Financial Advisor Observation: Lack of Three Key Elements Found in Most Financial Plans Reviewed
In the complex world of personal finance, a written financial plan is often missing from people's lives. However, a financial practice is changing this narrative by offering a one-page summary called a "dashboard" to provide clients with a clear and actionable plan.
This innovative practice also leverages vanilla estate planning software that reads documents, explains them in plain English, and shows the impact of adjustments. This software, combined with the dashboard, makes financial planning more accessible and understandable for individuals.
But what about the big questions like whether one can retire, afford to help adult children, or take a trip? While planning software can adjust variables like spending, retirement age, and asset allocation, it does not provide a set of instructions. That's where personalised advice comes in. The practice's financial adviser provides advice based on the client's values, goals, risk tolerance, health, and other factors.
The adviser's expertise is also backed by the Kiplinger Retirement Report, a trusted source for wealth building and preservation insights from a network of financial professionals. Kiplinger's Adviser Intel, formerly known as Building Wealth, invites contributors who are fiduciary financial planners, wealth managers, CEOs, and attorneys to share actionable advice about retirement planning, estate planning, tax strategies, and more. The contributors to Kiplinger's Adviser Intel do not pay to be included, ensuring honest and valuable advice.
For retired clients, a tax plan aims to reduce their lifetime tax bill by realizing income when rates are low and deferring income during high years. This plan integrates with portfolio structure, charitable giving, and withdrawal strategies. To model and calculate the benefits of various tax plans, the practice uses Holistiplan tax planning software.
An estate plan, on the other hand, ensures that beneficiaries and documents align with the individual's wishes and reflects their estate's strategy to mitigate the tax impact of passing. This is crucial in ensuring that one's hard-earned wealth is passed on to the right people.
In a world where a common financial plan may consist of a stack of papers filled with numbers and charts, lacking a clear, actionable plan, it's important to find an adviser who can provide you with the guidance you need. If an adviser cannot or has not told you whether you can afford to retire, afford to help adult children, or afford to take a trip, it may be time to find a different adviser.
The practice also offers a free online version of the dashboard, making financial planning more accessible than ever. With the right tools and expert advice, you can take control of your financial future.
Read also:
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Conflict between Ben & Jerry's co-founder and Unilever over Gaza issues leads to resignation of co-founder
- Two farmers in Zambia take legal action against two firms with Chinese connections, alleging an ecological disaster caused by their operations.
- Deepening EU-India relations despite apprehensions regarding Moscow connections
