How Technology Bolsters Planning Options
Posted on December 20, 2018
Wealth Management encompasses so much more than just implementing an investment strategy. In recent years, evolving technology has enabled us and our clients to consider a bounty of options in developing a focused investment plan and meeting spending goals that coincide with your lifestyle.
Responsible wealth managers guide fruitful discussions that include taxes, wealth transfer, philanthropy, complex family needs, and estate structure, as well as answer the vital question: Do I have enough? Wealth managers today often sit with clients and utilize investment technology tools that demonstrate quickly and efficiently how a small change to their lifestyle goals, or a tweak to their portfolio, can make a major difference in the success of meeting those goals.
At the core of so many of our client conversations are the questions, “Can I afford health care, gifting, and philanthropy?” “Is my current spending sustainable or can I consider spending more?” “What are the chances that I outlive my savings?” Financial planning tools that we incorporate make the experience of investigating these options more impactful, convenient and even enjoyable. That’s because the solutions are uniquely honed to a client and provide easy-to-digest numerical and visual projections of the probability of success.
Assessing goals and itemizing a client’s available resources are the cornerstones of the process. We consider how much a client wishes to spend annually; the frequency of durable goods purchases; changes of residence; gifting to heirs, major repairs and expenses, as well as the timing of these expenses. These unique goals, whether one-time or recurring, have a direct cost against the assets available to fund those goals. Understanding and modeling for inflation is likewise important to make sure the portfolio ‘keeps pace’ with increased future outflows.
Today, the Wealth Management technology we use allows a client to ‘model’ and test a variety of scenarios to see whether there are sufficient assets to meet goals as well as prioritize goals based on needs, wants, and wishes. Most importantly, the experience instills a greater confidence that ‘your plan’ is going to work correctly.
Our clients have found that such technology offers robust, instantly generated scenarios that we can hone over time to keep improving outcomes for you. A significant added bonus to a technology-based planning experience is that often the partner who is less concerned with a portfolio of stocks becomes more engaged when seeing the bigger, long-term picture. It means so much more when you see how your spending choices impact on children, grandchildren, and charities.
We believe that the effort dedicated to your lifestyle and investment plan is of utmost importance as you age, and that reviewing your plan regularly with your advisor is vital. Goals change over time, and investment returns will vary from estimates, so spending time with your advisor and portfolio manager helps them offer more tailored solutions and provides you with confidence in the choices you’ve made. If we can assist you with your wealth management needs and demonstrate how The Trust Company has integrated technology into the planning process, we invite you to contact one of our offices today. www.sancapgroupinc.com
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