It’s human nature that we want to be understood. It paves the way for deep and mutually beneficial relationships. As a business owner, you are also focused on growing and managing your company, which can leave little time for addressing your personal financial needs. However, working with a wealth management advisor can provide you with valuable insights that can help guide you on your journey to achieve long-term financial success. Where does it all start? With a deep discovery meeting- a comprehensive and structured conversation designed to uncover who you are- your values, goals, relationships, assets, advisors, process, and interests. This article will explore Great Diamond Partner’s deep discovery meeting and how the insights gained directly impact our recommendations.
1. Uncovering Your Values and Goals
It begins by exploring your values and goals. We ask open-ended questions to help you articulate what matters most to you, both personally and professionally. We then reflect and go even deeper, uncovering the root influences of your values and goals. For example, a desire to protect wealth could be a result of watching parents consume considerable wealth due to healthcare issues. By identifying your priorities, we can make recommendations that genuinely resonate with your vision for the future.
Questions may include:
- What is important to you about money?
- What are your top personal and professional accomplishments and goals?
- What do you want to do for others you care about?
- When you think about your money, what concerns, needs or feelings come to mind?
2. Examining Your Relationships and Assets
Next, we delve into your relationships and assets, asking about your family, business partners, and any other significant relationships that might influence your financial planning. Additionally, we assess your current assets, including real estate, investments, sources of income, and insurance policies. This comprehensive overview may identify potential gaps, risks, and opportunities that may be worth addressing.
- Which family member relationships are most important to you?
- How important are your relationships with people you work with and in your community?
- How likely is it that your sources of income will change in the next three years?
- How is ownership of your assets structured at this time?
3. Evaluating Your Current Advisors and Process
We also ask about your current advisors, such as attorneys, accountants, and insurance agents. Understanding your existing professional relationships enables us to collaborate with your team and develop a cohesive strategy. In cases where there is a lack of confidence with an advisor, we will recommend a new on and facilitate the connection.
- Do you have a lawyer, CPA, insurance agent or financial planner? How do you feel about these relationships?
- What are your best and worst experiences with a professional advisor?
- How involved do you like to be in managing your finances?
- How often would you like an overall review of your financial situation and progress towards your goals?
4. Exploring Your Passions & Fears
Your interests, hobbies, and passions can impact your plan as well. This information can inform your investment strategy and philanthropic goals, aligning your financial plan with your personal interests. We also need to understand any fears or concerns that you may have about non-financial issues – i.e. potential health complications.
- Do you have health concerns?
- What are your personal interests?
- What would your ideal weekend and vacation be?
- What charitable causes do you donate to or volunteer for?
The insights gained during the discovery meeting have a direct impact on our advanced planning and investment management recommendations. For example, health concerns may lead to insurance needs. Charitable interests may lead to the development of a tax-optimized philanthropic plan. Income needs may impact the investment allocation. With a thorough understanding of you and your situation, we can develop a customized financial plan that addresses your unique needs and objectives. This might include tax-efficient investment strategies, business succession planning, estate planning, risk management, or philanthropic planning, among other services.
There is one more long-term consideration- the discovery meeting is an essential first step in building a trusting and collaborative relationship with you. By engaging in a candid and comprehensive conversation about your financial life, you establish a strong foundation for open communication and mutual understanding. This trust is crucial to your plan’s success because it allows us to make informed recommendations and provide ongoing support as your needs and circumstances evolve.
Engaging in this process is an investment in your financial future, ensuring that your wealth management strategy aligns with your values, goals, and interests, ultimately leading to your long-term financial success.
Steve Tenney
Founding Partner & CEO