What are Financial Planning Tools?

According to the National Institute on Retirement Security, research finds that the retirement savings levels of working age Americans remain deeply inadequate despite economic recovery. An analysis of U.S. Census Bureau data reveals that the median retirement account balance among all working individuals is $0.00. The data also indicate that 57 percent (more than 100 million) of working age individuals do not own any retirement account assets in an employer-sponsored 401(k)-type plan, individual account or pension.

The analysis finds that overall, four out of five working Americans have less than one year’s income saved in retirement accounts. Also, 77 percent of Americans fall short of conservative retirement savings targets for their age based on working until age 67, even after counting an individual’s entire net worth – a generous measure of retirement savings. Moreover, a large majority of working Americans cannot meet even a substantially reduced savings target.

Financial planning is a crucial aspect of managing personal wealth and ensuring a secure future. As we navigate through various financial challenges, we often seek assistance to make informed decisions. This is where financial planning tools step in. These tools are digital solutions designed to help individuals and professionals alike manage and plan their finances more effectively.

What are financial planning tools?

Financial planning tools, commonly known as financial planning software, are digital platforms or applications that assist in the management and planning of personal or professional finances. They come in various forms and serve different purposes, depending on the user's needs.

A primary form is financial planning software for individuals. These tools are designed to help individuals manage their personal finances, track their spending, investments, and savings, and plan for their financial future. They often come with features like budgeting, financial goal setting, and investment tracking.

Are there any free online financial planning tool?

While there are numerous financial planning tools available in the market, not all come with a price tag. Some very effective free financial planning tools offer a wide range of services for individuals seeking to manage their finances.

One such tool to consider for DIY financial planning is Mint. This free software provides a comprehensive platform for budgeting, tracking expenses, managing bills, and even offers free credit score access. It's user-friendly and can be a great starting point for individuals looking to take control of their financial future.

What software would a financial advisor use?

Financial advisors require more advanced tools to manage their clients' finances effectively. They need software that can handle complex financial planning, investment management, and reporting tasks. These personal financial planning tools often come with advanced features like tax planning, retirement planning, estate planning, and risk assessment modules.

The financial advisors at Reynold Wealth Management use proprietary software with comprehensive features and robust performance. Our professional staff is trained in the deployment of every tool at our disposal to ensure that our clients receive detailed, extensive, personalized analysis of their unique needs and goals. This software allows financial advisors to work with clients to model, analyze, and track financial plans that align with their goals. The software's capabilities include everything from retirement planning and education funding to insurance needs and emergency fund planning. What sets our tool apart is the ability to adjust the plans in real-time, allowing advisors and clients to see potential impacts of different scenarios immediately. This interactive approach helps clients understand their financial plan better and facilitates informed decision-making.

Conclusion

Whether you're an individual seeking to better manage your finances or a business owner exploring better employee benefits, the right financial planning tools can make a significant difference. Remember, the best tool for you depends on your specific needs and financial goals. As you embark on your journey of financial planning, don't hesitate to seek advice from the trained financial professionals at Reynolds Wealth Management. With the right tools and expert guidance, you can take control of your financial future and work towards achieving your goals.

Ready to take the next step in your financial planning journey? Learn more about our financial planning services or contact us to schedule a consultation with one of our experienced financial advisors.

Investing involves risks and investors may incur a profit or a loss regardless of strategy selected. The projections or other information generated by financial planning software regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Past performance is no guarantee of future results.