The integral part of the guidance I offer my clients is mostly the emotional facet of planning.  It doesn’t seem like it on the surface, but it is.  The part of managing investments, building a portfolio and working with other professionals such as CPA’s and attorneys to create long term plans, are all usually mechanical. 

It's becoming quite common for me to answer questions that are directed towards retirement planning and how much people should be saving.  There is a plethora of information online and almost every retirement plan provider (such as 401k’s and 403b’s) have calculators and tools on their websites to help people plan and navigate towards their goals, based on income and other variables. However, this is mostly mechanical. Obviously, I don’t think the information that is online, which is quite broad and the calculators on the retirement plan websites consider the emotional part of one’s plan.  It may stress that creating a budget is paramount, and that the budget may include provisions to spend money to “live in the now”, as well as create a long-term savings plan. However, filling out a generic form does not compare to having a conversation with a professional – who cares.

There is no doubt that variables of how we spend money and what brings us joy takes more than a calculator.  Plus, if we truly want to plan to take care of who we love - now and for the future, we need to accept that given the complexities with this process, it will probably require the assistance of professionals.

Peter