40+ Wealth Management Checklists for Better Compliance

Wealth management checklists are the framework for operating a successful organization. 

Why? 

When you’re running efficient wealth management operations, you align with clients’ financial goals and maintain compliance with regulatory standards.  

This toolkit provides you with checklists designed to streamline wealth management-related tasks while reducing errors, improving productivity, and guaranteeing  comprehensive client service.

In this article, we’ll cover: 

• Wealth management checklists for investment planning and research
• Wealth management checklists for portfolio management and valuation
• Wealth management checklists for risk management
• Wealth management checklists for compliance and regulatory reporting
• Wealth management checklists for technology and data management
• Wealth management checklists for client onboarding and training
• Wealth management checklists for operations and administration
• Using checklists for effective wealth management operations

Wealth management checklists for investment planning and research 

Investment planning and research are crucial to effective wealth management. That’s because effective investment planning and research ensure every decision aligns with clients’ financial goals, risk tolerance, and investment horizons. 

Why would you want to use a process for investment planning and research?

By providing a structured framework, investment planning and research templates help ensure that no critical step is overlooked and that all relevant factors are considered. This allows for thorough analysis and consistent strategy implementation while aligning with client objectives, reducing the risk of oversight, and enhancing decision-making quality.

Benefits of using these templates:

• Automation and integration benefits
• Reduced errors and improved accuracy
• Streamlined workflow and documentation

Investment planning and research template pack for wealth managers: 

Investment planning checklist for advisors

This investment planning checklist for advisors template provides a comprehensive framework for wealth advisors to systematically evaluate and plan investment strategies. It ensures that all critical steps are covered, from understanding client profiles and financial goals to selecting appropriate investment vehicles and monitoring portfolio performance.

Financial goals assessment template

Designed to help advisors accurately assess and document clients’ financial goals, this financial goals assessment template ensures a thorough understanding of clients’ aspirations, timelines, and risk tolerance. It facilitates clear communication between advisors and clients, laying a solid foundation for tailored financial planning.

Asset allocation template

This asset allocation template aids in creating a well-balanced portfolio by strategically distributing investments across various asset classes. It helps advisors align asset allocation with clients’ risk tolerance, investment goals, and market conditions, optimizing potential returns while managing risk.

Investment analysis template

The investment analysis template provides a structured approach to evaluating potential investment opportunities. It includes key metrics and qualitative factors to assess the viability and potential performance of various investments, supporting data-driven decision-making.

Competitor analysis matrix template

This competitor analysis matrix template enables wealth management firms to systematically compare their services, performance, and strategies against competitors. By identifying strengths, weaknesses, opportunities, and threats, the template helps firms refine their competitive positioning and strategic planning.

Wealth management checklists for portfolio management and valuation

Effective portfolio management and accurate valuation are critical for achieving optimal performance and meeting client expectations.

Why would you want to use a process for portfolio management and valuation:

Structured processes ensure consistent monitoring, accurate valuation, and strategic adjustments to portfolios, enhancing returns and managing risk.

Benefits of using these templates:

• Consistent portfolio reviews and adjustments
• Enhanced valuation accuracy
• Improved client reporting and transparency

Portfolio management and valuation template pack for wealth managers: 

Portfolio management process

This portfolio management process template outlines the step-by-step process for managing investment portfolios effectively. It covers key activities such as portfolio construction, asset allocation, risk management, and performance monitoring. By providing a structured framework, it ensures consistency and efficiency in portfolio management practices.

Asset valuation template

The asset valuation template facilitates the accurate assessment of the value of assets within a portfolio. It includes methods for valuing various asset classes, such as stocks, bonds, and alternative investments. By standardizing valuation practices, this template enhances transparency and reliability in portfolio reporting.

Sensitivity analysis template

This sensitivity analysis template enables wealth managers to assess the impact of changes in key variables on portfolio performance. By conducting sensitivity analysis, managers can evaluate how variations in factors such as interest rates, market volatility, or economic conditions may affect portfolio returns and risk exposure.

Performance reporting checklist 

The performance reporting checklist ensures that all essential components of portfolio performance analysis are included in client reports. It covers metrics such as returns, volatility, benchmark comparisons, and attribution analysis. By following this checklist, wealth managers can provide clear and comprehensive performance insights to clients.

