There are many great books you can read that will teach you about personal finance. You will learn how to set attainable goals and how to create a plan to achieve financial independence. Personal finance books will give you the rules and tell stories that incorporate what you have learned, but when you are finished reading the book you are on your own to organize your finances and implement a plan using the knowledge you have acquired.
MyWealth Records was developed by Dave Faulkner, CLU, CFP as a how-to sequel to the books you’ve read and will help you take control of your wealth, putting everything in one place and accessible using your computer, tablet, or phone.
When you use MyWealth Records, you can be confident that you are organized and ready to take control of your money and ownership of the advice you pay for. Also, should you be unable to manage your finances at any time in the future, your family will have access to everything they need in one easy to access place.
MyWealth Records includes SideDrawer, a collaboration tool for secure, online document storage designed specifically for private financial and personal documents. SideDrawer’s no-attachment and no-file sharing link approach, combined with the MyWealth Records process, gives you a rich, easy to use system that will:
- Help you document and manage your personal and business finances, so you can be confident you are doing everything necessary to ensure the goals you set are achieved.
- Help your family with clear instructions on where everything is and what they need to know should you be unable to manage your finances for yourself.
- Help the people and organizations you rely on for guidance, to clearly understand your values, intentions, and goals for your wealth, ensuring the advice they give is in your best interest and complements your overall plans.
MyWealth Records is made up of 10 planning categories (15 if you are incorporated) called Tiles:
- The 1st Tile is for discovery and will help you establish a wealth profile.
- The next 3 Tiles are for professional advice to help you manage advisor relationships.
- The remaining 6 Tiles are for safekeeping of documents and important financial records.
- For self-employed there are an optional 5 Tiles for safekeeping of corporate documents.
When using MyWealth Records, it is important to note the use of “you/your” should be interpreted as “you and your partner or spouse” should you have one.
STEP 1 – Discovery
The first step to taking control of your financial future is to document your basic financial resources and the goals you have for your wealth. This is true whether you plan to do it yourself or engage the services of one or more financial professionals to help you sort through some of the more complex areas of financial planning.
Should you work with a financial advisor, it will be your responsibility to ensure they have a complete picture of your personal and financial situation. This can be a challenge, as different types of planning require different information and level of detail.
The discovery tile serves as a guide for the type of information you will need, and securely maintains it, making it readily available whenever you or your advisors may need to access it.
MyWealth Records includes 1 Record Tile to guide you through Step 1.
Wealth Profile Tile
This Record includes documents to help you organize basic personal and financial information, develop a wealth profile, and to establish one or more goals.
Maintaining this will ensure that when you need to provide basic personal and/or financial information to purchase a financial product or service, you will have it at your fingertips, saving you time and effort.
STEP 2 – Advisors
Over the past few years there have been several studies conducted on the value of financial advice and the roll of a financial advisor. What all these studies have in common is that there is significant evidence of the value of advice and the positive role a financial advisor plays in helping individuals reach their long-term financial goals.
MyWealth Records includes 3 Record Tiles to guide you through Step 2.
Meeting Notes Tile
This Record includes a Notes template to record all pertinent information that you discuss with your advisors, providing you with a clear and accurate account of all meetings.
Keeping accurate notes of all interactions with your advisors is vital to ensuring that both you and your advisors follow through on the recommendations and actions agreed to. Having an accurate account of all meetings and conversations is essential to maintaining the professional relationships you form.
Advisor Contacts Tile
This Record includes documents you can use to record contact and engagement information for all the advisors you may work with in the future.
Throughout your life, you will work with many advisors who will provide you with information and guidance to help you achieve your goals. The individuals or firms you choose to help you secure your financial future should be someone whom you can trust to be there for you and your family.
Analysis & Planning Tile
This Record includes resources you or your advisor can use to identify any areas of concern that may prevent you from achieving your goals.
Using the information provided by the MyWealth Records process, your advisor will generally prepare one or more financial analysis and projections to determine what recommendations they will make and the next step to be taken. The results of their analysis and written recommendations should all be stored here for future reference by you or anyone you may choose to collaborate with.
STEP 3 – Document
This is where you maintain documents and statements related to all areas of personal finance. Comprising the six fundamental components of financial planning, it will be a record of the financial transactions you make to ensure all advisors you deal with in the future have the information they need to effectively advise you.
MyWealth Records includes 6 Record Tiles to guide you through Step 3.
Financial Management Tile
This Record is for storing and organizing all documents related to financial management.
Proper management of your financial assets and liabilities are vital to ensuring you achieve the financial independence you want. Being in control of your finances and making informed financial decisions will always have a positive impact on other areas of financial advice.
Risk Management Tile
This Record is for storing and organizing all documents related to insurance & risk management.
Understanding your exposure to unexpected financial loss due to events out of your control can mean the difference between achieving financial independence or financial ruin.
Investment Management Tile
This Record is for storing and organizing all documents related to investment management.
Managing your investments is a basic requirement of financial independence. Knowing where your money is, how it is invested and the potential risks to your capital will all have an impact on whether you will achieve your goals and objectives or fall short of what you want.
Retirement Planning Tile
This Record is for storing and organizing all documents related to retirement planning.
Understanding where you are today is the key to knowing if there is a gap between the lifestyle you want in retirement and the lifestyle you are on track for. Seeking the advice of a professional can help better prepare you for retirement by providing you with more options when it comes to the timing of your benefits, which investments you should spend first and the lifestyle you will be able to enjoy.
Tax Planning Tile
This Record is for storing and organizing all documents related to tax planning.
Accomplishing your financial objectives in the most tax efficient manner possible is a common goal of most people. Tax planning is also an area where professional advice can add significant value with recommendations that can impact all areas of your finances.
Estate Planning Tile
This Record is for storing and organizing all documents related to estate planning.
Arranging for the orderly disposal of your estate to eliminate uncertainties over administration and probate is the focus of estate planning. Working with a financial professional can help to reduce income taxes and other costs associated with probate, so that your heirs will receive the full amount you intended to leave them.
STEP 4 – Corporate
If you are self-employed and incorporated, once you have fully setup your personal SideDrawer account, you can request a second login for your corporate entities.
Once setup, you will be able to maintain documents and statements related to all areas of corporate finance. Comprising the fundamental components of corporate planning, it will be a record of the financial transactions you make to ensure all financial advisors you deal with have the information they need to effectively advise you.
MyWealth Records includes 5 Record Tiles to guide you through Step 4.
Corporate Governance Tile
This Record is for storing and organizing all documents related to corporate governance.
Corporate governance must balance the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community.
Corporate Taxation Tile
This Record is for storing and organizing all documents related to corporate tax.
Accomplishing your corporate growth objectives in the most tax efficient manner possible is a common goal of most business owners. Corporate tax planning is also an area where professional advice can add significant value with recommendations that can impact all areas of corporate finance.
Corporate Financials Tile
This Record is for storing and organizing all documents related to corporate assets and liabilities.
Managing corporate assets and liabilities is vital to ensuring you achieve the success you want. Being in control of corporate finances and making informed financial decisions will have a positive impact on all other areas of corporate planning.
Corporate Insurance Tile
This Record is for storing and organizing all documents related to corporate insurance.
Understanding corporate exposure to unexpected financial loss due to events out of your control can mean the difference between financial success or financial ruin.
Corporate Benefits Tile
This Record is for storing and organizing all documents related to corporate benefits.
When you make your employees feel important and appreciated, you will attract and retain top talent and improve performance, while increasing innovation and workplace morale.