Let’s step back to the year 2000…
I was sitting at a Bloomberg terminal, trading stocks in fractions and getting 6% on 6 year investment grade bonds any day of the week. The Euro didn’t exist yet, and we were calculating client fees manually with a ‘fee worksheet’, a pencil, and a calculator!
Today, it’s nearly impossible to go anyplace without seeing screens full of data everywhere. Almost everyone grabs their smartphone anytime we have more than 10 seconds to spare. And that’s in addition to tablets, laptops, and tv’s. (Maybe we’re the 4 screen culture)
It’s hard to believe that so much has changed in 15 years. Most of it is incredibly good and helpful – I seriously don’t want to go back to the days before Google!
All of the sudden, we all have access to more data than we can possibly consume. Instead of waiting a couple of weeks after the end of a quarter to get our (paper!) statements to see how our portfolios have done, we can view live data anytime. Instantly, we can view endless points of analysis. But is all that data meaningful to you and your goals?
My intent in writing this post is to encourage readers to harness the excellent technology we have at our fingertips without letting it burden you, and to encourage you to keep your focus on your goals.
We accomplish that task by using a technology platform that allows our clients to be informed about the progress toward their goals in a holistic way.
Our clients have the ability to monitor and integrate all their assets, liabilities, income, and expenses in one place. That allows us to model and project cash flows, business decisions, changes in income, or investment decisions in a meaningful and actionable way for our clients. It’s important to keep the bigger picture in focus.
How does your financial plan harness the power of today’s technology to help you reach your goals?