Portfolio rebalancing checklist

This portfolio rebalancing checklist guides wealth managers through the process of rebalancing investment portfolios to maintain desired asset allocations. It includes steps for assessing current portfolio weights, identifying deviations from target allocations, and executing trades to realign the portfolio. By systematically rebalancing portfolios, managers can manage risk and optimize long-term returns.

Wealth management checklists for risk management

Risk management is essential for protecting client assets and ensuring the long-term success of wealth management strategies.

Why would you want to use a process for risk management:

Systematic risk management processes help identify, assess, and mitigate potential risks, safeguarding investments and maintaining compliance.

Benefits of using these templates:

• Proactive risk identification and mitigation
• Enhanced regulatory compliance
• Improved client trust and confidence

Risk management template pack for wealth managers: 

Risk management framework

The risk management framework template provides a structured approach to identifying, assessing, and mitigating risks across various areas of wealth management operations. It establishes guidelines, processes, and responsibilities for managing risks effectively, ensuring alignment with regulatory requirements and industry best practices.

Risk assessment matrix

This risk assessment matrix template enables wealth managers to evaluate and prioritize risks based on their likelihood and potential impact on business objectives. By categorizing risks according to severity and probability, it helps allocate resources and implement appropriate risk mitigation strategies.

Risk reporting template

The risk reporting template facilitates the communication of risk-related information to stakeholders, including senior management, board members, and regulatory authorities. It provides a standardized format for reporting key risk indicators, emerging risks, and risk mitigation activities, enhancing transparency and accountability.

Performance stress testing checklist

This performance stress testing checklist guides wealth managers through the process of stress testing investment portfolios to assess their resilience to adverse market conditions. It includes scenarios such as market downturns, interest rate changes, and economic shocks, enabling managers to evaluate potential impacts on portfolio performance and risk exposure.

Scenario analysis template

The scenario analysis template allows wealth managers to evaluate the impact of specific scenarios on portfolio performance and risk metrics. It provides a structured framework for assessing the potential outcomes of alternative future scenarios, helping managers make informed decisions and develop contingency plans.

Liquidity risk assessment template

This liquidity risk assessment template helps wealth managers identify and assess liquidity risks associated with investment portfolios and financial instruments. It includes factors such as asset liquidity, funding sources, and cash flow projections, enabling managers to manage liquidity effectively and maintain financial stability.

Operational risk assessment template

The operational risk assessment template helps wealth management firms identify, evaluate, and mitigate risks related to internal processes, systems, and human factors. It covers areas such as cybersecurity, compliance, and business continuity planning, ensuring resilience and reliability in operational activities.

Wealth management checklists for compliance and regulatory reporting

Compliance and regulatory reporting are non-negotiable aspects of wealth management, ensuring adherence to laws and protecting client interests.

Why would you want to use a process for compliance and regulatory reporting:

Structured processes ensure timely and accurate reporting, reducing the risk of non-compliance and associated penalties.

Benefits of using these templates:

• Streamlined compliance processes
• Reduced risk of errors and non-compliance
• Enhanced transparency and accountability

Compliance and regulatory reporting template pack for wealth managers: 

Regulatory compliance checklist

The regulatory compliance checklist ensures that wealth management firms adhere to relevant laws, regulations, and industry standards. It covers a wide range of regulatory requirements, including those related to investor protection, market integrity, and anti-money laundering (AML) measures, helping firms mitigate compliance risks and avoid legal penalties.

AML compliance template

The AML compliance template provides a structured framework for implementing and maintaining anti-money laundering measures. It includes procedures for customer due diligence, suspicious activity monitoring, and reporting requirements. By following this template, wealth management firms can detect and prevent illicit financial activities, ensuring regulatory compliance and safeguarding their reputation.

GDPR compliance checklist

The GDPR compliance checklist helps wealth management firms ensure compliance with the General Data Protection Regulation (GDPR) when handling personal data of European Union (EU) individuals. It covers requirements such as data subject rights, consent management, data breach notification, and data protection impact assessments, helping firms protect individuals’ privacy and avoid GDPR violations.

