Wealth Management Checklist

Strategy is the cornerstone of the financial advisor / client relationship in my view.  Only with a big-picture strategy can you help ensure your investment decisions are the most appropriate ones for you.  Take a couple minutes and go through this list to help ensure your strategy is sound.  Call Tom at 563-556-1000 with any questions you may have.
Estate Planning Strategies1
  • Do you have a plan to transfer possessions to your heirs?
  • If appropriate, have you considered a revocable living trust for your assets in order to avoid probate and reduce the chance that personal information will become part of public records?
  • Do you have a strategy to help minimize estate tax?
  • Do you know who would care for your kids in the event of your death?
  • Do you have children with special personal situations that need to be planned for?
  • Do you have adequate life insurance coverage?
  • Do you have any old 401(k) plans?
  • Have you recently reviewed your beneficiaries on any life insurance, IRA, retirement plans, or annuities?
  • Are you using appropriate gifting strategies?
  • If applicable, have you explored wealth transfer strategies that could potentially reduce or avoid taxation on your estate?
  • Do you have powers of attorney set up to allow others to execute financial and healthcare decisions for you in case you’re incapacitated?
  • Have you explored the pluses and minuses of a living will?
  • Do you know who the executor of your estate will be? Have you talked with them?
  • Does your executor know where to find your financial and legal information?
  • Do you have trusts in place to help your children manage their inheritance properly?
  • Have you made funeral/burial arrangements?
  • Have you conducted a family meeting with your heirs to discuss your estate plans and to answer questions?
  • Have you taken steps to educate your heirs on appropriate financial management strategies?
  • Have you introduced your heirs to your financial consultant, tax professional, and attorney so they can work with people you trusted when you pass away?
  • Would you like any assets to go to charity? Are you aware of all your options?
  • Do you have an attorney?

Wells Fargo Advisors Financial Network and its affiliates do not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
- Are you contributing to a retirement plan at work?
- If you have no plan at work, are you using a Traditional IRA?
- Are you contributing to a Roth IRA?
- Have you run a retirement projection that includes the following:
  • Current age, age when you’d like to retire, and estimate of life expectancy
  • Amount of current assets and amount of anticipated future contributions
  • A hypothetical illustration of potential asset growth
  • Estimated inflation rate
  • Estimate of social security and any retirement plan payments
  • Amount you want to live on in retirement in today’s dollars
- What is your strategy for creating income from your retirement savings?
  • Do you know how much college costs today and what inflation rate you should assume for the future?
  • Do you know what percentage of the cost you will fund?
  • Do you know how restricted you want your child’s education fund to be?
  • Are you maximizing potential tax benefits in your education planning? 1

Wells Fargo Advisors Financial Network and its affiliates are not tax or legal advisors.
Portfolio Management2
  • Do you have clearly defined investment goals for retirement, college education planning and other expected purchases?
  • Have you defined your goals, objectives, time horizons and risk tolerances?
  • Are you aware of the optimal asset allocation given your goals, objectives, time horizon and risk tolerance?
  • Does at least one of your financial consultants know what ALL of your assets are for the purpose of reviewing asset allocation and diversification strategy?
  • Do you understand how your current investments really operate?
  • Do you know why you own all the investments you own?

Asset allocation and diversification are investment methods used to help manage risk. They do not guarantee investment returns or eliminate risk of loss including in a declining market.
Tax Management1
  • Are you maximizing retirement plans for tax purposes?
  • Do you manage your portfolio for maximum tax efficiency?
  • Do you have a tax professional?
Wells Fargo Advisors Financial Network and its affiliates are not tax or legal advisors.
  • Is your cash maximizing interest rate opportunity?
  • Is your short-term money as liquid as you need it to be?
  • Do you have adequate auto, property, health, liability and disability insurance?
  • Do you have a plan to cover potential long-term care expenses?
  • Do you have an insurance agent?
Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.
  • Does your business have a retirement plan in place?
  • Do you have adequate insurance for your business?
  • Do you have a succession plan in place?
  • Do you use “key person” insurance?
  • Do you have an accountant and attorney for your business?

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.