WFA Assessment Copy

Question 1 of 21

5 point(s)

What does the FISHS acronym refer to?

Financial, Intellectual, Social, Human, and Spiritual Capitals
Financial, Initial, Specific, Human, and Societal Capitals
Financial, Internal, Specialized, Happiness, and Social Capitals
None of the above

Question 2 of 21

5 point(s)

According to the Oppenheimer study cited in the pre-recorded lecture, what percentage of widows leave their spouse’s advisor?

25%
70%
80%
None of the above

Question 3 of 21

5 point(s)

A “green light family” has a moderate to high level of trust, cohesion, and effective communication.

True
False

Question 4 of 21

5 point(s)

Advisors fall victim to the negative impact of change blindness when an advisor

Lack awareness that a client’s NextGen is heading off to college
Do not know a client’s daughter is about to go through a liquidity event
Fail to factor a client’s Spouse into important family values-based decisions
All of the above

Question 5 of 21

5 point(s)

What are the five steps in the Whole Family Advisor™ practice management process?

Adopt, Lead, Identify, Assess, Engage
Lead, Engage, Assess, Plan, Execute
Identify, Engage, Assess, Learn, Implement
None of the above

Question 6 of 21

5 point(s)

Traditional planning focuses on preparing the assets for the family, whereas Legacy Planning focuses on preparing the

Heirs for their money
Estate plan for the family values
Family for the assets
None of the Above

Question 7 of 21

5 point(s)

What is the major reason families fail to transfer assets successfully across generations?

Technical planning mistakes
Market Conditions
A breakdown in trust and communication
None of the above

Question 8 of 21

5 point(s)

If a client shares, “I’d like for my spouse/adult children to get to know you better,” an appropriate advisor response would be…

“I’d love to get to know the rest of your family. What do you hope to see accomplished as we invite your family members into our work together?”
“That’s great. Are they looking to open an account?”
“I’m sorry, but I don’t work with other members in the family.”
“Great news. What is their present net worth?”

Question 9 of 21

5 point(s)

Being a Whole Family Advisor means that you serve the multigenerational planning needs of

Only the parents
Father and son
Cousins within a family system
The whole family

Question 10 of 21

5 point(s)

What are the three ways suggested to LEAD change in the 5-step practice management process?

Identify interested/skilled team members, Repurpose business development time, and Identify strategic partners to co-deliver services
Convince leadership, Engage the Client’s Spouse, Plan a family meeting
Identify team members, Hire millennials, Plan a family meeting
Repurpose business development time, Plan a family meeting, Engage the Client’s Spouse

Question 11 of 21

5 point(s)

Intellectual capital refers to the ____________ of an individual or family

Net worth for all intellectual property
Formal, informal, and experiential knowledge and wisdom
Passions, likes, interests, and internal “wiring” of a person
All of the above

Question 12 of 21

5 point(s)

From the live calls, what is the definition of Legacy Planning?

Preparing the assets for the family
Tax minimization
Distribution of assets
Preparing the family for their assets

Question 13 of 21

5 point(s)

_______________ is a phenomenon in visual perception in which very large changes occurring in full view in a visual scene are not noticed.

Short-sightedness
Visual blindness
Change blindness
A and B

Question 14 of 21

5 point(s)

What is the number one source millennials rely on to find an advisor

Internet
Parents
Teachers
Co-workers

Question 15 of 21

5 point(s)

Fill in the blank for this commonly cited proberb: Shirtsleeves to shirtsleeves in ____ generations.

Financially-successful
Two
All
Three

Question 16 of 21

5 point(s)

If a client shares, “I want to make sure my children and grandchildren are prepared for the opportunities and responsibilities of our wealth,” the most appropriate advisor response would be:

“Here is what I suggest:- you should transfer some wealth to the kids and see if they can handle it.”
“Telling your NextGen too much information about your wealth could lead to entitlement, so I recommend staying silent about this topic until you are no longer here.”
“I’m sorry, but our practice doesn’t offer NextGen education.”
“What conversations about family wealth—and the values that it takes to support it—would have the biggest impact on your family right now?”

Question 17 of 21

5 point(s)

From Dr. Orlando’s book Legacy, what makes up the Spiritual Capital equation? (_________+ _________) x ___________

(Values + Purpose) x Financial Wealth
(Values + Focus) x Intellectual Capital
(Values + Purpose) x Faith
(Values + Faith) x Social Capital

Question 18 of 21

5 point(s)

According to the article “The Whole Family Advisor’s Approach to Authentic Connection with the NextGen,” which of the following factors will impact advisors in the near term?

Trillions of dollars being transferred to NextGens
Advisors working from home offices vs. corporate offices
Advisors neglecting to establish relationships with their client’s NextGen
A & C

Question 19 of 21

5 point(s)

From Simon Sinek’s video How Great Leaders Inspire Action, what do great leaders start with in order to build deep trust with clients?

A financial plan
The best products at the lowest price
The “why”
A & B

Question 20 of 21

5 point(s)

According to the article “Women of Wealth: Why does the Financial Services Industry Still Not Hear Them?” what approach will help advisors successfully serve their female clients?

Understanding their female clients’ unique values
Offering wine and cheese events
Encouraging financial competence in their female clients
A & C

Question 21 of 21

5 point(s)

A “green light” family is most appropriate for advisors to serve as Whole Family Advisor and is described as having:

A moderate to high level of trust
Cohesion
Effective Communication
All of the above

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