts NOT directly under his or her control. |
| Less True - 1 2 3 4 5 - More True |
| I’m confident my financial advisor sees that all my personal tax returns are thoroughly reviewed before I file them. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor maintains copies of all statements, personal documents and tax returns that it is sensible for me to keep for any future reference. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor ensures that a tax projection is completed well-before the tax deadline annually, so there are never any tax “surprises” |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor monitors my “cash reserves,” at every institution in which I have an account, to ensure I have enough for contingencies. |
| Less True - 1 2 3 4 5 - More True |
| I meet with my financial advisor at least three times per year to cover organized and important agenda items driven by him or her. |
| Less True - 1 2 3 4 5 - More True |
| When I have a financial objective target date approaching, I am routinely contacted by my financial advisor well in-advance with the funding plan |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor gives specific advice on any debt that I have and recommends at least annually. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor ensures that all my property & casualty insurance, like homeowner’s & auto insurance, is reviewed each year. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor has a process to uncover risks, dangers and road-blocks to my financial plan at least annually and then develop specific strategies to address each. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor has done an exceptional job of understanding all of my objectives and what really matters most to me. |
| Less True - 1 2 3 4 5 - More True |
| I feel my financial advisor is extraordinarily competent and worthy of trust, which is why I have consolidated all of my accounts (everything) to be orchestrated by him or her. |
| Less True - 1 2 3 4 5 - More True |
| All of my life, health, disability and long-term care insurance is fully reviewed by my financial advisor each year for suitability. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor actively orchestrates the allocation of my assets to advise me on how best to deploy them in support of my goals. |
| Less True - 1 2 3 4 5 - More True |
| All of my financial goals ultimately distill down to a dollar figure required to achieve the goal and my financial advisor does a great job at each meeting in showing me my progress benchmarked against each of my goals. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor has shown me exactly how much money I will need to accomplish each of my goals and when I will have “enough” to achieve all of them. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor has ensured that my estate plan (wills, trusts, etc.) have been fully reviewed within the past five years. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor is so proactive that I have that overwhelming sense of confidence that I never have to remember anything financial; every deadline and detail of my finances is handled well-in-advance and I never have to worry about financial surprises. |
| Less True - 1 2 3 4 5 - More True |
| The advice I get from my financial advisor is so comprehensive regarding my finances, I am confident I am making smart choices about my money in all areas. |
| Less True - 1 2 3 4 5 - More True |
| There have been no major purchases (like cars, boats, real estate or any large purchase) that my financial advisor has not actively orchestrated, reviewing the research, well in-advance of the purchase. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor takes the lead in ensuring that all my other advisors talk to each other, when necessary (ex: tax, investment, legal, insurance and planning people). My financial advisor usually sits-in on their meetings to make certain they communicate effectively among each other to ensure that my plan unfolds efficiently and in the smartest way. |
| Less True - 1 2 3 4 5 - More True |
| I am confident I am delegating every financial detail possible to my financial advisor. |
| Less True - 1 2 3 4 5 - More True |
| There are no financial assets my financial advisor does NOT advise me on (he or she advises me on all my financial assets). |
| Less True - 1 2 3 4 5 - More True |
| I cannot remember a time that I had to remind my financial advisor about a financial detail, tax deadline or any important target date for a goal I have set, his or her process identified these well in-advance. |
| Less True - 1 2 3 4 5 - More True |
| I have never had to write a large check at tax time that I didn’t expect many months in advance. |
| Less True - 1 2 3 4 5 - More True |
| My financial advisor proactively gives me the specific funding plan for each goal well in-advance of my target date, I never have to call my advisor wondering how to “pay for a goal.” |
| Less True - 1 2 3 4 5 - More True |
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