Bateman Mackay Fiscal Fitness Assessment by scockhill@wealthstewards.ca | Jun 3, 2020 | 0 comments Directions: The statements below will help you to think about and assess how satisfied you are with many aspects of your financial life. Please mark your level of satisfaction for each statement. First Name Last Name Email Address Phone Number What are the top three financial matters that keep you awake at night or that you consider top priorities? Organization and Planning Our financial affairs are well organized and in good order. Agree Somewhat Agree Somewhat Disagree Disagree I know what my family’s long term goals are and can quantify them. Agree Somewhat Agree Somewhat Disagree Disagree Our personal financial situation is straightforward, I enjoy managing it and I feel I am doing a good job. Agree Somewhat Agree Somewhat Disagree Disagree We have a document records system that allows us (or our loved ones) to quickly put our hands on whatever we need. Agree Somewhat Agree Somewhat Disagree Disagree I can safely say that very few financial details fall through the cracks in my life. Agree Somewhat Agree Somewhat Disagree Disagree I receive regular, easy to understand, consolidated reporting on all our family holdings across all of our entities and family members. Agree Somewhat Agree Somewhat Disagree Disagree I am comfortable that we have the appropriate level of risk in our portfolio. Agree Somewhat Agree Somewhat Disagree Disagree Investments I know what rate of return we need from our investments to ensure we meet our family’s key objectives. Agree Somewhat Agree Somewhat Disagree Disagree I am confident that our asset allocation reflects our risk and return expectations. Agree Somewhat Agree Somewhat Disagree Disagree We have a written Investment Policy Statement for our overall investment portfolio that clearly lays out the objectives, limitations, review process and accountability. Agree Somewhat Agree Somewhat Disagree Disagree Our investments have been objectively reviewed recently and I am confident we have the right ones in place and in the right combinations. Agree Somewhat Agree Somewhat Disagree Disagree We have a regular review process in place to evaluate the success Agree Somewhat Agree Somewhat Disagree Disagree Risk Management I am comfortable that we have the appropriate level of risk in our portfolio. Agree Somewhat Agree Somewhat Disagree Disagree We have a process in place to review non-portfolio risks that could impair our wealth. Agree Somewhat Agree Somewhat Disagree Disagree We have a process in place to review our insurance to ensure it covers our significant risks. Agree Somewhat Agree Somewhat Disagree Disagree I understand all our insurance policies and am confident that they are appropriate and up-to-date. Agree Somewhat Agree Somewhat Disagree Disagree Tax Planning and Structuring I am confident that we are taking advantages of all the tax efficiencies available to us. Agree Somewhat Agree Somewhat Disagree Disagree I am confident that the tax allocation of our investment assets is optimal. Agree Somewhat Agree Somewhat Disagree Disagree I understand how the use of a trust or other tax structures could decrease the amount of tax we pay. Agree Somewhat Agree Somewhat Disagree Disagree I fully understand the tax implications of any U.S. assets we own (e.g. real estate, securities etc.) and have protected ourselves accordingly. Agree Somewhat Agree Somewhat Disagree Disagree I am confident that we are taking advantages of all the tax efficiencies available to us. Agree Somewhat Agree Somewhat Disagree Disagree Estate Planning and Succession I have a clear idea of our estate objectives and how much our heirs will receive after taxes and when. Agree Somewhat Agree Somewhat Disagree Disagree Our wills have been updated in the past three years. We have properly-executed powers of attorney for financial and health care purposes. Agree Somewhat Agree Somewhat Disagree Disagree Cash Flow Management I have calculated how much capital I will need to be able to retire and to maintain our standard of living. Agree Somewhat Agree Somewhat Disagree Disagree I know what our family expenses are and feel confident that they are reflected in my wealth plan. Agree Somewhat Agree Somewhat Disagree Disagree I have a game plan in place to prepare for a liquidity event, such as retirement, receiving my deferred compensation or cashing in my shares or partnership interests Agree Somewhat Agree Somewhat Disagree Disagree Advisors I have an advisor who is knowledgeable and objective regarding all of the issues listed above. Agree Somewhat Agree Somewhat Disagree Disagree My advisor is proactive and regularly anticipates the key issues that need attention in my life. Agree Somewhat Agree Somewhat Disagree Disagree I know all the fees we are paying to our advisors and understand the value we receive and the impact on our net worth. Agree Somewhat Agree Somewhat Disagree Disagree Family Issues Our family has frequent, open, healthy dialogue about money and financial issues. Agree Somewhat Agree Somewhat Disagree Disagree I am confident that my spouse and children will be able to manage if something happened to me. Agree Somewhat Agree Somewhat Disagree Disagree I am confident that our family net worth is not likely to be at risk if one of my children gets divorced. Agree Somewhat Agree Somewhat Disagree Disagree If any of my family is a U.S. citizen, resident or green card holder, I understand the tax and compliance risks facing the family and have addressed them. Agree Somewhat Agree Somewhat Disagree Disagree I feel confident that our children are financially well-educated and sufficiently responsible to inherit the assets that are likely to be left to them. Agree Somewhat Agree Somewhat Disagree Disagree Time is Up! Time's up Submit a Comment Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment.
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