Tax reporting template

The tax reporting template assists wealth managers in accurately reporting investment income, capital gains, and other tax-related information to clients and tax authorities. It includes guidelines for tax documentation, reporting deadlines, and tax-efficient investment strategies, helping clients fulfill their tax obligations and optimize their tax outcomes.

FATCA compliance checklist

The FATCA compliance checklist helps wealth management firms comply with the Foreign Account Tax Compliance Act (FATCA) requirements when dealing with U.S. taxpayers’ accounts and investments. It includes procedures for identifying and reporting specified U.S. persons, withholding tax obligations, and compliance documentation, ensuring adherence to FATCA regulations and avoiding penalties.

Dodd-Frank compliance checklist

The Dodd-Frank compliance checklist assists wealth management firms in complying with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It covers various aspects of financial regulation, including derivatives trading, systemic risk monitoring, and consumer protection measures, helping firms navigate the complex regulatory landscape and ensure regulatory compliance.

Internal audit checklist

The internal audit checklist provides a framework for conducting periodic internal audits to assess the effectiveness of internal controls, risk management processes, and compliance procedures. It includes areas such as operational efficiency, regulatory compliance, and financial reporting accuracy, helping wealth management firms identify areas for improvement and mitigate operational risks.

Wealth management checklists for technology and data management

Efficient technology and data management are crucial for maintaining the integrity and security of client information.

Why would you want to use a process for technology and data management:

Structured processes ensure data accuracy, security, and accessibility, supporting seamless operations and client trust.

Benefits of using these templates:

• Enhanced data security and compliance
• Improved operational efficiency
• Better data management and accessibility

Technology and data management template pack for wealth managers: 

Data management policy template

The data management policy template establishes guidelines and procedures for the collection, storage, and use of data within wealth management firms. It outlines best practices for data governance, data quality assurance, and data lifecycle management, ensuring compliance with regulatory requirements and safeguarding the integrity and confidentiality of client information.

Data security checklist

The data security checklist helps wealth management firms assess and enhance the security of their data infrastructure and systems. It includes measures such as access controls, encryption protocols, intrusion detection systems, and security incident response procedures, helping firms prevent unauthorized access, data breaches, and cyber threats.

Information technology risk assessment template

The information technology risk assessment template enables wealth management firms to identify, evaluate, and mitigate risks related to their IT systems and infrastructure. It covers areas such as hardware and software vulnerabilities, network security, data privacy risks, and technology dependencies, helping firms protect against IT-related threats and disruptions.

Cybersecurity due diligence checklist

The cybersecurity due diligence checklist assists wealth management firms in assessing the cybersecurity posture of third-party vendors and service providers. It includes criteria such as security certifications, incident response capabilities, data protection measures, and compliance with cybersecurity regulations, helping firms mitigate cyber risks associated with outsourcing arrangements.

Client data backup and recovery plan

The client data backup and recovery plan template outlines procedures for regularly backing up client data and implementing measures to ensure its timely recovery in the event of data loss or system failure. It includes backup schedules, data retention policies, backup storage locations, and testing protocols, helping firms minimize data loss and maintain business continuity.

Data governance template

The data governance template establishes a framework for managing and controlling the use of data assets within wealth management firms. It defines roles and responsibilities, data ownership, data classification, and data stewardship processes, ensuring that data is managed effectively, ethically, and in compliance with regulatory requirements.

Wealth management checklists for client onboarding and training

Effective client onboarding and training are essential for building strong relationships and ensuring clients are well-informed and comfortable with their wealth management plan.

Why would you want to use a process for client onboarding and training:

Structured onboarding processes ensure a smooth transition, comprehensive client education, and consistent service delivery.

Benefits of using these templates:

• Enhanced client experience and satisfaction
• Improved client retention
• Consistent and thorough onboarding process

Client onboarding and training template pack for wealth managers: 

Client onboarding process in investment banking

The client onboarding process in investment banking template provides a structured framework for efficiently bringing new clients onboard. It outlines the steps involved in gathering necessary documentation, conducting due diligence, and setting up client accounts. By following this template, investment banks can streamline the onboarding process, ensure compliance with regulatory requirements, and provide a smooth experience for clients.

