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We use financial planning to give our clients a more complete view of their financial picture. Our MoneyGuide Pro software generates great visuals with the inputs our clients give and allows us to shed light on key areas of their plan. So what is MoneyGuide Pro (MGP), how does the process work, and can it really help people?
Simply stated a financial plan is a deliverable that details a clients income and expenditures extrapolated over their lifetime. Emphasis is placed on retirement years to see if clients will “run out of money”, or have enough funds to make it through. While that sounds easy enough, this is a process that takes time to input assumptions into the software, then update them as life changes. The task of populating the program falls primarily on our clients, however it is our job to guide them on investment assumptions such as growth, inflation, life expectancy, etc.
Where MGP differentiates its plans is by shifting traditional focus off of cash flows and onto life goals.
Below illustrates some of the common goals MGP asks clients to consider. We have other pages on our site describing the importance of making goals SMART. Specific, Measurable, Attainable, Relevant, and Time Based. The MGP program works in alignment with SMART goals, essentially painting a picture of what is attainable or could be attainable in the future.
Goals are categorized as Needs, Wants, or Wishes in order to rank them because all may not be feasible at the same time and compete amongst one another for resources.
How do you know if you are ready for a financial plan? We are seeing our custom plans help people who are in different seasons of life. For the young accumulators it seeks to provide budgeting tools and savings calculators getting them into a habit of saving for their goals. This educates them on how inflation effects future spending and how investment returns compounding grow wealth. For the pre-retiree, it looks at their current lifestyle spending versus their accumulated nest egg to see if changes must be made to either in order to fund retirement or another important goal. For the already retired, it can analyze sensitive issues such as Long-term care, assisted living, and legacy planning.
Where should you start? First, start considering real goals you have for your financial future. Next, begin to focus on your spending and saving habits with the knowledge that one day you will need saved dollars and assets to fund your lifestyle. Lastly, allow us to walk you through data driven assumptions that are reasonable for long term planning.
Continue to watch our website for more articles describing the financial planning process. We are planning to provide examples of successful plans contrasted against plans that are destined to fail. Contact us for a one on one introduction to MoneyGuide Pro, and get in the confidence zone!
Jared joined H.I.S. in May of 2013 after graduating with a BA in Personal Financial Planning/Risk Management from the University of Central Arkansas (summa cum laude). He is a financial advisor and partner at HIS.
Jim is the owner and founder of Harvest Investment Strategies (H.I.S.), established in February of 2011. He earned his General Securities License in September of 1984.
Lee has been with H.I.S. since its inception in February of 2011, and is a local native to Northwest Arkansas. Under Jim’s apprenticeship he has gained experience in the areas of wealth and risk management and client services. He...
Will joined H.I.S. in April of 2022 after beginning his career at Edward Jones. Prior to working in the securities industry, Will graduated from Ouachita Baptist University in 2019. At Quachita Baptist will received his BA in Finance...