Do you Know the Health of Your Wealth?
Take a quiz with me.
Look at this list of phrases and tell me which one doesn’t belong:
Primary care physician
Annual physical
No surprises
Lab results
If you chose #3 you are correct. “No surprises” is the outcome we all hope for from a health checkup.
Among the many reasons for a physical exam, peace of mind from knowing you are healthy is worth the stress and time required.
But there is another possibility – something unexpected shows up. What then? Do you have the resources in place to address the condition? Most importantly, what about preventative care? How can you live and proactively avoid the likelihood of becoming sick in the first place?
One of the challenges of our medical system is managing all of your health needs in one place. Your primary care physician can provide general guidance. A specialist doctor can address specific needs. But who manages your preventative care medicine?
Do you have someone with a proactive focus who is an expert at preventing you from being sick in the first place? Who supports your wellness?
The same questions apply to money and your wealth.
You likely have generalist and specialist advisors to oversee your estate and financial strategy. They focus on your money and financial structure in the same way your doctors focus on your physical health.
However, their work is reactive and often incomplete. They don’t focus on the underlying conditions that matter most – the health and wellness of your family and your legacy. They are not experts in the Wealth Wellness that ultimately determines your Wealth Success.
You may not think of your wealth like your health, but the parallel holds. Your wealth is also subject to continual risk. Unmanaged risk can easily become contagious and put your objectives in danger.
How do you determine the risk factors connected to your wealth? How do you keep your wealth healthy?
If these questions are unanswered or if your answers are outdated, you could be headed toward wealth failure.
Failure is not limited to loss of financial value. It is permanent damage to your relationships and disappointment when it comes to your hopes and dreams.
Let’s look at how to know your wealth is in great health.
Wealth Success
Just like an old-fashioned doctor, we make house calls. Looking at your overall Wealth Wellness, we proactively seek an in-depth understanding of your family’s history, current needs, and future hopes and expectations.
Additionally, we work with specialists to be certain all elements of your plan collectively work for you. That’s a comprehensive approach to safeguarding against wealth failure.
Our signature service focuses on you and each member of your family individually and on your family holistically. We call this Family Capital Management.
As in good medicine, we follow a well-defined process to evaluate your circumstances and to prescribe the best support to achieve an optimal outcome. Likewise, we produce your Wealth Success through a combination of experience and expertise.
Here’s how to know the health of your wealth…
Step 1 - Determine your goals and objectives, individually and collectively as a family.
Deliverable: Your Heritage Document captures what’s important to you: statement of purpose, core values, and your family story.
Step 2 - Align your resources with your family goals and objectives.
Deliverable: Your Family Legacy Plan for building Wealth Success includes: detailed review of current plan + alignment of resources and objectives.
Step 3 - Implement your Family Legacy Plan to ensure Wealth Success: update your estate planning documents, update asset titles, make adjustments to your Trustees and take any additional steps that are important to you while working with your existing advisors.
Step 4 - Account and review your Family Legacy Plan - at least annually - to ensure timely adjustments that achieve your objectives.
Deliverable: Your updated Family Legacy Plan with detailed realignment.
Step 5 - Accelerate the health of your wealth by taking advantage of optional, custom-designed resources: family meetings and retreats.
No surprises here
Most planning is reactive and limited in impact. Prosperis is proactive and dynamic in impact.
How, you may ask?
Our Wealth Success process culminates into a powerful deliverable: a heritage document called a Family Legacy Plan. It’s a blueprint that is specific and unique for your family and it provides a framework for a path to your Wealth Success.
Let’s schedule a check up today and evaluate the health of your wealth. That’s the only way to know for sure.
To read more about our Wealth Success Process, click here.