All successful businesses and professional practices have thinking systems. A thinking system is a sophisticated detailed process which accomplishes tasks and goals in a highly efficient manner. A thinking system is a prerequisite of success.
For the successful professional or business owner, this thinking system produces exceptional value for clients, customers, and/or patients, along with significant profit for the enterprise. Ideally, this profit, reduced only by minimum legal income tax and controlled by living costs, should go towards building wealth and financial independence in an equally efficient manner.
Often, however, successful people lack a personal financial thinking system for their particular financial world. Their financial decisions are made on a random basis, relying on a hodge podge of advice from the general press, financial press, financial entertainers, well-meaning friends, and product sales people. There is no organizing philosophy or methodology. The result is waste, exposure to catastrophic risk, excessive costs, excessive taxation, and uncertainty regarding one's financial future.
SmartWealth® created the Financial Thinking System™ to put our clients' personal financial decision-making process on the same level as their business or professional thinking systems. During our work together, we transfer and customize the Financial Thinking System™ template to operate seamlessly with our clients' personal financial world, goals, objectives, preferences, and values. At the conclusion of our work, each client owns their persoanlized version of the Financial Thinking System™. Thereafer, they can make personal financial decisions with a consistent philosophy and methodology, confident that they are optimizing, maximizing, and protecting the financial fruits of their enterprise.
Beginning by learning about our clients and their families, their goals, wishes, desires, expectations, and dreams, we facilitate a discussion about out clients' definition of financial and non-financial success, their progress to date, and their hopes for the future.
We help our clients assemble and organize the information we need to understand their current situation. Using several techniques and software tools, we efficiently extract the essential information without tediously focusing on minutia, minimizing the time they must spend.
Our focus is helping our clients see the big picture of where they are now, and where the future may lead under their current plan and practices. We help them recognize any disconnects between what they want to achieve and the logical consequences of their current course of action.
Emphasizing our philosophy of "Protection First", it is at this point in the process that Protection Sensitive Planning™ (PSP) begins. Every aspect of their situation is analyzed in terms of the risk it presents, from the "mold & fungus" exclusion in their homeowners' policy to estate tax consequences of their current estate plan, and the exposure of their assets to predatory and/or frivolous law suits. We do not offer legal advice, but we insist that our clients engage experienced, competent legal counsel regarding all legal aspects of the planning process.
We show our clients the possible changes they may want to make to their current plan and practices to move them more directly towards their goals. We present these strategies simply, yet accurately, while helping them to analyze the advantages and disadvantages of each. We continue to emphasize "Protection Sensitive Planning™" (PSP), which incorporates protection planning into every aspect of their wealth plan.
Excessive taxation and excessive costs, compounding over a lifetime can have a devastating impact on wealth, yet because it occurs incrementally, it is often difficult to detect and remedy. We work together with our clients and their tax advisors to develop an effective tax strategy, and work with them to contain their costs of living and their costs of advertising.
No plan is complete, effective, or of any value at all until it is implemented. We refer to our clients' comprehensive wealth plan as a SmartPlan™ because we follow through to see that it is actually implemented. We coordinate the implementation of the SmartPlan™ with our clients' attorneys, accountants, other advisors, and family members. We are our clients' intermediaries in the acquisition of certain insurance and investment products and investment advisory services.
Our clients receive much more than a plan and implementation assistance. During the SmartWealth® process, our clients have learned about financial decision making. They now have a Financial Thinking System™ with which to make good decisions in the future.
When the SmartPlan™ is implemented, the temptation is to consider the work as complete. Yet we all know that families change, times change, tax laws change, financial markets change, and our clients' needs and desires change. The SmartShield Protector™ can be considered the most important part of the planning process in that it keeps the plan effective, achieving its important goals. During this ongoing phase, we help our clients maintain their Financial Thinking System™ through life's changing landscape, continuing to maximize, protect, and enjoy their financial wealth.