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Wealth Strategies Assessment Tool

1. 61% of HNW families have a comprehensive estate plan designed by an estate planning specialist.
Do you know if your estate plan is comprehensive? *This question is required.
2. 54% of HNW families feel they fully understand their estate plan.
Are you certain that your estate distribution plan will flow exactly as you have intended? *This question is required.
3. 80% of HNW individuals have a healthcare proxy and 69% of HNW individuals have a durable power of attorney. 
Do you have these documents as well as a living will?  *This question is required.
4. 52% of HNW individuals have a revocable trust.  Especially if you have real estate in multiple states, you should consider a revocable trust…
Do you have one?  *This question is required.
5. 38% of HNW families have an irrevocable trust and 22% of HNW families have a life insurance trust.
Have you set up an irrevocable or life insurance trust and does it keep the assets in trust in order to protect the assets for multiple generations?  *This question is required.
6. 12% of HNW families have a charitable trust.  It’s possible to send income and estate taxes to charity rather than to the IRS.
Do you have charitable trusts built into your planning?  *This question is required.
7. 61% of HNW families have factored long-term care/end-of-life costs into planning.
Have you?  *This question is required.
8. 66% of HNW families are not certain if their children are prepared to handle the inheritance; and 46% of HNW families want to avoid handing down the kind of money that could dissuade their heirs from realizing their full potential. 
Are your children prepared to handle the inheritance?
Are you certain that you aren’t passing too much? ($1.5M can generate over $50K/year of income)  *This question is required.
9. 64% of HNW families work with one financial institution.
Do you work with one financial advisor?  *This question is required.
10. 69% of HNW families are confident they will achieve their personal financial goals.
Are you?  *This question is required.
11. 55% of HNW families express concern over the ability to preserve their wealth and 27% of HNW families worry they won’t be able to support three decades or more of their lifestyle in retirement.  
Do you feel you’ll be able to preserve your wealth? 
Could you support three decades of your lifestyle in retirement?  *This question is required.
12. 55% of HNW investors feel it is more important to minimize the impact of taxes than to pursue the highest possible returns regardless of taxes and 72% of HNW investors want tax reduction advice. 
Are you getting all of the tax advice you need?  *This question is required.
13. 60% of HNW investors feel lessening their risk exposure is important.  
Does your portfolio allocation match your risk exposure?  *This question is required.
14. 63% of HNW investors have a performance expectation to meet or beat a market index. 
Do you know the annual rate of return of your entire portfolio?  *This question is required.
15. 53% OF HNW investors feel transparency of fees and performance drives trust & value.
Do you know exactly what your investment fees are and how much you paid last year?  *This question is required.
16. 62% of business owners have liquid wealth outside the business. 
Do you have liquid wealth outside your business?  *This question is required.
17. 60% of business owners said that it is important that advisory firm understand and serve both personal wealth and business banking. 
Does your advisor understand both sides for you?  *This question is required.
18. 55% of family businesses have formal boards and rely on family as well as independent, external advisors to lead their business. 
Do you use both for your board?  *This question is required.
19. 81% of family owned businesses feel the business is part of their legacy to their children but only 37% of business owners have developed a formal exit strategy.  
Do you have a written exit strategy?  *This question is required.
20. 66% of business owners expect to retire in the next 10 years. 
Do you have a written, comprehensive retirement plan?  *This question is required.
Sources:

2016 FEUSA Family Business Survey                                                        

2015 Wells Fargo Affluent Investors Survey

2011 and 2016 US Trust Insights On Wealth and Worth                   

Knight Frank The Wealth Report 2016

PNC 2016 Wealth and Values Survey                                                      

Northern Trust Wealth in America Survey 2012

EY Could your clients’ needs be your competitive advantage?
Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp., a broker-dealer (member SIPC) and registered investment advisor offering insurance through Lincoln affiliates and other fine companies. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. Family Wealth and Legacy is the marketing name for business conducted through Lincoln Financial Advisors Corp. CRN-1688489-012017
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