As mentioned in our July monthly letter, our financial planning software released a new version this week full of exciting updates. New functionality will improve our planning process by better integrating certain variables and placing a better framework around how we segment goals. We think it’s a big step forward in The Asset Advisory Group’s mission to enhance our clients’ well-being and help them make smart decisions about money.
From a technology standpoint, the software will now address things such as Social Security not just on it’s own, but really look at how different distribution scenarios impact the overall portfolio. These are certainly things we’ve evaluated in the past, but having them fully integrated into our planning tool will really help frame the impact and outcomes of various decisions.
For many clients, this will mean revisiting some of the “discovery” phase of our relationship. The purpose of this is not redundancy, but to ensure that our existing clients go through the same detailed process in defining their goals that a new client would experience. At the same time, we’re making sure we’re using the most up to date information available from our clients and that we are asking questions specifically designed to maximize the potential of the updated process.
Have a great week!