Wealth Management Checklist

 

Strategy is the cornerstone of the financial advisor / client relationship in my view.  Only with a big-picture strategy can you help ensure your investment decisions are the most appropriate ones for you.  Take a couple minutes and go through this list to help ensure your strategy is sound.  Call Tom at 563-556-1000 with any questions you may have.

 

Retirement Planning

  • Are you contributing to a retirement plan at work?
  • If you have no plan at work, are you using a traditional IRA?
  • Are you contributing to a Roth IRA?
  • Have you run a retirement projection that includes the following:
    • Current age, age when you’d like to retire, and estimate of life expectancy
    • Amount of current assets and amount of anticipated future contributions
    • A hypothetical illustration of potential asset growth
    • Estimated inflation rate
    • Estimate of social security and any retirement plan payments
    • Amount you want to live on in retirement in today’s dollars
  • What is your strategy for creating income from your retirement savings?

College Education Planning for your Kids or Grandkids

  • Do you know how much college costs today and what inflation rate you should assume for the future?
  • Do you know what percentage of the cost you will fund?
  • Do you know how restricted you want your child’s education fund to be?
  • Are you maximizing potential tax benefits in your education planning? 1

Estate Planning Strategies1

  • Do you have a plan to transfer possessions to your heirs?
  • If appropriate, have you considered a revocable living trust for your assets in order to avoid probate and reduce the chance that personal information will become part of public records?
  • Do you have a strategy to help minimize estate tax?
  • Do you know who would care for your kids in the event of your death?
  • Do you have children with special personal situations that need to be planned for?
  • Do you have adequate life insurance coverage?
  • Are all your old 401k’s rolled over into a rollover IRA?
  • Have you recently reviewed your beneficiaries on any life insurance, IRA, retirement plans, or annuities?
  • Are you using appropriate gifting strategies?
  • If applicable, have you explored wealth transfer strategies that could potentially reduce or avoid taxation on your estate?
  • Do you have powers of attorney set up to allow others to execute financial and healthcare decisions for you in case you’re incapacitated?
  • Have you explored the pluses and minuses of a living will?
  • Do you know who the executor of your estate will be?  Have you talked with them?
  • Does your executor know where to find your financial and legal information?
  • Do you have trusts in place to help your children manage their inheritance properly?
  • Have you made funeral/burial arrangements?
  • Have you conducted a family meeting with your heirs to discuss your estate plans and to answer questions?
  • Have you taken steps to educate your heirs on appropriate financial management strategies?
  • Have you introduced your heirs to your financial consultant, tax professional, and attorney so they can work with people you trusted when you pass away?
  • Would you like any assets to go to charity?  Are you aware of all your options?
  • Do you have an attorney?

Portfolio Management2

  • Do you have clearly defined investment goals for retirement, college education planning and other expected purchases?
  • Have you defined your goals, objectives, time horizons and risk tolerances?
  • Are you aware of the optimal asset allocation given your goals, objectives, time horizon and risk tolerance?
  • Does at least one of your financial consultants know what ALL of your assets are for the purpose of reviewing asset allocation and diversification strategy?
  • Do you understand how your current investments really operate?
  • Do you know why you own all the investments you own?

Tax Management1

  • Are you maximizing retirement plans for tax purposes?
  • Do you manage your portfolio for maximum tax efficiency?
  • Do you have a tax professional?

Cash Management

  • Is your cash maximizing interest rate opportunity?
  • Is your short-term money as liquid as you need it to be?

Risk Management

  • Do you have adequate auto, property, health, liability and disability insurance?
  • Do you have a plan to cover potential long-term care expenses?
  • Do you have an insurance agent?

Debt Management

  • Is your debt financed at the best available rates?
  • Are you eliminating higher interest rate debt as quickly as possible?

Business Strategy (For Business Owners)

  • Does your business have a retirement plan in place?
  • Do you have adequate insurance for your business?
  • Do you have a succession plan in place?
  • Do you use “key person” insurance?
  • Do you have an accountant and attorney for your business?

 1 Barton Wealth Management, LLC and Wells Fargo Advisors Financial Network do not act as a fiduciary and do not provide tax advice.  However, I will be glad to work with you, your accountant, tax advisor and or lawyer to help you meet your financial goals.

2Independent money management may not be suitable for all investors

The prices of small- and mid- company stocks are generally more volatile than large company stocks.  They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions.  Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability and different accounting standards.  This may result in greater share price volatility.  Alternative Investments are not suitable for all investors as they carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums.  Real Estate investments have certain risks, including possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions.

Please keep in mind that rolling over assets to an IRA is just one of multiple options for your retirement plan.  Each option has different advantages, disadvantages, investment options, and fees & expenses which should be understood and carefully considered.  Investing and maintaining assets in an IRA will generally involve higher costs than those associated with employer-sponsored retirement plans.  We recommend you consult with your current plan administrator before making any decisions regarding your retirement assets.

Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors.  Wells Fargo Advisors and its affiliates do not provide legal or tax advice.  Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

Fee-based advisory programs are not designed for excessively traded or inactive accounts, and may not be suitable for all investors.  Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services.  The minimum account size for this program is $25,000.

Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns nor can diversification protect against loss in a declining market.

Investing in fixed income securities involves certain risks such as market risk if sold prior to maturity and credit risk especially if investing in high yield bonds, which have lower ratings and are subject to greater volatility.  All fixed income investments may be worth less than original cost upon redemption or maturity.  Income from municipal securities is generally free from federal taxes and state taxes for residents of the issuing state.  While the interest income is tax-free, capital gains, if any, will be subject to taxes.  Income for some investors may be subject to the federal Alternative Minimum Tax (AMT).

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC, a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. Barton Wealth Management is a separate entity from WFAFN.