We firmly believe that financial planning is the gateway through which you can help your clients achieve financial wellness. Unfortunately, while the value of financial planning has long been touted as a key to successful investing, many investors continue to operate without a plan. In fact, according to Charles Schwab’s 2018 Modern Wealth Index, three in five Americans live paycheck to paycheck and only one in four have a written financial plan.
The reality is that many Americans may put time and effort into planning a vacation, but they don’t prioritize what is arguably the longest vacation of their lives, retirement. Our Envestnet | MoneyGuide solutions, focused on goals-based planning, should be transformative in this regard. Nearly two million financial plans have been created using these solutions in the past 12 months alone.
From an investor’s standpoint, having a quality plan is paramount in enabling them to make smart, strategic decisions about what they need to do – decisions that will undoubtedly affect them over the long term. A quality plan will have a marked difference on their standard of living, providing confidence during market downturns and setting the foundation for a fun and enjoyable retirement.
Envestnet | MoneyGuide can help you create the plans that your clients deserve, simplifying the process required to outline their goals, establish the steps to achieve them, make adjustments, and track progress. The investor can also log in and view their plan at any point in time to see how they are performing, a level of transparency that will provide them with ease and enable them to take a more active role in the finances.
For investors who are resistant to planning or intimidated by the prospect, one of our latest Envestnet | MoneyGuide solutions, MyBlocks, deconstructs the planning process into digestible components, meaning that clients can complete one piece of their plan at a time. Each time a piece is completed – financial goals, retirement bliss, financial concerns, etc. – the information is stored and added to their overall financial plan. This enables investors to incrementally focus on the goals they consider to be the most relevant. The process often encourages them to consider their bigger financial picture, leading to critical conversations about the additional types of support you can provide for them.
Driven by constant innovation and frequent enhancements, our solutions are always evolving to meet the needs and wants of advisors and investors and to take advantage of the latest technological updates available. As you can see, Envestnet | MoneyGuide powerfully streamlines and expedites the planning process for all types of advisors and investors, making a quality financial plan more accessible than ever before.