Disqus - Latest Comments for rthornton

Re: #FA Success Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business, With Michael Hartman

russ.thornton — Wed, 23 Feb 2022 11:13:53 -0000

I thought the same, but if you click the link and scroll down the page, his snapshot PDF is available below his service calendar, FYI

Re: Kitces & Carl Ep 22: Simplifying Your Life By Building Habits And Kitces Travel Tips

russ.thornton — Fri, 06 Dec 2019 13:13:51 -0000

@Michael Kitces - I'm not sure about Kayak as I've never used it, but have used https://www.tripit.com/web and know you can use it for same functionality and it's not a booking site at all, FYI

Re: How Much Does A (Comprehensive) Financial Plan Actually Cost?

russ.thornton — Mon, 08 Apr 2019 15:30:41 -0000

While I recognize this isn't the point of the article, I feel it has to be said that the "actual" cost of a financial plan (comprehensive or otherwise) can be 10s or perhaps 100s of thousands of dollars if it isn't executed initially and adjusted/updated on a regular basis. That's why I think there's little-to-no value in a financial plan (noun), but there is tremendous value in ongoing financial planning (verb).

Re: My 6 Top Tips For Handling A High Volume Email Inbox

russ.thornton — Fri, 12 Feb 2016 17:12:05 -0000

I rely on Followup.cc (https://followup.cc/) to manage my email and it allows me manage incoming email within my regular inbox without the need for folders, filtering, etc.

Re: 20 Things to Do in a Falling Stock Market

russ.thornton — Fri, 22 Jan 2016 14:16:02 -0000

Thanks for including me in this article, Roger, along with several other great advisors. Much appreciated

Re: Is Financial Planning Software Incapable Of Formulating An Actual Financial PLAN?

russ.thornton — Wed, 09 Dec 2015 18:57:26 -0000

Software - in this case for financial planning - is nothing more than a tool.

A tool in the right hands can be used to do wonderful things. In the wrong hands . . . well, we know how that can end up.

Nowhere is the spectrum of potential results from a tool wider than in financial planning software.

However, I believe the financial planning software I use along with a disciplined planning process offers what you say doesn't exist today . . .

For example, armed with Financeware and the Wealthcare process, I work with clients to first determine not just a singular set of goals, but "ideal" and "acceptable" versions of each goal that is important to them. This can include dollar amounts, time frames, investment risk, savings levels, etc.

For instance, I often ask new clients if they would save less if we demonstrate they can afford to. Or would they take less investment risk, even if they're comfortable taking more.

Now, instead of working with a singular set of goals, each client has a discussed and documented range of goals.

This range of goals combined with a prioritized "goals exchange" leads to a thorough discussion with clients - before the first proposal, plan or decision has been made - about which goals are more important to them than others and which goals they would be willing to "exchange" for other goals.

As an example, a client may want to spend more money in retirement, but they're not willing to work a minute past age 58 (their acceptable retirement age) to make that happen.

The real magic happens when instead of considering the interplay between just return and risk or retirement age and retirement spending, we now have a framework to identify and understand the trade-offs between each of the variables within a client's control.

As the market does its thing and the client's life unfolds, we utilize monte carlo analysis to keep their plan in our "comfort zone" of between 75% and 90% plan confidence.

If/when their plan falls below 75% (due to the market, unanticipated expenses or new/increased goals), we can move one or more of their lower priority goals closer to their acceptable values.

And if/when their plan rises above 90% confidence (due to the market, inheritance or goal adjustments) we can move one or more of their higher priority goals closer to their ideal values.

Does this process work automatically in the software? No.

But software + a process focused on making the most of a client's one and only life can actually can deliver much, if not all, of what you say doesn't exist today.

Or at least I believe my approach does.

Re: The Critical Importance of End-Of-Life Conversations

russ.thornton — Wed, 21 Oct 2015 10:47:48 -0000

Thanks, Todd. This approach is easier said than done, but well worth the effort. I've seen dozens of families go through the experience you describe above, and thankfully there is a better way . . .

Re: The Critical Importance of End-Of-Life Conversations

russ.thornton — Wed, 21 Oct 2015 10:05:57 -0000

Thanks, Doug. As you pointed out, the passing of a loved one is already difficult enough without friends and family questioning how final arrangements should be handled. Documenting these wishes is critically important.

Re: Retirement Planning Checklist for Newlyweds

russ.thornton — Thu, 08 Oct 2015 14:20:09 -0000

Great article, Roger. Thanks for including me.

Re: The Solo Financial Advisor Is Not Just Surviving, But Thriving, By Serving The Mass Affluent!

russ.thornton — Mon, 05 Oct 2015 11:18:15 -0000

Great article, Michael.

But this can't be right.

All the big brokerage firms who are fighting fiduciary responsibility claim they can't cost effectively serve the mass affluent :)

Re: Five Facts About Long Term Care Insurance

russ.thornton — Sat, 03 Oct 2015 10:06:42 -0000

Thanks for clarifying the circumstances for a premium increase, Scott.

