A Focused Financial Life: New Tool to Aid Financial Fitness

1) Set financial goals; 2) Understand where your money is going; 3) Manage your debt; 4) Put your finances on autopilot; 5) Maintain a steady lifestyle; 6) Invest wisely; 7) Obtain knowledge and advice.

At Nvest, our primary goal we strive to achieve with each client is “delivering financial peace of mind.”  We believe this goal is best achieved through regular communication; a prudent, time-tested approach to investment management; and via a strong and detailed understanding of how your accumulated assets form the big picture, “financing” you through each stage of your life.  In these respects, we are excited to introduce and make available to clients a new tool we call the LIVING LIFE client portal.

This client portal provides you with a single login so you can see your personal “balance sheet” and net worth in real-time via its aggregation technology to pull current account balance information from almost any bank or financial institution with online access.  Few clients utilize a system to efficiently track everything relating to their financial life in one spot.  Those that do, usually utilize a manual process that can be time consuming with the information quickly becoming stale.  Allowing the LIVING LIFE client portal to be your data aggregator to keep all your important information in one spot will be helpful for you as well as your spouse or loved ones if/as needed over the years.  And, to the extent you enable sharing the basic balance details with us, it also aids our efforts to provide big-picture financial planning advice and help you make wise financial decisions.

The second major capability of the LIVING LIFE client portal allows you gain valuable insight in the area of personal budgeting.  When one links their credit cards and spending accounts, the spending tracker allows you to see where your money is going.  This data is hidden from us by default, and provided only to help you gain greater awareness of where your financial resources are flowing.  The simple exercise of tracking spending over a period of several months or throughout the year is healthy as a realistic budget, and a comprehensive understanding of your spending is critical to developing ideas about what life might look like at different stages.  This tool simplifies that process.

Third, the LIVING LIFE client portal allows you to securely store important family documents.  Anything can be stored electronically in the vault – from family pictures, passports, estate planning documents, and insurance policies.  This encrypted online storage locker allows you or a loved one to quickly access those important documents at any time. There is also the ability to share documents with us, or they may be kept private by default.  If you share some/all with us, we can help validate alignment with your goals – from financial positioning and risk, and to beneficiary/estate planning objectives.

We would love to share more about the LIVING LIFE client portal and provide you with access to this powerful tool.  As you should recall, there is no additional cost to clients (whose total managed assets at Schwab are $250,000 or greater) for LIVING LIFE financial planning or other consulting.  The time required for initial setup is efficient, and we believe you will find it valuable for many years. We are always looking for better ways to serve our clients, and believe this is a significant enhancement to utilize.  Feedback from clients which started using the LIVING LIFE client portal is uniformly positive – great tool!

Please contact us with questions or to request your link to the LIVING LIFE client portal.

Contributors: Jordan Acer, CFP, CIMA & Steve Henderly, CFA – July 1, 2020
Posted in Personal Finance, Quarterly Newsletters.