ABOUT MY WEALTH RECORDS

It’s only when you make the process your goal, that the big dream can follow.

– Oprah Winfrey

My Wealth Records was created to simplify the financial advice process, putting everything in one place and accessible using your computer, tablet, or phone. When you use My Wealth Records, you can be confident that you are organized and ready to take control of your finances. Also, should you be unable to manage your finances at any time in the future, your family will have access to everything they need in one easy to access place.

For security, My Wealth Records is built on SideDrawer, a collaboration tool for secure, online document storage designed specifically for private financial and personal documents. Additional information on the many security features built into SideDrawer can be found in the help and support documentation links found in the Sidedrawer application.

SideDrawer’s no-attachment and no-file sharing link approach, combined with the My Wealth Records process, gives you a rich, easy to use system that will:

  1. Help you document and manage your personal and business finances, so you can be confident that you are doing everything necessary to ensure the goals you set are achieved.
  2. Help your family with clear instructions on where everything is and what they need to know should you one day be unable to manage your finances for yourself.
  3. Help Charter Wealth Management and all financial advisors you work with to clearly understand your values, intentions and goals for your wealth, ensuring that the advice each provides is in your best interest and complements your overall plans.

My Wealth Records includes 15 standard record types called Tiles:

The 1st Tile is for Onboarding, to help you develop a wealth profile and to set goals. The next 3 Tiles are for Professional Advice to help you manage all your advisor relationships. The remaining Tiles will help you organize and maintain all your important financial records with 6 for Personal Documents and 5 for Corporate Documents.

Each Tile includes a Resources Record with instructions and access to various tools, worksheets and templates along with 1 or more other Records for organization and communication.

When using My Wealth Records, it is important to note the use of “you/your” should be interpreted as “you and your partner or spouse” should you have one.

Onboarding

Providing accurate information about your financial resources and the goals you have for your wealth is arguably the most important thing you can do when working with Charter Wealth Management. Getting a complete picture can be a challenge, and sometimes important information is missed through no one’s fault. The onboarding tile serves as a guide for the type of information you will need to provide, and securely maintains it, making it readily available whenever you or your advisors may need to access it.

My Wealth Records includes 1 Record Tile to help simplify the advice onboarding process.

About You Tile

This Record will help us gain a better understanding of your financial situation using several documents to guide you on the type of information that will be needed based on the advice and services provided by your advisor:

  1. Personal Information:
    This Record will help you record contact information for you and the people you care most about such as your children, grandchildren and parents or any other individual that has a personal or financial interest in your wellbeing. Having an up-to-date list of the people important to you will help your personal representative contact everyone important to you should the need ever arise.
  2. Wealth Profile:
    This Record is structured as a simple checklist consisting of 6 sections. It is designed to replace the long, complex questionnaires used by many advisors and it should take you no longer than 15 minutes to do. Once completed, we will review it to determine what additional information they will need based on the type of advice they will provide.
  3. Goals & Objectives:
    This Record will help you set goals and establish one or more objectives related to that goal, ensuring they are attainable, measurable and time specific. Having well thought out goals and objectives is an important part of managing your wealth and will help to guide us when making recommendations.

Professional Advice

Over the past few years there have been several studies conducted on the value of financial advice and the roll of a financial advisor. What all these studies have in common is that there is significant evidence of the value of advice and the positive role a financial advisor plays in helping individuals reach their long-term financial goals.

My Wealth Records includes 3 Record Tiles to help you manage all your advisor relationships.

Meeting Notes Tile

This Record includes a Notes template to record all pertinent information that you discuss with us and your other advisors, providing you with a clear and accurate account of all meetings.

Keeping accurate notes of all interactions with Charter Wealth Management is vital to ensuring that we both follow through on the recommendations and actions agreed to. Having an accurate account of all meetings and conversations is essential to maintaining the professional relationships you form.

Your Advisors Tile

This Record provides several worksheets you can use to record contact and engagement information for all the advisors you may work with in the future.

Throughout your life, you will work with many advisors who will provide you with information and guidance to help you achieve your goals. The individual or firm you choose to help you secure your financial future should be someone whom you can trust to be there for you and your family.

Analysis & Planning Tile

This Record includes resources we will use to identify any areas of concern that may prevent you from achieving your goals.

