Financial Sense: Six steps for pursuing financial success on purpose

By Jason Glisczynski

Effective wealth planning occurs when you and your advisors have a deep understanding of you and the people in your life.

Consulting with a team of experts is critical to achieving success while ongoing monitoring and refinement take place to maintain that success. I believe one of the best things you can do when managing wealth is to be extremely clear on what you’re looking to accomplish and what hurdles stand, or could stand, in your way.

Success rarely happens by accident. The good news is you can apply a six-step process repeatedly to create the level of success you desire be it in business, in life, or with your money.

When it comes to your wealth, the six-step process looks like this:

1. Profiling: the most effective wealth planning happens when you and your advisor have a deep understanding of yourself and the people in your life who will be involved in, or impacted by, your planning decisions. Research by AES Nation shows the best approach to this is building a total client profile around 7 key areas: Values, Goals, Relationships, Assets, Advisors, Process, and Interests. When I meet someone who is unhappy with their investments the most common thread is a disconnect between how they are invested and who they are as a person.

2. Consultation with a Professional Support Network: Not even the best financial professional out there is an expert in all areas of managing wealth. The best advisors create and maintain strong networks with 4 key characteristics: Specialized Expertise, Integrity, Professionalism, and Personal Chemistry.

3. Scenario Thinking: Simply put this is a method of generating alternative futures, asking all the “what if” questions and answering them. This is sometimes called a stress test.

4. Framing the Recommendations Clearly: Depending on the complexity of the situation this may be very straightforward or quite complicated. It is essential to understand, in broad strokes or excruciating detail (depending on your preference) how to achieve your agenda and achieve your agenda.

5. Implementation: By this point, the hurdles should be identified and the approach to surmounting them be specified. This doesn’t automatically mean implementation is easy. With the help of your Professional Network (step two) much of this could be delegated.

6. Ongoing monitoring and refining: Laws change, people change, so its smart to ensure the planning you do stays up to date and remains positioned to generate the results you want. Avoid the “this is how we’ve always done it” trap. As your life unfolds and your needs evolve, failure to update your plan may result in you, and those you love, missing out.

Jason Glisczynski is co-owner and principal advisor for Silvertree, LLC. Investment Advisory Services offered through Brookstone Capital Management (BCM) LLC, a Registered Investment Advisor. Silvertree, LLC and BCM are separate companies. Visit www.silvertreeplan.com for more information.