Implementing the Wealth Management Index: Tools to Build Your Practice and Measure Client Success
From Ross Levin, a trusted financial planner, comes Implementing the Wealth Management Index. The new edition of the book Investment Advisor called a "landmark opus," this revised and updated volume expands upon his legendary Wealth Management Index tool. A benchmark system that, through a series of questions and evaluations, enables advisors to score their performance for individual clients, the tool is used by firms around the world. In this new edition, the index looks at asset protection, disability and income protection, debt management, investment planning, and estate planning.
The new edition adds more how-to information, as well as actual client examples and case studies to show how Levin's firm successfully uses the index as a daily strategy.
- Asks the important questions, like "Did you use all reasonable means to reduce your taxes?" and "Have you established and funded all the necessary trusts? Have you made your desired gifts for this year?
- Newly revised and expanded for the first time since 1997
Essential guidance from a top man in the game, Implementing the Wealth Management Index is the one-stop resource for measuring client financial progress.
CHAPTER 1 Turning a Concept into a Practice 01
The Format 02
The Wealth Management Index Overview 03
The Wealth Management Index 04
CHAPTER 2 Building and Operating a Practice 13
What Do You Want to Be When You Grow Up? 13
Broader Ownership 23
CHAPTER 3 Growing Your Business 33
Quantitative Prospect Metrics 33
Behavioral Types of Prospects 35
The Prospect Meeting 39
Other Questions 46
Next Steps 47
CHAPTER 4 Developing Staff 51
The Client Team 51
Leadership Pipeline 52
CHAPTER 5 Training Staff in Using the Wealth Management Index 65
The New Hire Process 65
CHAPTER 6 The Work Plan 85
CHAPTER 7 Objective Setting 95
Asset Protection 95
Disability and Income Protection 98
Debt Management 103
Investment Planning 105
Estate Planning 107
CHAPTER 8 Scoring the Wealth Management Index 113
CHAPTER 9 Asset Protection (Preservation) 117
Have You Articulated a Life Insurance Philosophy? 119
What Are Your Concerns Regarding Risks of Large Losses from 128
Medical, Long- Term Care, Property/Casualty, and Personal or Professional Liability Issues?
Have You Defi ned and Protected Your Business Interests? 138
CHAPTER 10 Disability and Income Protection (Protection) 145
What Are the Income and Lifestyle Needs and Wants of Your Family 147
Currently and Prospectively?
Have You Evaluated All Current Sources of Income and Potential 159
Changes to These Sources?
Are You Fully Utilizing All Benefits Available to You? 168
CHAPTER 11 Debt Management 191
Have You Established Your Philosophy Regarding 192
Using Savings or Credit?
Is Your Type of Debt Appropriate Given Your Wealth-Management 196
CHAPTER 12 Investment Planning (Accumulation) 203
Have You Developed an Investment Philosophy? 205
Have You Determined the Mechanics for Managing Your Portfolio 222
and the Evaluation of What Success Looks Like?
CHAPTER 13 Estate Planning (Distribution) 231
Have You a Philosophy on Wealth Transfer? 232
Have You Articulated Your Charitable Philosophy or Mission Statement? 244
Have You Planned For Incapacitation, Elder Care Issues, 248
and Final Planning Needs?
About the Author 255
Ross Levin, CFP®, is the Founding Principal and President of Accredited Investors Inc., and a nationally recognized expert in financial planning. He was named one of the five most influential people in financial planning by Financial Planning magazine and as one of the twenty-five most influential individuals in and around the advisory profession by Investment Advisor magazine. A much sought after speaker on financial matters, Levin has appeared in numerous publications, including the Wall Street Journal, Bloomberg Businessweek, Fortune, the New York Times, Newsweek, Barron's, and Money magazine, as well as on television and radio shows such as NBC Nightly News, The Oprah Winfrey Show, and American Public Media's Marketplace Money. Levin was the first recipient of the Financial Planning Association's Heart of Financial Planning Award.