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Implementing the Wealth Management Index: Tools to Build Your Practice and Measure Client Success



Implementing the Wealth Management Index: Tools to Build Your Practice and Measure Client Success

Ross Levin

ISBN: 978-1-118-15978-1 September 2011 288 Pages


The gold standard for measuring financial progress, updated for today's market

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.

Introduction xi

CHAPTER 1 Turning a Concept into a Practice 01

The Format 02

The Wealth Management Index Overview 03

The Wealth Management Index 04

Conclusion 11

CHAPTER 2 Building and Operating a Practice 13

What Do You Want to Be When You Grow Up? 13

Partners 21

Broader Ownership 23

Conclusion 32

CHAPTER 3 Growing Your Business 33

Quantitative Prospect Metrics 33

Behavioral Types of Prospects 35

The Prospect Meeting 39

Questions 42

Other Questions 46

Next Steps 47

Conclusion 49

CHAPTER 4 Developing Staff 51

The Client Team 51

Leadership Pipeline 52

Conclusion 52

CHAPTER 5 Training Staff in Using the Wealth Management Index 65

The New Hire Process 65

Conclusion 83

CHAPTER 6 The Work Plan 85

Pre-meeting 85

Post-meeting 87

Agenda 92

Conclusion 92

CHAPTER 7 Objective Setting 95

Asset Protection 95

Disability and Income Protection 98

Debt Management 103

Investment Planning 105

Estate Planning 107

Conclusion 112

CHAPTER 8 Scoring the Wealth Management Index 113

Spreadsheet 114

CHAPTER 9 Asset Protection (Preservation) 117

Components 119

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

Conclusion 142

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

Conclusion 189

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


Conclusion 201

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?

Conclusion 228

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?

Conclusion 251

Epilogue 253

About the Author 255

Index 257