Section 1: Personal Information 1
Personal Information Section
Should take 10-12 minutes. Build rapport during this section. Note body language and comfort level with questions.
Start Here: If longer than expected, they may be oversharing - gently redirect.
 10-12 minutes

Client Information

Spouse/Partner Information 4
Spouse/Partner Information
Both spouses are equally important clients. Never assume one is the 'decision maker.'
Watch for: Hesitation about including spouse may indicate relationship issues or separate finances. Handle delicately.

Contact Information

Family Information 6
Family Dynamics
Listen for college funding needs, special needs planning, boomerang kids, grandchildren they're raising.
Key questions:
• Any special needs dependents?
• Previous marriages with obligations?
• Adult children needing support?
• Aging parents requiring care?

Section 2: Employment & Income 8
Employment Section
Understand income stability and benefits available.
Always ask: "How stable is your employment?" This reveals concerns not shown in the data.
 8-10 minutes

Client Employment

Spouse/Partner Employment

Other Income Sources 11
Other Income
Capture all income streams for comprehensive planning.
Tax implications: Rental income needs expense documentation. Side business may need quarterly estimates.

Type Annual Amount Duration Tax Treatment

Section 3: Assets & Investments 12
Assets Section
Psychology: People often understate. Say "Most people forget about old 401(k)s or savings bonds..."
 12-15 minutes

Retirement Accounts 13
Retirement Accounts
Many clients forget old 401(k)s. Ask about ALL previous employers.
Always verify:
• Beneficiary designations
• Contribution amounts
• Investment elections
• Loan balances

Type Owner Institution Current Value Annual Contribution

Non-Retirement Investment Accounts

Type Owner Institution Current Value Cost Basis

Real Estate 14
Real Estate Values
Tip: Use Zillow as reference but ask "What do you think it would sell for today?"

Property Type Current Value Mortgage Balance Monthly Payment Interest Rate

Bank Accounts & Cash

Section 4: Liabilities & Debt 16
Debt Psychology
Handle sensitively - many people feel shame about debt.
Normalize it: "Most successful people use debt strategically. Let's see how yours is working for you."
 5-7 minutes

Type of Debt Balance Monthly Payment Interest Rate Years Remaining
Primary Mortgage
Auto Loans
Student Loans
Credit Cards N/A

Section 5: Insurance Review 17
Insurance Gaps
Common misses: Disability for self-employed, umbrella for high earners, long-term care for 50+.
 5-7 minutes

Life Insurance 18
Life Insurance Audit
Review coverage adequacy and beneficiary designations.
Red flags:
• Old whole life with loans
• Group life as only coverage
• Ex-spouse as beneficiary
• Coverage less than 10x income

Insured Type Death Benefit Premium Beneficiary

Other Insurance

Section 6: Goals & Objectives 19
Goals Conversation
This is where the relationship deepens. Active listening is critical.
Magic question: "If money were no object, what would you be doing differently?"
 8-10 minutes

Retirement Planning 20
Retirement Vision
Dig deeper: "Walk me through your ideal day in retirement." This reveals true priorities.

Financial Goals Priority Ranking

Goal Priority (1-10) Target Date Estimated Cost
Retirement Security
Children's Education
Pay Off Mortgage
Estate Planning
Major Purchase

Section 7: Risk Tolerance Assessment 22
Risk Reality Check
What people say and how they act in a downturn can be very different.
Test question: "What's the biggest loss you've experienced and how did you handle it?"
 3-5 minutes

Section 8: Business Interests & Planning ADVANCED 23
Business Interests Section
This section requires CPA coordination. Never give tax advice on entity structure.
⚠️ CRITICAL: Allow 20-30 minutes for business owners.

Business Ownership Structure 24
Entity Type Implications
Understanding business structure is critical for proper planning.
Key Differences:
• S-Corp: Pass-through, payroll tax savings
• C-Corp: Double taxation, more flexibility
• LLC: Flexibility, varied tax elections
• Partnership: Multiple owners, complex

Business Financial Details

Metric Current Year Last Year 2 Years Ago
Gross Revenue
Net Income
Owner Distributions

Succession Planning 25
Succession Planning
What happens to the business is often overlooked until crisis.
Must Ask: "What happens to your business if you die tomorrow?" This reveals planning gaps.
Red Flag: No buy-sell agreement with partners = major risk.

Key Person Planning

Section 9: Estate Planning Deep Dive ADVANCED 26
Estate Planning Deep Dive
Qualification: Only for estates over $5M or complex family situations.
2024 Exemption: $13.61M per person. Scheduled to drop to ~$7M in 2026.

Current Estate Documents 27
Document Review
Estate documents become outdated quickly.
Always Check:
• Documents older than 5 years
• Post-divorce updates
• State law changes
• Tax law updates

Document Have? Last Updated Location Attorney
Will
Revocable Living Trust
Irrevocable Life Insurance Trust (ILIT)
Charitable Remainder Trust
QTIP Trust
Dynasty Trust
Financial Power of Attorney
Healthcare Power of Attorney
Living Will/Advance Directive

Beneficiary Audit 28
Beneficiary Audit
Beneficiary designations override wills and trusts.
Common Mistakes:
• Ex-spouse still listed
• Deceased beneficiaries
• Minor children direct beneficiaries
• No contingent beneficiaries

List primary and contingent beneficiaries for all accounts

Account/Policy Primary Beneficiary % Share Contingent Beneficiary Last Updated

Charitable Planning 29
Charitable Planning
Tax-efficient giving strategies can significantly impact estate and income taxes.
Tax Benefits:
• Cash: Deduct up to 60% AGI
• Appreciated assets: 30% AGI
• Avoid capital gains on donation
• Estate tax deduction

Section 10: Advanced Tax Planning ADVANCED 30
Tax Planning
We don't give tax advice. Partner with their CPA.
Focus on: Tax-efficient investment location, harvest losses, Roth conversions.

Multi-Year Tax Analysis

Tax Component Current Year Last Year 2 Years Ago
Adjusted Gross Income
Taxable Income
Federal Tax Paid
State Tax Paid
Effective Tax Rate

Tax-Advantaged Strategies Currently Using

State Tax Considerations 31
State Tax Migration
State tax differences can be significant for high earners.
No Income Tax States:
FL, TX, WA, NV, SD, WY, AK, TN, NH

Note: Establish domicile properly - not just time spent.

Section 11: Multi-Generational Wealth Planning ADVANCED 32
Multi-Generational Planning
Wealth transfer philosophy significantly impacts planning strategy.
Key Question: "Are you more worried about spoiling them or not leaving enough?"

Family Wealth Transfer Goals

Education Funding Strategy

Beneficiary Current Age Years to College 529 Balance Annual Contribution Target School Type

Family Governance

Section 12: Alternative Investments & Concentrated Positions ADVANCED 33
Alternative Investments
Alternative investments require accredited investor status.
Accredited Investor:
• $1M net worth (excl. residence) OR
• $200k income ($300k joint)
Must verify before discussing.

Stock Options & Restricted Stock

Type Shares/Units Strike/Grant Price Current Price Vesting Date Expiration

Alternative Investments

Investment Type Description Current Value Liquidity Expected Return

Concentrated Stock Position 34
Concentrated Positions
Single stock concentration creates significant risk.
Strategies:
• Covered calls for income
• Protective puts
• Exchange funds
• Charitable remainder trust
• Prepaid variable forward