FINANCIAL PLANNING QUESTIONNAIRE



FINANCIAL PLANNING QUESTIONNAIREADVISOR COPY ONLY?!! Do not distribute to clientsDATE: Financial Planner/Rep. Name: Client Code Source of Lead/Client A.Purpose of this meeting 1.First, to gather some basic information about you. 2.Then, to analyze your individual situation and recommend the right kind of financial plan for you.B.First, let’s look at your individual family and financial situation. 1.Emphasize that we will need thorough information to plan correctly – Garbage in – Garbage out. C.Initial Personal DataHUSBAND’S:Full Name: AKA: Nickname : Employer: Years Employed: _______WIFE’S:Full Name: AKA: Nickname : Employer: Years Employed: _______Are both spouses U.S. Citizens? yes no Is either spouse a widow or widower? If yes, describe date of death, etc. Street address, city, state zip code: County: Phone #: Home Work Birthdays: Husband Wife CHILDREN: Number Children’s / Dependent’s Names and ages: D.Financial InformationState five keys to financial success and the various services that you provide – Compare it to a financial checkup.ProtectionProperty / Casualty1. Do you have adequate auto insurance? yes no uncertain2. Do you have adequate homeowner’s insurance? yes no uncertain3. Do you have earthquake insurance? yes no uncertain4. Do you have a personal umbrella policy? yes no uncertain5. Do you have E and O insurance? yes no uncertain N/A6. Do you have fire insurance for rentals? yes no uncertain N/A7. When was the last time you reviewed policies (Should be at least every three years)B.Life/Disability1. Life InsuranceCompanyH/WType: Whole Life or Term?Death BenefitCash ValueYear Purchased1.( )$$2.( )3.( )4.( )5.( )6.( )Total -$$ (Ask client to bring policies & current statements – look up that morning the best rating and see if the company is sound.)2.Do you feel you have too much life insurance? yes no uncertain3.Do you have any potential health problems? yes no uncertain4.Do you have adequate medical/medigap coverage? yes no uncertain5.What about medical coverage for the kids? yes no uncertain N/A6.Do you have adequate disability coverage? yes no uncertain N/A(Get copy of policy)7.Do you need LTC Protection? yes no uncertainConcerns: ___________________________________________________________________________________________________________________________________TaxesA.Get copy of last year’s tax return 1.What is Client’s total Federal Tax? $2.What is Client’s total State Tax?3.What is total Federal and State Taxes $4.What is the Client’s marginal Federal tax bracket?____%5.What is the Client’s marginal State tax bracket? ____%B.Any major changes likely to occur soon to affect taxes? yes no uncertainC.Do you think you are paying too much in taxes? yes no uncertainD.Review interest and dividends - Total$E.Recommendations (circle)Tax-FreeTax DeferredGrowthTax CreditsTax Shelters__________ (Describe)F.Any passive income/passive losses - Total $G.Is SEP/Keogh/IRA/401(k) needed? yes (circle) no H.Any consumer interest?$I.Recommendation – Home Equity Loan or ? N/AJ.Does the client have incorporated business yes no (If yes, get copy of last year’s tax return)K. Does your tax preparer meet with you before the yes no N/Aend of the year? (mention scorekeeper)L. How much does your tax preparer charge you?$ N/AM. Are you satisfied with your tax preparer? yes no N. Are you aware that we do tax preparation here? yes no O. Would you like us to prepare your taxes? yes no (See tax dept. for a quote)P.Have you been or do you expect to be audited by the IRS? yes no uncertainConcerns: _________________________________________________________________________________________________________________________________________Retirement PlanningA.Are you retired? yes no B.When would you like to retire?C.Do you plan on working after retirement? yes no uncertainD.If yes, estimate your income$E.Are you participating the maximum in your 401(k)? yes no If not, how much per month?$F.Are you expecting a distribution from your plan soon? yes no If yes, approximately when? Get a copy of Retirement Plan statements – Review rollover vs. paying taxes – see chart)G.Does client have lump sum versus annuity option? yes no uncertain(Explain difference.) H.Review various annuity/retirement options with client I.Does Client have non-qualified plan? (If yes, get details) yes no J.If client is self-employed, does client have retirement plan yes no at work? (If yes, get details.)Concerns: ________________________________________________________________________________________________________________________________Estate PlanningA.Does the client have an estate plan? yes no If yes, describe – include date of trustIf yes, is it complete? yes no N/A (circle)Durable P.O.A. – Health Durable P.O.A. – PropertyCommunity Property AgreementLiving WillB.Does it need to be revised? yes no N/AC.Discuss step up in basisD.Are all of your assets transferred to your trust? yes no N/AE.What is the net worth of the client?$Total Investments (See Summary, pg. 3) $Add:Residences – FMVLess:Residences – Mortgages <>Add:Emergency FundAdd: Personal PropertyLess:Miscellaneous Debts <>Add:Life Insurance Death BenefitsLess:Life Insurance Cash Values <>Total Net Worth$F.What are the total estate taxes now?