Why is it Important to Have a Process to Capture a Personal Family Vision of Wealth Before Beginning Any Estate or Financial Planning?

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Having a formalized process allows you to reflect on what is most important to you and your family. It also affords the opportunity to break your vision into smaller goals and objectives so they can be prioritized and successfully completed.

Traditionally most professional advisors work only within their own education and skill set. There is a trend that is gaining strength, however, in which some advisors understand the value to the client and the professional’s practice to be able to connect more meaningfully with their clients. Financial planners, attorneys, accountants, investment managers, and insurance professionals are beginning to take a more holistic approach to the client’s needs. They are moving to areas of discussion that are not always directly related to the professional’s discipline, and they are working as advisor teams to multiply their effectiveness.

Many professionals have developed processes that seek to understand and document the client’s personal history and thoughts on several topics before formally engaging them. Generally this will include multiple meetings in which the client will share family history as well as their concerns about money with the advisor. Some advisors will use the information received during the discovery sessions to help the client draft a formal vision statement. This produces a much better result and greater satisfaction for the client.