Clients and prospects who are nearing retirement or have already retired need to make sure that their cash in-flows and out-flows are fully understood — even more so than those who have many years left in their work lives. As you know, the shorter the runway is to retirement, the harder it is to recover from mistakes.
Advisors typically fall into two camps:
- Those that avoid budgeting altogether because they're afraid their clients will be offended or they assume the client has already done it accurately
- Those that try to budget every little thing, down to the penny
Cash Flow Mapping allows you to take the middle road, helping your client develop a plan for their cash flow, focusing on the larger, fixed items. Clients who want to get into the nitty-gritty details can log in to your white-labeled portal and dive deep.
By using Cash Flow Mapping for all of your clients, you can accomplish four important things:
- Validate the budget they plan to use. It's very easy to miss a few things here and there. Cash Flow Mapping includes all the common inputs, to help you avoid forgetting anything. It also allows you to enter custom information based on your clients' needs. After all, the recommendations you make are not likely to be successful if your clients are spending more each month than your plan anticipates.
- You can quickly develop a plan — in minutes, not hours — and then present the plan to your client either in person or remotely. With Cash Flow Mapping, you can quickly duplicate any cash flow map you make and make adjustments with your client sitting right there. This activity positions you as your client's navigator through the process and helps deepen your relationship.
- You can deliver immediate value to your client and help them to make informed changes to their behavior that will increase the likelihood of their assets fulfilling their post-retirement needs and reduce the chances of needing to make a mid-retirement adjustment to their spending.
- You can attract and win more business by offering cash flow analysis services, either as part of your total offering or as a fee-based service. Cash Flow Mapping has developed marketing materials that can be customized to your needs for in-office or webinar meetings to develop new leads.