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The Future of You
This document discusses taking a values-based approach to wealth planning. It emphasizes defining one's priorities, mission, and values in order to determine the right goals and strategies. It suggests considering what legacy, financial independence, and social capital mean for the individual. It also stresses the importance of having a team, including experts in different areas, to develop an effective plan and address any biases. The overall message is that clear values and priorities are needed to guide wealth planning and ensure the right outcomes.
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The Future of You
- 1. A Values-Based Approachto Wealth Planning
- 2. We all havea story
- 3. One day Alicecame to a fork in the road And saw a Cheshire cat in a tree. “Which road do I take?” she asked. “Where do you want to go?” was his response. “I don’t know,” Alice answered. “Then,” said the cat, “it doesn’t matter.” - Lewis Carroll
- 4. Mission, Vision, Values& Goals Above WHY The Planning Horizon Below HOW Strategies, Tactics and Tools
- 5. You Must Stay Abovethe Line Long Enough for Your Plan to Emerge … Because The Planning Horizon A great answer to the wrong question, may be interesting... but it’s useless, expensive and time wasting!
- 6. Albert Einstein “If I had one hour to save the world I would spend fifty-five minutes defining the problem and only five minutes finding the solution!”
- 8. Individuals face many dilemmasin the planning process. Me Family Family Charity Charity Me Family Family Charity Charity Me Spouse Me Myself
- 9. What are yourBig Rocks?
- 10. The Realms ofPlanning Financial Independence Social Capital Family Legacy
- 11. Financial Independence Family Legacy Social Capital
- 12. Priorities Define and Social Protect Capital Legacy Define and Protect Family Legacy Define and Financial Protect Independence
- 13.
- 14. Average life expectancy by the year 2025 89.9 86.9 87.8 Source: US Department of Health, Health, United States 2008. 85.8 85 82.2 80.4 75.2 Age 47 47 Men Women 14
- 15. What’s your number? Financial Financial Financial Dependence Independence Transcendence $ Excess Family Legacy Deficit Social Capital Legacy Accumulate Protect Transfer Birth
- 16. What does Legacy mean for you?
- 17. Questions to consider Whatare you passionate about? What makes you, you? What keeps you up at night? Where do you want to make an impact? If you could change one thing in the world – what would it be? What does social capital mean to you?
- 18. Warren Buffett Parents shouldleave children “enough money so they would feel they could do anything, but not so much that they could do nothing.”
- 19. To pull itoff, you’ll need to dig deep.
- 20. Without being clearon your values, how can you know if you're even planning for the right things?
- 21. Stress Test Does thestrategy allow you to ... … retain sufficient resources to protect your financial security and maintain your desired lifestyle? … transfer what you have, to whom you want, when you want, the way you want? … direct your social capital in a manner consistent with your personal values?
- 23. You’ll need ateam.
- 24. C The Virtual Planning Team O Investment R Core Team E T Legal Client Tax E A M Risk Strategy Teams CA Business Expert or Specialist Legal Virtual Team Resources Fiduciary Philan- Investment Real Insurance thropy Estate
- 25. Professional bias Insurance Lawyer People see the world not as it is, but as they are. Accountant Investment
- 26. Advisors often establishobjectives by analyzing strategies
- 27. Advisors often interprettotal confusion as the need for more information
- 28. The Human CapacityTo Trust Is Limited! 5 4 3 2 1
- 29. Who is yourCoach? Discovery Gap Management Management Information Management Talent Management COACH Project Management Communication Knowledge Management Budget Management Management
- 30. Allison Maher, CA,CFP, TEP Family Wealth Coach Planning www.familywealthcoach.ca
Editor's Notes
- #2 By show of hands – how many of you have given a presentation to 100 people? Ok thank you – by a show of hands how many of you have shared intimate details of your life with 100 people? So I am taking a bit of risk here…..and I know that we all have a bit of a story….wanted to share my story and why we are so passionate about values based financial planning…I am going to pretend its just us “girls here” today.
- #3 I know a lot of you will be able to relate to this story……Trudy uses the term “life life’s us”. Before I had children, I had a bucket list of things I wanted to do….running marathon and I was very busy non parent……I know that a lot of you can relate to this, I am sure……Before I ran the marathon, went in for my annual physical no problem…..as soon as the marathon is over, I said right….lets try to get pregnant….very goal oriented person……want to start trying to have kids…..and literally did…. well I came back to a voicemail saying that the lab tests from physical had shown had odd test ….I know a lot of you have had this experience, so you know your heart just stops……the long and short of the story is that my world changed on a dime…. I needed to get to 26 weeks, every 6 weeks they would look at this tumour and see if it changed….held my breadth……because one of the risks of the surgery and even biopsying it to confirm if it was malignant or benign was a potential hysterectomy. Two lessons I learned very quickly: Time is an incredibly valuable commodity, and that I needed a framework to make difficult decisions. This is the reason we wrote the book and this is the reason we do what we doSo we have worked very hard to create a new way of financial planning …... Today I am going to give you some tools to help you get the most of your time and your financial resources. TO BE THE MOST IMPACTUL WITH WHAT YOU HAVE. We are going to teach you how to think more strategically first, and begin with the end in mind.
- #4 Alice in wonderland one of my favorite books…..how do you know which financial strategies or tools to employ if you aren’t clear about where you want to go. Another way of saying this is to “Begin with the end in mind”
- #8 In our planning world there are three main roads that Alice can choose from…..FI, FL, SC……does everyone know what I mean by social capital? It can be philanthropy, but it can also mean generosity….default its taxes.Which road to go down?
- #11 Every strategy tactic or tool can fit into three realms……some overlap. For example life insurance……investments would too, but would suggest that each realm have its own investment portfolio statement.
- #14 Financial independence means different things to different people…..it is more of an art than a science…need to try to understand a families burn rate…..take a very conservative approach
- #16 Financial Independence is the foundation of all of our planning.
- #17 My own personal experience – a tool with family, What does legacy mean to you? Ask the audience. Have a hand planted in the audience….legacy means giving my children skills to fish on their own, making on impact in my community,
- #18 Core Value Exercise????
- #20 What do your kids need to flourish?
- #27 The advisor watches and waits for a reaction -- sometimes good, sometimes BAD. Invariably, most people end up with their head exploding as a result of the complexity and confusion.Sometimes this takes place in a single meeting and sometimes over the course of months or even years. Your advisor keeps running through a sequence of strategies, all designed to resolve an assumed problem. I’m sure every one of us has gone through this at one time or another, considering multiple strategies only to become more and more confused. Often times, we are barraged by multiple advisors with different strategies and different objectives, all tools that have been designed to solve problems that we have not yet clearly defined.
- #28 Advisors often mistake confusion with the need for additional information.
- #29 Different degrees of trust required – don’t have to have a deep relationship with everyone of our advisors. Teller at the bank -
- #30 Suggest you ask one of your financial advisors to step up and play the role of coach – may do I by default…but in my experience the best way is to be deliberate about it.
- #31 CALL TO ACTION::Ask yourself why before how?What is your place of most potential- is it FI, FL or SC? Harness your resources, your team and your time around it.Thank you – just wanted to say if any of you would like to pursue this line of thinking, we brought about 40 books here today….you are welcome to have one, and if you would like to make a donation to WINK, it is not a requirement, but we are grateful if you would like to….