INVESTMENT STRATEGY
Regardless of whether you prefer Riskalyze (now Nitrogen), Morningstar, or a planning analysis software like eMoney, MGP, or Right Capital to assess your client’s current portfolio and construct the recommended one, this section offers a valuable comparison. It allows your clients to see both portfolios side by side, along with the specific recommendations.
The flexibility here is key. You can opt to include each individual account for a more detailed view or group accounts, either by owner or by the type of account, to save time on data entry. For instance, you could combine all the household Qualified Accounts (such as 401k, IRAs, SIMPLE IRAs, and so on) and add them as a single account. This adaptable approach ensures you have the level of detail you need while streamlining the process to suit your preferences and your client’s needs.
RISK MANAGEMENT
This section offers you the flexibility to input all types of insurance and provide your recommendations conveniently in one place. This streamlined approach not only makes it easier for you but also enables you to respond to client inquiries more efficiently.
Additionally, you’ll notice that each section includes a “Client plans to self-insure” option. This comes in handy when your client decides not to follow one of your recommendations or chooses not to purchase a specific insurance product. It allows you to account for their decisions and adapt your planning accordingly, ensuring a comprehensive and tailored approach to their financial security.
TAX PLANNING
ESTATE PLANNING
This section will help you review your client’s beneficiaries, estate planning documents, and trusted contacts.
First up, we’re going to list down all their assets and see if they’ve got beneficiaries assigned for each one. To streamline this process, I recommend utilizing the “Pull” function located at the bottom. This feature will automatically populate with the investment accounts previously recorded in the Investment Strategy section, as well as the life insurance policies detailed in our risk management assessment.
Now, in the document review section, take a good look at the estate planning documents your client has in place. Assess whether they could use an update and suggest any extra documents that might benefit your client’s specific situation.
Last but not least, is the recommendations section. This is where we provide a clear rationale for obtaining those supplementary documents. Additionally, we have the opportunity to include key information gathered from your client’s estate planning documents, such as primary agents and beneficiaries. This serves the dual purpose of refreshing the client’s memory and confirming that no adjustments are currently required.
