Implementing the Wealth Management Index

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 Medical, Long- Term Care, Property/Casualty, and Personal or Professional Liability Issues? 128 Have You Defined 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 Currently and Prospectively? 147 Have You Evaluated All Current Sources of Income and Potential Changes to These Sources? 159 Are You Fully Utilizing All Benefits Available to You? 168 Conclusion 189 Chapter 11 Debt Management 191 Have You Established Your Philosophy Regarding Using Savings or Credit? 192 Is Your Type of Debt Appropriate Given Your Wealth-Management Objectives? 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 and the Evaluation of What Success Looks Like? 222 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, and Final Planning Needs? 248 Conclusion 251 Epilogue 253 About the Author 255 Index 257