How Financial Planning Software Can Help CFP(R) Advisors Build Better Plans for Their Clients

Financial planning software helps advisors build better plans for their clients by automating the planning process and providing a scalable, flexible solution. It can also help them better manage their workflows and keep track of client assets, investments and income.

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As CFP(r) professionals across the advice landscape have come to understand, a successful planning strategy starts with understanding clients’ short-term and long-term needs and wants. This can include determining whether their financial habits are conducive to reaching their goals and how those goals would be affected by different decision-making options.

Step 3: Demonstrate the viability of a plan under different scenarios

A good financial planning software will simulate multiple possible outcomes and show how decisions may impact those results. This is a key component of delivering effective financial planning, because it allows advisors to balance their client’s preferred outcomes with their ability and willingness to achieve them.

Step 4: Develop recommendations

Once an advisor has a complete picture of a client’s goals and financial situation, they should develop a set of recommendations for the client that will achieve them. These should be realistic and aligned with their preferences, but also include a dispassionate analysis of how each recommendation would be impacted by the client’s current financial circumstances.

Step 5: Present recommendations

The best financial planning software should provide a client-facing portal to share plans and documents. This will help your clients better control the process and communicate their progress with you. This will also enable you to build more trust with your clients and improve your retention rates, which are essential for increasing your firm’s valuation and assets under management (AUM).

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