$G.Are you concerned about paying estate taxes? yes no N/AH.Review benefits of Living Trust – See Cheat SheetsI.Have you provided adequate estate liquidity for your heirs? yes no N/AJ.Explain survivor life and prepaying estate taxesK.If applicable, is client a smoker? yes noL.If client has a business, does he have buy/sell agreement? yes no(If yes, review policies and agreement)M.Any large expected inheritance soon? yes no uncertainFrom: Do they have an estate plan? yes no uncertainConcerns: ________________________________________________________________________________________________________________________________InvestmentsA. Breakdown of CD’s /TD’s/Bonus Receivable/Deferred Annuities (Outside of IRA’s and Retirement Plans)Name/DescriptionAmountInterest RateDate1.$2.3.4.5.6.Total CD’s$(Be sure to put on your calendar to – Call one week before maturity. Ask client to bring in Annuity Policies and current statements – Look up A.M. Best Rating. Determine if there are any surrender charges.)B.Stocks/Bonds/Mutual Funds/PartnershipsName/DescriptionAmountBasisYieldWhere Held1.$2.3.4.5.6.Total Stocks/Bonds$C.Retirement Plans/IRA’s/TSA’s/401(k)Make/DescriptionAmount1.$ (H/W)2.(H/W)3.(H/W)4.(H/W)5.(H/W)6.(H/W)Total Retirement Plans $Real EstateFMVMortgageTax BasisTitleResidence$$Second ResidenceRental/Raw LandDescriptionTotal Rental Real Estate:$$Total Rental Equity-FMV Less Mortgage$E.Other InvestmentsDescriptionAmount1.$2.3.Total Other Investments$F.Approximate Value of Personal Property$G. Debts (Other than Mortgages)DescriptionAmount Due Mo. Payment1.$$2.3.Total Other Debts$H. Emergency Fund1.Establish Emergency Fund need at all times $(usually 3 to 6 months living expenses) 2.Add immediate expenses:Income Taxes PayableHouse Repairs (Roofs, Pipes, Etc.)House Remodel (Kitchen, Bathroom, Etc.)New Furniture WeddingsCar LoanCredit CardsMisc. DebtsOther (Trip, Etc.)3.Total Emergency Fund Needed$4.Total Cash Liquid – (CD’s, Etc.)$5.Available cash to invest$(Explain after-tax return/opportunity cost)I.Summary – Asset Allocation1.CD’s/TD’s/SPDA’s/Etc. (available – see above)$ ______%2.Marketable Securities ______%3.IRA’s/Retirement Plans ______%4.Real Estate Equity (Excluding Residences) ______%5.Miscellaneous Investments ______%6.Life Insurance Cash Value ______%Total Investments$ %(Elaborate on Diversification – note anything unusual.)J.Investment Objectives and ConcernsIs your investment portfolio providing an adequate yes no uncertainoverall return? (Income and Growth)Is your investment portfolio providing adequate income? yes no uncertainAny cash flow problems? yes no uncertainAre you expecting any major gains or losses soon? yes no uncertainAre there any investments you are opposed to for any yes no uncertain reason? Examples Are you more conservative or aggressive? (circle one) – Compare with risk tolerance test – Give to client.Does your current investment program reflect your opinion yes no uncertainof the economic outlook?Are you dissatisfied with any of your current investments? yes no uncertainWhat are they? Are there any investments you are planning on making? yes no uncertainWhat are they?(Be sure to relate back to liquidity and cash flow)Do you have any preference for or commitment to any yes no uncertainother advisors?Concerns: ____________________________________________________________________________________________________________________________________________________K. Cash Flow (Emphasize most important aspect)Monthly1.Wages/Salary$2.Pension 3.Social Security 4.Interest and Dividends5.Rental Income6.MiscellaneousTotal Cash Income$Approximately what are your monthly living expenses after mortgage/rentpayment and income taxes (Give Cash Flow Analysis if necessary).$Note: Most married couples need $3,500- 5,000 a month after taxes andmortgage. Singles need $2,000 – 3,000 a month.Are you comfortable with your current cash flow? yes no uncertainDo you expect any significant changes in your cash flow? yes no uncertainAre you anticipating any major life-style changes? yes no uncertain(i.e., marriage, divorce, retirement, moving, etc.)Do you expect to win or lose any legal judgments? yes no uncertainConcerns: _________________________________________________________________________________________________________________________________________ConclusionA.Is client information current? yes no B.Any immediate action needed? yes no C.Discuss preparing Financial Action ChecklistD.State three ways you get compensated1.Fees – Tax preparation, Estate Planning, Financial Planning – We are Registered Investment Advisors – Give Q&A Form.missions – We are licensed with over 3,000 companies and primarily recommend government bonds, annuities, and mutual funds. Explain analogyof travel agents.3.Referrals – we continue to grow only if you refer back to us.E.Ask are there any other areas of concern or questions that you have that we did not cover?F.Remind them – there is no such thing as a stupid question.G.Establish close and/or follow-up meeting now! Schedule the next appointment NOW! ................
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