Does the Financial Road Map® differentiate between the resources used to fund Goals vs. those used to fund Lifestyle?

Article ID: 328

Last updated: 20 Nov, 2019

Current lifestyle is funded from cash flow. Future goals from savings and investments. Only a person who is no longer working and living off their assets will have a goals related to “maintaining our lifestyle” which would be funded from assets.

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I was conducting a Phone Consultation with a prospect (Approximately 40 years old). During the Goals Conversation, she told me her goal was, “financial independence”. I then asked by when, she told me March 7, 2018. I then asked how much net spendable money yearly or monthly would she like to have? She said, ‘I would like to make $100,000 by 2018’. In her mind, “financial independence” was an income goal related to her employment, not a future amount of spendable income. What would you say to get her back on track as to the types of goals that go on the Financial Road Map® that are NOT employment related, which I really have no control over and cannot help her with?

The Advisor Roadmap has only three goals. How / when do you get deeper if there are more? Such as, Money Guide Pro has many goals that can be discussed. When in the process do you gather more goals?

In the cases when it is obvious that resources/goals are not realistic in the Financial RoadMap interview, would you tell them they will probably have to adjust their goals, or do you politely disengage?

Some of my best clients are those who have retired and are using their pension lump sums to fund their retirement income. The markets since 2007 have eroded over half of their pension asset and now their monthly incomes are in real jeopardy of running out. Six years after retiring they may have to go back to work. How can I re-set the stage with them when their goal was to have enough money not to worry and now clearly they do not?? And how do I ask them what their goals are considering that their most fundamental goals are no longer working out.

What date do you have them imagine that they are “there” since there are multiple dates?

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