Re: Long-Term Care Insurance For Women – Market Update

russ.thornton — Wed, 30 Sep 2015 13:11:43 -0000

Thanks for sharing this information, Scott

Re: Long-Term Care Costs and Planning

russ.thornton — Wed, 30 Sep 2015 12:52:00 -0000

Thanks, Scott. Appreciate your comment and the clarification of the Medicare/supplement home healthcare coverage.

Re: Animal Companions:
A Truly Special Bond

russ.thornton — Mon, 28 Sep 2015 11:01:22 -0000

Thanks, Michelle. Glad you enjoyed it.

Re: How Video Conferencing Can Put The Face-To-Face (Back) Into Distant Financial Planning Client Relationships

russ.thornton — Mon, 27 Jul 2015 12:06:20 -0000

I 2nd the recommendation for Zoom.us - I use it for virtual meetings and they have a great webinar platform as well that I prefer to GoToWebinar, etc.

Clients and others love Zoom as well

Re: Mary Ellen Garrett and Scarlott L. Cagle discuss financial planning careers

russ.thornton — Sat, 23 May 2015 08:39:50 -0000

Great article, Danita. Mary Ellen and Scarlott are wonderful women and true professionals. The industry and their clients are fortunate they're doing this kind of work

Re: Yes, I actually read (most of) Tony Robbins’ new book

russ.thornton — Fri, 21 Nov 2014 14:16:00 -0000

Reminds me quite a bit of our friend Dave Ramsey and his misguided investment advice. Although in defense of Mr. Ramsey, I think he delivers a lot of real benefits in other areas of personal finance.

Can't wait to see the inevitable Robbins infomercials for this crap

Appreciate the review as I don't think I could stomach reading this one

Re:

russ.thornton — Mon, 08 Sep 2014 09:26:55 -0000

Thank you again, Deborah, for including me in this article.

Re: Harry Connick Jr., Skittles, & Advisors You Want to Punch – #Blueleafing Roundup

russ.thornton — Fri, 13 Jun 2014 16:22:23 -0000

Thanks for including my Flag Day post. It's nice to be in the company of other great advisors and writers. Have a great weekend y'all

Re: Coffee Meetings Are Better Than In-Office Meetings Because… [Your Answers]

russ.thornton — Mon, 02 Jun 2014 16:17:57 -0000

Hey, thanks for including me in the "coffee talk"

Re: What do women want? Financial advisors that get it

russ.thornton — Sun, 23 Mar 2014 15:55:20 -0000

Can't argue with you there. Way too much commission driven product sales and not enough true advice & consulting among financial advisors & planners

Re: What do women want? Financial advisors that get it

russ.thornton — Fri, 21 Mar 2014 17:24:18 -0000

Again, not true: http://garrettplanningnetwo...

(FYI, I'm not affiliated with this group)

And I guess it depends on what you mean by "the high wealth client service level"

Re: What do women want? Financial advisors that get it

russ.thornton — Fri, 21 Mar 2014 10:09:28 -0000

Not always . . . there are fee only, fiduciary advisors who don't do any commission work for clients

Re: the need for more human contact

russ.thornton — Fri, 20 Dec 2013 11:18:38 -0000

It seems this trend is fostering a new type of technology . . . "nostalgia tech"

http://www.fastcoexist.com/...

Re: When Will There Finally Be A Good Personal Financial Manager (PFM) Software Solution For Advisors?

russ.thornton — Mon, 18 Nov 2013 16:22:19 -0000

FYI: http://balancefin.com/profe...

Disqus - Latest Comments for rthornton

Re: #FA Success Ep 269: Accelerating The Fee-Only Transition By Acquiring A Commission-Based Book Of Business, With Michael Hartman

Re: Kitces & Carl Ep 22: Simplifying Your Life By Building Habits And Kitces Travel Tips

Re: How Much Does A (Comprehensive) Financial Plan Actually Cost?

Re: My 6 Top Tips For Handling A High Volume Email Inbox

Re: 20 Things to Do in a Falling Stock Market

Re: Is Financial Planning Software Incapable Of Formulating An Actual Financial PLAN?

Re: The Critical Importance of End-Of-Life Conversations

Re: The Critical Importance of End-Of-Life Conversations

Re: Retirement Planning Checklist for Newlyweds

Re: The Solo Financial Advisor Is Not Just Surviving, But Thriving, By Serving The Mass Affluent!

Re: Five Facts About Long Term Care Insurance

Re: Long-Term Care Insurance For Women – Market Update

Re: Long-Term Care Costs and Planning

Re: Animal Companions: A Truly Special Bond

Re: How Video Conferencing Can Put The Face-To-Face (Back) Into Distant Financial Planning Client Relationships

Re: Mary Ellen Garrett and Scarlott L. Cagle discuss financial planning careers

Re: Yes, I actually read (most of) Tony Robbins’ new book

Re:

Re: Harry Connick Jr., Skittles, & Advisors You Want to Punch – #Blueleafing Roundup

Re: Coffee Meetings Are Better Than In-Office Meetings Because… [Your Answers]

Re: What do women want? Financial advisors that get it

Re: What do women want? Financial advisors that get it

Re: What do women want? Financial advisors that get it

Re: the need for more human contact

Re: When Will There Finally Be A Good Personal Financial Manager (PFM) Software Solution For Advisors?

Re: Animal Companions:
A Truly Special Bond