Scenario Overview
(Please check over): As a new advisor at a private wealth management firm serving high-net-worth clients, your objective is to develop a goals-based wealth plan for your first client across three assessed stages. Review each stage below to understand what will be required.
Initial Discovery Meeting - Stage 1
● Time MonitoredConduct a live conversation with your client. Your objective is to identify all relevant financial goals and determine the following for each:
Classify each goal into one of three categories:
Nondiscretionary
Effective questioning and active listening to uncover client goals and priorities
Discretionary
Effective questioning and active listening to uncover client goals and priorities
Aspirational
Effective questioning and active listening to uncover client goals and priorities
Your client will not volunteer critical information. Apply structured questioning and active listening to surface priorities and build trust. The quality of your discovery determines everything that follows. This conversation is timed.
Portfolio Determination Task
● Time MonitoredGoal Reconstruction
Enter each goal you identified with its dollar value and classification (Nondiscretionary, Discretionary, or Aspirational).
Capital Allocation
Aggregated Portfolio Allocation
Based on your allocations to Sub-portfolios A, B, and C, determine the blended portfolio allocation across cash, investment-grade bonds, large-cap equity, small-cap equity, and alternatives.
Follow-up Client Meeting
● Time MonitoredReturn to a live conversation with your client, using your Stage 2 entries as reference. Be prepared to:
Confirm client understanding and acceptance. Apply structured communication to present your recommendation clearly and manage pushback. Be prepared to explain how you arrived at your weightings. This conversation is timed.