{"id":2980,"date":"2022-06-25T20:52:32","date_gmt":"2022-06-25T20:52:32","guid":{"rendered":"https:\/\/fusionwm.com\/?p=2980"},"modified":"2022-10-14T21:42:49","modified_gmt":"2022-10-14T21:42:49","slug":"a-wealth-planning-process-for-pursuing-success-on-purpose","status":"publish","type":"post","link":"https:\/\/fusionwm.com\/a-wealth-planning-process-for-pursuing-success-on-purpose\/","title":{"rendered":"A Wealth Planning Process for Pursuing Success On Purpose"},"content":{"rendered":"\n
\"A<\/figure>\n\n\n\n
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We believe one of the best things you can do when managing wealth is to be extremely clear on what you\u2019re looking to accomplish and what hurdles stand\u2014or could stand\u2014in your way, and then develop a plan that reflects that full, deep understanding.<\/p>\n\n\n\n

Why? Because we think you\u2019ll agree that success\u2014in investing, in business, in life\u2014rarely happens by accident. When you\u2019re clear-eyed about where you want to go and what could get in your way along the journey, you can both create a better map and build in better contingency plans.<\/p>\n\n\n\n

The good news: There\u2019s a process you can implement in your financial life that can help you to resolve your issues and arrive at your desired destination. We call it the Virtuous Cycle because it\u2019s a multistep approach that continually reinforces itself over time to become increasingly positive.<\/p>\n\n\n\n

Let\u2019s take a closer look at the Virtuous Cycle.<\/p>\n\n\n\n

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Six steps that build on each other<\/h1>\n\n\n\n

Operationally, the Virtuous Cycle has six components (see Exhibit 1). That said, it\u2019s also highly customizable, so think of it as a broad conceptual model for interpreting a plan and adapting it to your particular wants and needs.<\/p>\n\n\n\n

Exhibit 1<\/strong><\/p>\n\n\n\n

The Virtuous Cycle<\/strong><\/p>\n\n\n\n

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Important:<\/strong> It\u2019s entirely possible that a financial advisor who uses this process doesn\u2019t call it the Virtuous Cycle. The key, then, is not to pay too much attention to the name\u2014but rather to look for a process with the following components.<\/p>\n\n\n\n

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Step #1: Profiling<\/h1>\n\n\n\n

with, of course\u2014have a deep understanding of yourself and the people in your life who will be involved in, or impacted by, your planning decisions. Without the ability to get at these insights, all the specialized financial expertise in the world or the most advanced solutions are of little use. It\u2019s a lot like a doctor treating a patient\u2019s illness: If the diagnosis is incorrect, the treatment is not likely to be effective in healing the disease.<\/p>\n\n\n\n

That deep understanding has to include your financial situation and goals, of course, but also needs to go well beyond that information. Based on our extensive research on the rich and Super Rich and on the best practices of leading trusted advisors, we see that the best approach to gaining that deep understanding is through what we call a Total Client Model process. This approach is highly effective because it systematically uncovers your latent needs\u2014that is, needs that you have but may not be aware of yet.<\/p>\n\n\n\n

This Total Client Model (see Exhibit 2) is designed to address seven key areas of your life.<\/p>\n\n\n\n

Exhibit 2<\/strong><\/p>\n\n\n\n

The Total Client Model<\/strong><\/p>\n\n\n\n

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Values<\/strong><\/p>\n\n\n\n