For many people, the process of gathering financial documents is like spring cleaning. It’s a necessary task avoided until the last minute. Because of that, it often constrains the financial planning experience, rather than bringing clients and advisors closer. Yet advisors must have a complete view of a client’s financial life to give the most appropriate advice.
At Wescott, we address this challenge with PerfectScore. More engaging than a checklist and more effective than an annual review, PerfectScore allows clients to work alongside their advisors to map their progress towards their complete financial picture. Clients receive a score based on their progress – the more complete your financial profile, the higher you score.
It’s a real win-win that enables clients to build deeper relationships with their advisors and empowers advisors to build better financial plans.
PerfectScore delivers on four main criteria for a successful financial planning experience.
PerfectScore accounts for every essential element of your financial life. We take stock of your assets and liabilities and develop your Wescott Net Worth Statement. Next, we analyze your cash flow, ensuring we consider all income sources and expenditures. This leads us into your Long Term Projections and a conversation about your retirement plan and objectives for the future.
Together, we review your investment plans, insurance policies, estate plan and strategies to minimize your tax liability at every stage. By pulling all of this information into a single view, your advisor can provide the most accurate financial advice possible and make sure you benefit fully from Wescott’s tools and services.
We know easy, yet fully secure, access to your most important financial documents is essential. This is particularly true during difficult or unexpected life transitions.
Enter myWescottVault™, a cloud-based digital meeting place that puts you at the center of the experience. Both you and your advisors can access this secure portal anytime, anywhere to add or edit documents that contribute to your PerfectScore. You also control access to your vault, so multiple generations have the ability to use and share information.
As your needs and priorities evolve, so must your financial plan. PerfectScore prompts regular check-ins with your advisor to review essential elements of your plan.
With PerfectScore, each set of information is assigned a set review period, anywhere from one to three years. When you and your advisor fulfill the requirements for each review, you’ll maintain or increase your score.
For example, you can boost your score by developing an inventory/video of your home’s contents every five years. Logging into myWescottVault™ to view your quarterly reports also earns points, as does providing your latest tax documentation.
As a result, you can be confident you’re on track to meet key financial deadlines and make strategic adjustments based on life milestones and stages.
Our approach to wealth management requires an understanding of the psychological and emotional factors driving your financial decisions. Since these factors change over time and most likely impact your long-term strategies and legacy, PerfectScore facilitates ongoing, meaningful discussions with your advisor.
PerfectScore serves as a conversation guide, enabling you to answer important questions, like:
- Who will be my retirement account beneficiary, and how do I establish those designations?
- How can I maximize my charitable giving from a tax standpoint?
- When should I adjust my risk tolerance in my Wescott investment portfolio?
With PerfectScore as the cornerstone of our financial planning process, our team identifies the best ways you can work with your advisor to use Wescott’s capabilities to your greatest advantage.