How eMoney Benefits Retirees and Investors in Challenging TimesSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on July 13th, 2020
By George Koeltl, CFP®, July 14, 2020
This article originally appeared in the Summer 2020 Newsletter.
Once upon a time, clients received financial advice from stockbrokers, salesmen and saleswomen who sold stocks and bonds to investors who relied on their recommendations to build wealth for a successful retirement. Yet many clients needed more than investment advice.
So, the financial planning profession emerged, and then the CERTIFIED FINANCIAL PLANNER™ designation further elevated the standard for training, experience, and fiduciary responsibility.
Client needs and preferences continue to evolve. Today, for example, people want to be more involved in the planning process than in the past. That is why we adopted eMoney, financial planning software that improves collaboration between clients and advisors by providing real-time updates on your entire financial picture, progress towards your goals, and your overall investment strategy. It’s also a great tool to help prepare for unexpected risks that have the potential to derail your progress.
Without 21st century technology like eMoney, it can be very time consuming and difficult to get a snapshot of your entire financial picture, including mortgages, debt, cash, and the total asset allocation of your combined accounts. Having this information at your fingertips and accessible to your financial planning team from the same dashboard is invaluable. eMoney enables our team to create a plan that truly reflects your overall situation, often putting you in a better position to achieve your goals.
Here’s an opportunity during this Covid-19 crisis to use eMoney: Clients who linked their savings and checking accounts to eMoney allowed us to proactively advise them on whether to take their required minimum distributions (RMD) for retirement income. Clients who had excess cash in accounts could suspend RMDs from IRA accounts, potentially reducing income taxes as a result of The CARES Act. Conversely, by not linking outside investment accounts or 401(k) investments to the eMoney platform, clients run the risk of their overall portfolio allocation being “out of balance” and taking on too much risk during the crisis.
We are excited that this real-time information flow will create even more proactive planning opportunities in the future.
Watch our on-demand video class demonstrating "3 Ways eMoney Is Designed to Enhance Your Financial Outcomes" at: events.rebyadvisors.com/reby-advisors-emoney-demo