Software planning tools can be handy, but they can also be complex and end up steering you in the wrong direction. What may work better? A little face time with your planner, leading to a simple, easy-to-follow financial "map."
Have you found your financial plan has fallen short of providing you the clarity and confidence you were hoping for? If so, your feelings may be due in part to how your plan was built. Maybe the plan is too complex … or just too impersonal. There’s a solution for this, and it’s definitely not high-tech. It’s a good, old-fashioned conversation.
Many financial advisers use software tools to build their plans. The crux of a software-based financial plan is the information that has been input. Most financial planning programs typically offer a generous range for inflation, rate of return, mortality age, percentage of current income needed at retirement and the probability (%) of achieving your financial goals as some examples.