We use MoneyGuidePro
for financial planning
SUMMARY — Every firm tends to perform financial
planning a little differently. We may all follow a six-step
process, but the similarities end there. Financial planning
is part art and part science. Some planners favor detailed
multiyear, cash-flow-driven plans (we don't), while others
prefer a goal-based approach (we do).
Some planners supply their clients with extensive written
documents (we don't because we doubt it gets read), while
others believe that their time is best spent counseling clients
enables easy measurement of portfolios against client financial
goals. As we track progress in a portfolio, we might see that
a client’s portfolio is behind goal so would run “what-if”
scenarios to figure out what should change to get the client
on track. Most clients have several accounts. Evaluating progress
on accounts in a number of places has always been the challenge.
We can tell at a glance how a portfolio is performing against
a goal and can play with variables such as having the client
increase savings, increase portfolio risk, downsize goals,
and so on, to see how various choices would affect the client’s
We know that some clients like to be more involved with their
‘what ifs’. MoneyGuidePro
has a feature called ’Collaboration’.
Here is a RECENT EXAMPLE of online collaboration and
how it works.
We had a client meeting over lunch with three busy people
in three separate locations, all logged into different computers,
but on the same page at the same time. We used the lunch hour
for the work and no one had to travel across town and find
parking and miss lunch and perhaps be late getting back to
the office. Everyone’s focus was about the impact of
one impending financial decision on other financial goals.
Informed clients ask better questions and conversations are
more in depth. When clients are more informed and have a sense
of control, they are more confident in their decisions. A
client with information is more likely to act on financial
advice and follow through.