Financial Planning Fridays #19: Family Balance Sheet

Did you know the importance of keeping an accurate family balance sheet? We do, and wanted to share what a client balance sheet at Presilium Private Wealth looks like.

The top left includes a section that shows a client’s current net worth and account ownership. This is updated every day so that our clients can always log into their client portal on our website and see their current net worth.

The top right shows the types of accounts that a client owns.This example family’s balance sheet includes their joint investment account, 401ks, Roth IRAs, stock options and their home.

An updated balance sheet is important for three key reasons.

  1. It allows us to make our clients’ financial plans as accurate as possible. The accuracy and completeness of a balance sheet will guide many of the decisions that we make together both now – and in the future. It is very important that our clients receive the best advice possible in all situations. We can do this at an extremely high level when we are able to see a client’s full picture.
  2. It allows us to monitor our clients’ current asset allocation in real-time. In Financial Planning Fridays Episode #3, we discussed asset allocation and its role as the number one driver of your returns. By including all of our client’s accounts, we can monitor their family’s asset allocation each day to make the best decisions possible.
  3. Estate planning; it is important that we know our clients’ total net worth as we are making decisions together on their estate plan, trusts, and any potential gifts. We want to have a plan for their families that maximizes the current estate tax laws today, and also plans ahead of time for what may happen in the future.

If you are a current Presilium Private Wealth client, please log into your client portal in the coming day to review your family balance sheet and make any necessary updates. It will be beneficial to go into 2023 with a clear view of your family’s financial picture.

And of course, please call, text, or e-mail us with any questions or if we can help in any way.

Thanks again, and have a wonderful weekend!

Be on the lookout for our next Financial Planning Fridays episode. Subscribe to our Youtube Channel so you never miss an episode. Or contact us directly; schedule your 15-minute call with us today.