Modular Financial Planning
The Financial Plan
The process of financial planning isn’t just about the process to assemble a comprehensive financial plan, but a process to get clients through a comprehensive list of recommendations. And recognizing the challenging realities of behavior change, our “industry standard” of analyzing everything up front, and giving clients everything to do all at once, may actually be doing more harm than good.
Yet the challenge of such a “comprehensive” financial plan is that it’s not merely a greater investment of time, effort and cost … it’s something that can become overwhelming and daunting for the client. Clients May feel overwhelmed and their ability to follow through on the all the recommendations and change their behavior may be inhibited. To avoid the feeling of being overwhelmed, Vested Wealth Advisors favors the 'modular' approach to the process of comprehensive financial planning.
Effective financial planning is all about setting priorities about the different modules of financial planning (insurance, estate, education, retirement, cash flow, etc.) so clients can actually get through the implementation phase. We recognize that the changes in behavior that are necessary to do so can be difficult for most clients but that planners have a responsibility to do what is necessary to help make it happen.