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This chapter is from the book

Chapter 1: Issues to Discuss with Your Family

  1. Do you find the subject of wealth management intimidating? If so, why?
  2. Are you convinced that "doing your homework" and planning ahead before hiring your wealth management advisors is a reasonable approach to take? If not, what forces compel you to act now? What are the long-term costs of acting prematurely?
  3. Do you have a personal interest in closely managing your finances? If so, how much time are you willing to devote to this activity? If you do not have interest in closely managing your finances, can you structure your wealth management strategy accordingly?
  4. Who is the logical Wealth Strategist for your family? Why? What if there isn’t a logical choice or a consensus pick?
  5. Does your family communicate well about money? How might communication be improved?
  6. How would you describe the "culture" of your family? In what ways do your family’s beliefs, values, attitudes, and norms shape behavior when it comes to spending and saving?
  7. Has your family taken time to articulate its "culture" and how that culture should drive future wealth management planning efforts?
  8. Have you ever hired someone to manage your finances? Was it a positive or negative experience? If it was negative, how can you improve things in the future?
  9. Do you know how to assess the relative merits of prospective advisors? How do you know you’ve assembled the best alternatives to choose among instead of a middling pool of talent? (Hint: Brand alone is not the answer.) After you’ve hired an advisor, how and when will you know they’re doing a good job?
  10. What advantages do you see in using the Strategic Wealth Management Framework as a tool in wealth management planning instead of the classic approach?
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