What FinanSavvy Does
FinanSavvy, used with the FinanSavvy Personal Financial Planning Process, is a whole new kind of software service.
It is not for employees to track what they have spent or for selecting investments.
It is about delivering the peace of mind that comes from enabling people to confidently make forward looking decisions of
all kinds about money.
- Focus spending, get more bang for the buck.
- Connect short term decisions to long term financial accomplishments.
- Plan for financial security and long term goals in the face of uncertainty.
Ultimately FinanSavvy helps employees find their personal best path forward and make and maintain the connection
between what they do right now and future outcomes by explicitly illustrating how those things are connected. This clarity, and
the knowledge that they have a viable plan supported by their current financial circumstances, eliminates the stress and
anxiety that comes from ambiguity about their long term ability to be successful as they define it.
Unlike the traditional 'Black Box' approach to planning where a person sits down, answers a bunch of questions and gets a set of recommendations,
FinanSavvy provides an analytical system where anyone can enter and vary information about their financial circumstances, expectations and goals
and decide on a validated way of balancing these things for themselves.
As they do this, recommendations are provided in real-time on topics ranging from the sensibility of inputs to best practices.
Auto-generated recommendations address things like the validity of forecast assumptions (e.g. expected investment returns, assumed tax rates),
to best practice based guidance assessing things such as if savings reflect a sufficient
emergency reserve across the forecasted timeframe, if planned retirement withdrawals appear to meet IRS minimums later in life,
or if their plan accounts for a long enough lifespan.