We’re excited to announce two new resources this month to help you be more diligent in the planning process, plus a recap of timely and updated resources to keep you in-the-know. Details are below:
New Checklist: Master List Of Goals
Goal setting is fundamental to sound financial planning. Whether you’re meeting with new or long-term clients, it is essential to identify and prioritize their objectives before making recommendations. Often, clients may have difficulty expressing and assigning precedence to their goals. Or, they may simply overlook a need or objective. You, as an advisor, are then tasked with the challenge of uncovering and framing clients’ goals.
In response to this challenge, we’ve created this “Master List Of Goals.” This resource is inspired by the work of Ray Sin, Ph.D.; Ryan O. Murphy, Ph.D.; and Samantha Lamas, who authored “Goals-Based Financial Planning: How Simple Lists Can Overcome Cognitive Blind Spots” in the Journal of Financial Planning.
New Flowchart: Pay Stub Review
A pay stub is a valuable source of information when building financial models and evaluating cash flow. It provides insight into income, tax, retirement savings, various insurance costs, etc.
A periodic paycheck review with a client can be a productive exercise, demonstrating how their earnings translate into net pay. As you guide a client through their pay stub, you can help them to understand the automated tax withholdings, savings, and payments that they make each pay period, and appreciate any employer benefits that augment their compensation package.
Timely & Updated Resources To Consider:
Almost all of our resources have been updated for 2021! Here is a quick list of all the changes we made to the 80+ resources:
- Annual limits have been updated throughout
- Some resources were affected by the recently passed Consolidated Appropriations Act, 2021 and have since been updated
- Several flowcharts were redesigned to improve clarity
If you’re looking for a few resources to share with your clients, consider these options:
What Accounts Should I Consider If I Want To Save More? This could be a helpful resource to send to clients at the start of the year. Clients may have received bonuses at the end of the year or may have a New Year’s Resolution to save more. Either way, clients can start the year off right by making sure they are saving in the right areas.
Should I Contribute To My Roth IRA Vs. My Traditional IRA? Clients who have not made contributions to either their Roth IRA or Traditional IRA for 2020 still have time to do so. This flowchart can assist in the conversation to help ensure the client makes a contribution to the right retirement account.
2021 Important Numbers: This popular resource has been updated for 2021 and again to reflect changes from the Consolidated Appropriations Act, 2021. It has lots of key numbers that you and your clients need to make informed decisions.