Wealth Profile

“It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts.”

– Arthur Conan Doyle, Sherlock Holmes

Managing your wealth requires good information and clarity around the goals you have, without this it will be difficult to know if the actions you take will result in the desired outcomes.

If you engage the services of a financial advisor, it is important to help them understand your goals and expectations by participating in interviews and completing questionnaires designed to gather both quantitative and qualitative data.

Quantitative data

Quantitative data includes information about your assets and liabilities, income and expenses, date of birth, the age you want to retire and your life expectancy. This information is typically gathered using questionnaires and fact finders, designed to support the type of planning being done.

Qualitative data

Qualitative data includes information based on your understanding and experience with money, such as how you feel about debt, the investment biases you may have, and your beliefs when it comes to managing risk. Even simple transactions such as applying for a loan, renewing a mortgage, or buying insurance, requires significant personal and financial information that can take time to gather.

The Wealth Profile Tile will help you collect and organize all this information, placing it at your fingertips whenever needed in the future, saving you time and effort.

RECORD TYPE: Personal Data

Your personal data records should include your identification documents such as driver’s license, passports, health insurance and other ID documents. You should also maintain contact information for your children, grandchildren, and parents.

It should also include basic, high-level financial information on your assets, liabilities, and sources of income.

Suggested Action: Complete the Personal, Family and Financial Information worksheets included with this record. Use the SideDrawer app to scan all your identification documents for safe keeping.

RECORD TYPE: Financial Insights

The Financial Insights Checklist serves two purposes. First, it will help you to identify and eliminate obstacles that could make it more difficult for you to achieve your goals. Second, it will function as a guide, to make sure nothing is overlooked when creating your financial plan.

The Financial Insights Checklist is divided into 6 categories each with 8 to 12 multiple choice questions and should take no more than 15 minutes to complete. There are no right or wrong answers, only an opportunity to gain clarity and an understanding of the things you can do today and, in the future, to grow and protect your wealth.

  1. If you are a “Do-It-Yourself” investor, this checklist will provide you invaluable insight into the areas you should focus your efforts on and help you prioritize the goals you have.
  2. If you are a “Pay-For-Advice” investor, this checklist will ensure the financial planner you hire will have the data, quantitative and qualitative, needed to create your financial plan.
  3. If you are a “Product-With-Advice” investor, this checklist will help to ensure the advice you receive, and the products you purchase are in your best interest.

Suggested Action: Complete the Financial Insights Checklist included with this record. Once complete review the Self-Assessment for strategies you can use to help you achieve your financial goals.

If you engage the services of a financial planner or product advisor, share your Financial Insights Checklist with them to provide the qualitative data missing from most financial questionnaires.

RECORD TYPE: Goals and Objectives

When setting goals many people think the most important thing to remember is to keep them realistic and attainable. That by ensuring your goals can be easily achieved, this will somehow help you get what you want out of life. Yes, your goals should be realistic and attainable, but your goals should also be ambitious, and challenging.

Your goals have the power of unlimited potential, but to harness that power you will need to develop supporting objectives and establish key results that are specific, and time bound.

The more careful you are at defining your goals and setting objectives, the more likely you will do the things needed to get what you want. Having well thought out goals and objectives is an important part of managing your wealth.

Suggested Action: Complete the Goal Checklist included with this record. Once you have selected several goals, use the Goal Planning Worksheet to describe each one in greater detail.

NEXT Steps

  1. Download Resources
    Click the Resources link to download and print the additional worksheets and templates applicable to your needs. Set aside some time over the next few days to complete each one, involving your partner/spouse should you have one.
  2. Gather Documents
    Complete each worksheet or template and gather other statements and documents for each type of Record to be uploaded to this Tile.
  3. Upload Documents
    Using a scanner or the Sidedrawer Mobile App, upload all statements and documents to the appropriate Record for secure storage and collaboration with your family and trusted advisors.
  4. Add Collaborators
    From the Sidedrawer home screen, click on the Collaborator icon to add someone you wish to give access to one or more of your Records. Enter their email, name and relationship to you, then select the Record and permissions to be granted.

Click here to print the Wealth Profile Document Checklist.

<<< Previous Page | Next Page >>>