Financial planning questionnaire

The financial planning questionnaire template helps financial advisors gather essential information from clients to assess their financial goals, risk tolerance, and investment preferences. It covers topics such as income, expenses, assets, liabilities, and long-term objectives. By using this template, advisors can tailor their recommendations and financial plans to meet each client’s unique needs and circumstances.

Training schedule template

The training schedule template outlines a structured plan for providing training and development opportunities to financial advisors and other staff members. It includes details such as training objectives, topics covered, training methods, and scheduling. By implementing this template, investment banks can ensure that their team members receive the necessary knowledge and skills to excel in their roles and serve clients effectively.

Financial advisor meeting checklist

The financial advisor meeting checklist helps advisors prepare for client meetings and ensure that all necessary topics are covered. It includes items such as reviewing client profiles, discussing investment performance, addressing client concerns, and setting action items for follow-up. By following this checklist, advisors can conduct productive and focused meetings that strengthen client relationships and drive positive outcomes.

Client communication plan template

The client communication plan template provides a structured framework for establishing regular communication with clients. It includes details such as communication channels, frequency of communication, key messages, and responsible parties. By using this template, investment banks can maintain ongoing engagement with clients, keep them informed about relevant updates and market developments, and strengthen trust and loyalty over time.

Wealth management checklists for operations and administration

Efficient operations and administration are key to the smooth functioning of wealth management firms, ensuring all aspects of the business run seamlessly.

Why would you want to use a process for operations and administration:

Structured processes help maintain consistency, improve efficiency, and ensure all administrative tasks are completed accurately and on time.

Benefits of using these templates:

• Streamlined operations
• Reduced administrative errors
• Enhanced overall efficiency

Operations and administration template pack for wealth managers: 

Operational business process improvement checklist

The operational business process improvement checklist provides a systematic approach to identifying and addressing inefficiencies in operational workflows. It includes steps such as analyzing current processes, identifying bottlenecks, brainstorming improvement ideas, implementing changes, and measuring results. By using this checklist, businesses can streamline operations, reduce costs, and enhance overall efficiency.

Team task management template

The team task management templatet helps teams organize and track their tasks effectively to ensure timely completion of projects and objectives. It includes features such as task assignment, priority setting, progress tracking, and deadline management. By using this template, teams can improve collaboration, accountability, and productivity, leading to better outcomes for the business.

Business continuity plan checklist

The business continuity plan checklist outlines essential steps for developing and implementing an effective plan to ensure business operations can continue during and after disruptive events such as natural disasters, cyber attacks, or pandemics. It covers areas such as risk assessment, emergency response procedures, data backup and recovery, and communication strategies. By following this checklist, businesses can mitigate risks, minimize disruptions, and maintain resilience in the face of adversity.

Inventory management policy template

The inventory management policy template establishes guidelines and procedures for managing inventory effectively, ensuring optimal levels of stock to meet customer demand while minimizing carrying costs and stockouts. It covers areas such as inventory tracking, stock replenishment, storage practices, and inventory valuation methods. By implementing this policy, businesses can improve inventory accuracy, reduce waste, and optimize supply chain efficiency.

Compliance calendar

The compliance calendar provides a visual overview of key compliance deadlines and requirements relevant to the business, such as regulatory filings, tax deadlines, audit dates, and training sessions. It helps businesses stay organized and proactive in meeting their compliance obligations, reducing the risk of fines, penalties, and legal issues. By using this calendar, businesses can ensure timely compliance with regulations and maintain a good standing with authorities.

Using checklists for effective wealth management operations

A structured process and comprehensive financial checklists are needed for businesses to run efficient wealth management operations. rely on structured processes and comprehensive checklists. The templates provided in this toolkit aim to empower operations managers with the resources they need to ensure compliance, improve efficiency across wealth management-related tasks, and better client satisfaction. 

Additional templates: 

• Privacy policy management and GDPR compliance template:
  Ensures compliance with data protection principles, rights of data subjects, and data breach notification requirements for wealth management firms handling personal data of EU individuals.
• Counterparty risk analyst onboarding:
  Evaluates the creditworthiness and risk exposure associated with various counterparties, such as brokers and custodians, ensuring secure and reliable partnerships.
• Asset management risk assessment:
  Identifies, prioritizes, and mitigates various risks associated with asset management operations and investments, protecting client assets and ensuring regulatory compliance.