A month by seasoned financial planner, author and New York Times Sketch Guy columnist Carl Richards Utah-based financial monitoring platform Elements is launching a new tool inspired by one of its books.
Dubbed the “One Page Plan” or “OPP” for short, the new Elements offering shares a name with Richards’ Book 2015 that has become a mainstay Lists of must-reads for consultants over the years.
By using a web-based appAdvisors can create a fluid, flexible plan of action that clients can easily digest.
The app contains three default sections: Financial Purpose Statement, Goals, and Next Steps. The sections are presented as simple text boxes that can be modified either on the customer detail page or in the item report builder.
OPP also includes the three optional asset history sections; Basic Income and Expenditure; and the Elements Scorecard. Once entered, all planning data is stored in the app for quick access. Plans can also be exported as PDF files to share with prospects or clients.
“When people imagine a ‘financial plan,’ they conjure up the image of a three-inch-thick binder they might have been guided through before it was put on the shelf to collect dust,” said Reese Harper, CEO of Elements statements. “A financial plan like this is old-fashioned and loses value the moment it’s completed because it represents a unique point in time and doesn’t reflect the ever-evolving reality that each person’s financial life presents.”
For Richards, the joined Elements at the end of August As the company’s “Chief Evangelist,” the One Page Plan represents the industry’s need to adapt to meet the needs of the modern consumer.
He views meaningful conversations between advisors and clients as “the art of financial planning” and believes tools like the Elements OPP will enable advisors to have more impactful conversations at scale.
“Financial planning should be a verb, not a noun, and in today’s world, it should be an ongoing process aimed at solving client needs as they arise, rather than being visited once a year,” Richards said in one Explanation. “A financial plan should be written in pencil, not set in stone; a recognition of the dynamic nature of clients’ financial lives.”
Richards’ weekly column appeared in The New York Times for over a decade and he is the author of two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The One-Page Financial Plan: A Simple Way to Be Smart About Your MoneyThe Behavior Gap: Easy Ways to Stop Doing Stupid Things with Money.”
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