Strathmore’s wealth management philosophy considers seven areas integral to a successful wealth management plan. During the Discovery Meeting, you’ll be asked questions to help gauge what matters most to you in each of these areas:
- Values: The first question your Family CFO will ask is, “What’s important about money to you?” This helps you both get to the heart of what you want to do with your money, and what you want your money to do.
- Goals: You’ll spell out targeted goals, such as having enough to enjoy your retirement, making sure the money doesn’t run out, leaving your spouse financially secure after your death, establishing or funding trusts, leaving a legacy for your children, having money to travel, buying a vacation home, etc. If need specific goals to establish the right plan.
- Relationships: Whom do you love? For whom are you expecting to provide? These questions will help you clarify your values and goals, and find the right investment strategy.
- Assets: Of course, you’ll also discuss the assets you currently have. A quantitative review of exactly what you own establishes what we call your current reality.
- Advisors: As mentioned before, it’s important for your Family CFO to know who your key advisors are, including your attorney and CPA, but also any insurance brokers, private bankers, or others you’re working with, so everyone can be on the same page. In the past these advisors may have worked individually, but by working with your Family CFO, they’ll have important information to add tremendous value to your overall plan.
- Process: This is where the two of you establish how you’ll work together. You might be asked, “In an ideal world, where you’re working with someone you completely trust, how involved do you want to be in the investment process?” Many people want to be more involved at first, but as trust in the working relationship develops, and the investment plan gets well under way, it’s common to have much less contact with your Family CFO than you may have had with other financial advisors. But this is completely up to you and your Family CFO.
- Interests: And last, but certainly not least, you should talk about what rounds out your life, understanding that your interests—like travel, activities, hobbies, etc.—often drive your financial decisions.