Self Assessment Questionnaire | Northwood Family Office

Could Your Family Benefit From a Family Office?

Northwood’s self-assessment questionnaire is a good place to start when considering engaging a family office and reviewing your family’s broader financial picture. It will help you assess the degree to which you have a handle on your financial affairs and where you may need some help getting and keeping them in good order — for your own sake and for your family.

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Yes	Not Sure	No
		Organization and Planning
			Our financial affairs are well-organized and in good order.
			I know what my family's long term goals are and can quantify them.
			I receive regular, easy-to-understand, consolidated reporting on all our family holdings across all of our entities and family members.
			Our personal financial situation is straightforward, I enjoy managing it and I feel I am doing a good job.
			We have a very good document records system that allows us (or our heirs) to quickly put our hands on whatever we need.
			I can safely say that very few financial details fall through the cracks in my life.
		Investments
			I know what rate of return we need from our investments to ensure we meet our family's objectives over the long term.
			I am confident that our asset allocation is appropriate.
			Our investment managers have been objectively reviewed recently and I am confident we have the right ones in place and in the right combinations.
			We have a written Investment Policy Statement for our overall investment portfolio that clearly lays out the objectives, limitations, review process and accountability.
		Risk Management
			I am comfortable that we have the appropriate level of risk in our portfolio.
			We have a regular, consistent review process in place to evaluate the success of our investments and other financial issues against relevant benchmarks.
			We are well-diversified and not overly reliant on one particular investment.
		Tax Planning and Structuring
			I am comfortable that we are taking advantage of all the tax efficiencies available to us.
			I am confident that the tax location of our investment assets is optimal.
			I understand how the use of a trust could decrease the amount of tax we pay.
			I fully understand the tax implications of any U.S. assets we own (eg. real estate, securities etc.) and have protected ourselves accordingly.
		Estate Planning and Succession
			I have a clear idea of our estate objectives and how much our heirs will receive and when, and am comfortable with the amounts they will receive.
			Our wills have been updated in the past three years. We have properly-executed powers of attorney for financial and health care purposes.
			I feel comfortable that our children are financially well-educated and sufficiently responsible to inherit the assets that are likely to be left to them.
			I understand all our insurance policies and am confident that they are appropriate and up-to-date.
		Cash Flow Management
			I know exactly how much capital I will need to maintain our standard of living.
			I know what our family expenses are and feel confident that they are manageable over the long term.
			I have a game plan in place to prepare for a liquidity event, such as retirement, business sale, receiving my deferred compensation or cashing in my shares or partnership interests.
		Family Issues
			Our family has frequent, open, healthy dialogue about money and financial issues.
			I'm comfortable that my spouse and children will be able to manage if something happened to me.
			I am comfortable that our family net worth is not likely to be at risk if one of my children gets divorced.
			If any of my family members is a U.S. citizen, resident or green card holder, I understand the tax and compliance risks facing the family and have addressed them.
		Advisors
			I have an advisor who is knowledgeable and objective regarding all of the issues listed above.
			My advisor is proactive and regularly anticipates the key issues that need attention in my life.
			I know all the fees we are paying to our advisors and understand the value we receive and the impact on our net worth.
Yes	Not Sure	No
			Total:

Could you use some help?

If you answered 'no' or 'not sure' to three or more of the questions above, you are likely missing some significant opportunities to improve your financial situation, and your peace of mind as well. If your family has $10 million or more in net worth and you would like to inquire about whether a Family Office is suitable for you and your family, or would like to arrange a meeting for a complimentary consultation, feel free to contact me directly at (416) 502-6288.

Tom McCullough
Chairman & CEO
Northwood Family Office
tm@northwoodfamilyoffice.com