The wait is over! Today, we are excited to announce the addition of checklists to our lineup. While our flowcharts cover specific and sometimes technical planning issues, checklists are more high level and designed to make sure advisors don’t miss a planning issue.
In broad brush strokes, here is the approach we have taken to create checklists:
- Checklists are designed to fit on one piece of paper (front and back). While that makes it easy to carry around and go over with a client, the real purpose is to ensure only the most important issues are included.
- These checklists are designed to serve as a reminder of issues that advisors should consider. For example, if a client has a terminal illness and needs cash flow now, do advisors consider utilizing the Accelerated Death benefits of life insurance?
- The checklists do not cover all the administrative steps to consider (like getting certified copies of death certificates) because it would create an incredibly long checklist. And if it’s too long, it may not be utilized.
- The design of the checklist includes two boxes that could be checked. One box can be checked to acknowledge that there is a planning issue that needs to be reviewed. The other box acknowledges that there is no planning issue. This can serve as a reminder of what issues need to be reviewed after a meeting. Plus it serves as a good compliance tool to document which issues were reviewed with a client.
- Each checklist consists of several sections. Generally, the checklists will include the following sections: Cash Flow Issues, Estate Issues, Insurance Issues, Tax Planning Issues, Asset & Debt Issues. However, we will modify them to fit the needs of the topic we are covering and the feedback we get from our members.
- In most cases, when there is a potential issue to plan for, we try to point the reader down a few paths to dig deeper or make it clear why this is important. Here is an example “Do you and your spouse own multiple properties? If so, ensure that residency is clear for probate purposes and avoid the potential for probate occurring in multiple states.”
For Essential and Deluxe members who just want to dig in, here are the two checklists being released today:
We can already anticipate some of your questions:
Will you be releasing more checklists?
Yes. We have many in development and plan to release 1-2 checklists per month for the next few months. Our aim is to produce 1-2 resources per month, either checklists or flowcharts. Since we launched in July of 2018, we have consistently been able to produce 2 flowcharts per month and intend to keep producing checklists or flowcharts at this pace. To get a sense of what will be coming down the road, visit our member suggestion page.
I’m not a member yet. Can I see an example of a checklist?
An example will become available for non-members in the near future.
I’m already a member. Will I need to upgrade to view these checklists?
No. Checklists will be included in the membership for deluxe and essential members.
I’m a Deluxe member. Can I white label the checklists?
Yes. Deluxe members will have the ability to add their logo and modify the colors of the checklists to match their brand. We hope to have that ready in the next few weeks.
What do you think of these two new checklists? Send me an email – I’d love to hear your thoughts.