{"id":53538,"date":"2023-08-27T07:36:50","date_gmt":"2023-08-27T11:36:50","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/financial-planning-in-the-language-of-life\/"},"modified":"2023-08-27T07:36:53","modified_gmt":"2023-08-27T11:36:53","slug":"financial-planning-in-the-language-of-life","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53538","title":{"rendered":"Financial Planning In The Language Of Life"},"content":{"rendered":"<div>\n<p>One of the reasons that managing our money can be so challenging is that most of the guidance offered is in a different language. It\u2019s a language created by financial companies selling products, financial regulators reining in the financial companies, personal finance gurus developing a schtick for sale, and the IRS with its endless string of acronyms and code.<\/p>\n<p>For too long, financial planners and advisors have focused on <em>educating<\/em> clients and teaching them to speak \u201cfinancialese\u201d when they could be <em>translating<\/em> financial planning into the language of life that clients can more easily connect with.<\/p>\n<p>Even the Certified Financial Planner\u2122 Board, the foremost credentialing body of financial planners, has created the building blocks of the practice in such a way that it is couched in terms and techniques oriented toward practitioners and products rather than the people served.<\/p>\n<p>Terms such as tax planning, investment planning, insurance planning, retirement planning, and estate planning can be challenging because they are really just implementation tools, more means than ends in themselves.<\/p>\n<p>For example, nobody (aside from financial advisors) wakes up in the morning and thinks:<\/p>\n<ul>\n<li>\u201cToday\u2019s the day! I want to buy some insurance.\u201d<\/li>\n<li>\u201cI can\u2019t wait to optimize my risk-adjusted portfolio!\u201d<\/li>\n<li>\u201cFinally, I get to refine the language in my testamentary trust.\u201d<\/li>\n<li>\u201cCash flow statement, here we come.\u201d<\/li>\n<\/ul>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>However, when we translate financial planning into the language of life, it\u2019s easier to see how anyone\u2014everyone\u2014could be motivated by the following:<\/p>\n<ul>\n<li><strong>Live<\/strong> \u2013 Ensure a predictable source of income in the present.<\/li>\n<li><strong>Grow<\/strong> \u2013 Grow your assets to ensure provision for the future.<\/li>\n<li><strong>Protect<\/strong> \u2013 Protect your family, lifestyle, and property.<\/li>\n<li><strong>Give<\/strong> \u2013 Give to the people and causes that are important to you.<\/li>\n<\/ul>\n<p>In 26 years in the financial industry, I\u2019ve not seen or recommended a viable strategy, tool, or product that didn\u2019t satisfy one of these four pillars of personal finance. For example, cash flow management, career planning, Social Security analysis, and retirement income planning, for example, are all Live strategies. Portfolio optimization and the myriad of equity investment possibilities are Grow strategies. The establishment of emergency savings, life insurance, and excess liability insurance are all Protect strategies. And education planning, estate planning, and charitable gift planning are all\u2014you guessed it\u2014Give strategies.<\/p>\n<p>Here&#8217;s an example of a reordering of wealth management through this elemental lens, where the color coding denotes areas of overlap, indicating where individual strategies may offer benefits from more than one pillar of planning:<\/p>\n<p>In addition to the benefits of translating and reordering financial planning into the language of life, we can immediately imbue planning with a greater sense of purpose. For example, there\u2019s no inherent meaning or value to simply owning a term life insurance policy\u2014but protecting your family from financial ruin if you\u2019re no longer able to generate an income? Yup, that\u2019s something I can get behind.<\/p>\n<p>One of the reasons such a strategy also works is because of its malleability. Each individual and household is unique, and we are also perpetually changing. So, too, might our respective goals and planning priorities.<\/p>\n<p>I\u2019ve seen studies suggesting up to 80% of financial planning recommendations are not implemented. While I\u2019m sure this failure is multi-symptomatic, I believe the primary reason is that the entire financial planning process has been orchestrated by and for those <em>in<\/em> the business rather than those being served <em>by<\/em> the business.<\/p>\n<p>Therefore, it is through translating financial planning into the language of life, infusing it with greater meaning, and customizing its implementation according to the unique values and goals of each individual and household, that the positive outcomes we all hope to see can be more readily realized.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/timmaurer\/2023\/08\/27\/financial-planning-in-the-language-of-life\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the reasons that managing our money can be so challenging is that most of the guidance offered is in a different language. It\u2019s a language created by financial companies selling products, financial regulators reining in the financial companies, personal finance gurus developing a schtick for sale, and the IRS with its endless string [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-53538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Planning In The Language Of Life | iFintechWorld<\/title>\n<meta name=\"description\" content=\"One of the reasons that managing our money can be so challenging is that most of the guidance offered is in a different language. 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