Using the information provided by the My Wealth Records process, we will prepare one or more financial analysis and projections to determine what recommendations we will make and the next step to be taken. The results of our analysis and written recommendations will all be stored here for future reference by you or anyone you may choose to collaborate with.

Personal Documents

This is where you will maintain documents and statements related to all areas of personal finance. Comprising the six fundamental components of financial planning, it will be a record of the financial transactions you make to ensure all advisors you deal with in the future has the information they need to effectively advise you.

My Wealth Records includes 6 Record Tiles to help you manage your personal documents.

Financial Management Tile

In addition to organizing all documents related to financial management, this Record includes resources to help you better manage your personal finances and maintain a Cash Flow and Net Worth statement.

Proper management of your financial assets and liabilities are vital to ensuring you achieve the financial independence you want. Being in control of your finances and making informed financial decisions will always have a positive impact on other areas of financial advice.

Investment Management Tile

In addition to organizing all documents related to investment management, this Record includes resources to help you establish an Investment Policy Statement, Investment Profile and Risk Tolerance to guide all your investment decisions.

Managing your investments is a basic requirement of financial independence. Knowing where your money is, how it is invested and the potential risks to your capital will all have an impact on whether you will achieve your goals and objectives or fall short of what you want.

Insurance & Risk Management Tile

In addition to organizing all documents related to insurance & risk management, this Record includes resources to help you with all your insurance planning needs, including life, living benefits, critical illness, long term care, general property and group benefits.

Understanding your exposure to unexpected financial loss due to events out of your control can mean the difference between achieving financial independence or financial ruin.

Tax Planning Tile

In addition to organizing all documents related to tax planning, this Record includes resources to help you manage all your income tax responsibilities and avoid costly penalties due to reporting errors.

Accomplishing your financial objectives in the most tax efficient manner possible is a common goal of most people. Tax planning is also an area where professional advice can add significant value with recommendations that can impact all areas of your finances.

Retirement Planning Tile

In addition to organizing all documents related to retirement planning, this Record includes resources to help you optimize your different sources of income so you can enjoy the lifestyle you want.

Understanding where you are today is the key to knowing if there is a gap between the lifestyle you want in retirement and the lifestyle you are on track for. Seeking the advice of a professional can help better prepare you for retirement by providing you with more options when it comes to the timing of your benefits, which investments you should spend first and the lifestyle you will be able to enjoy.

Estate Planning Tile

In addition to organizing all documents related to estate planning, this Record includes resources to help you document your wishes and reduce possible disagreements between your heirs.

Arranging for the orderly disposal of your estate to eliminate uncertainties over administration and probate is the focus of estate planning. Working with a financial professional can help to reduce income taxes and other costs associated with probate, so that your heirs will receive the full amount you intended to leave them.

Corporate Documents

This is where you will maintain documents and statements related to all areas of corporate finance. Comprising the fundamental components of corporate planning, it will be a record of the financial transactions you make to ensure we have the information needed to effectively advise you.

My Wealth Records includes 5 Record Tiles to help you manage your corporate documents.

Corporate Financials Tile

In addition to organizing all documents related to corporate assets and liabilities, this Record includes resources to help you manage corporate finances.

Managing corporate assets and liabilities is vital to ensuring you achieve the success you want. Being in control of corporate finances and making informed financial decisions will have a positive impact on all other areas of corporate planning.

Corporate Insurance Tile

In addition to organizing all documents related to corporate insurance, this Record includes resources to help you manage all your corporate insurance needs including life, living benefits, property and professional liability coverage.

Understanding corporate exposure to unexpected financial loss due to events out of your control can mean the difference between financial success or financial ruin.

Corporate Benefits Tile

In addition to organizing all documents related to corporate benefits, this Record includes resources to help you get the most out of your employee benefits budget.

When you make your employees feel important and appreciated, you will attract and retain top talent and improve performance, while increasing innovation and workplace morale.

Corporate Taxation Tile

In addition to organizing all documents related to corporate tax, this Record includes resources to help you manage your income tax responsibilities and avoid costly penalties due to reporting errors.

Accomplishing your corporate growth objectives in the most tax efficient manner possible is a common goal of most business owners. Corporate tax planning is also an area where professional advice can add significant value with recommendations that can impact all areas of corporate finance.

Corporate Governance Tile

In addition to organizing all documents related to corporate governance, this Record includes resources to help you create a system of rules, practices, and processes by which your corporation is directed and controlled.

Corporate governance must balance the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community.