Advizr Blog

How to Plan for Clients Overspending or with Unrealistic Financial Goals

The nature of a cash flow-based approach to financial planning, even if it is centered around the client’s goals, means that any platform assisting in the creation of such a plan should account for a few realities that clients often face, such as what to do about current overspending in a budget or unrealistic goals based on the ability to save towards those goals. In each of these cases, the client ends up with one or more time periods in which they have negative net cash flow. You as the advisor need to decide what to do about the negative cash flow, and at Advizr, we’ve recently given you another tool to help with this decision making process: a simulated loan that can illustrate what it might mean to debt finance the negative cash flow. How is this tool best used? Let’s look at a few examples.

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Tags: Features and Skills, Case Study, Practice Management

Optimizing your financial planning onboarding process

Expert-level financial planning that is intuitive and not a laborious or onerous task. This is core to what Advizr began with and focuses on when we look at the independent channel of the advisory space. Now, as demand from enterprises and institutions for our system grows, we began to ask the underlying reason for this demand. The recurring theme we uncovered is this key core concept: our discovery and profile process.

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Tags: Features and Skills, Practice Management

3 Steps for Implementing an Effective Financial Planning Process

 

The US unemployment rate just hit a 10-year low of 4.3%.  All financial services firms are experiencing difficulties in hiring staff, but it seems especially difficult to find qualified financial planners.

Search any job board for financial planner positions and thousands of results appear with 79,315 listings on Jobs.com alone! The vast majority of these openings are at wirehouses and large broker dealers. If this is a fair reflection of the market, one would suspect that these large firms are assembling sizable financial planning armies in their back offices.

What is behind this effort?

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Tags: Industry Notes, financial planning, Practice Management

Cash flow based or goal based? Where do we go from here?

The financial services industry is infamous for the amount of jargon, lingo, and technical terms that we regularly throw at consumers: Monte Carlo vs. straight-line returns; acronyms like IRA, RIA, and IAR; suitability vs. fiduciary standards; cash flow-based vs. goal-based planning software. In our previous blog post, we tackled the history of the terms “cash flow-based” and “goal-based,” including their original meanings in the industry. In this post, I’d like to review more recent interpretations of these terms, along with introducing terms we think are more accurate to describe today’s financial planning software design philosophies.

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Tags: Industry Notes, financial planning

The Evolution of Cash Flow Based vs. Goal Based Financial Planning Software

Having joined Advizr recently from positions as the head of sales teams at two other major financial technology firms, I’ve talked about planning software to advisors for almost two decades, and I’m amazed how far this branch of fintech has come.  You would think that an industry full of financial planners would place great importance on software that can make their planning easier and and enhance the client relationship

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Tags: Industry Notes, financial planning

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