Daily Capital

Introducing Financial Roadmap

As I write this from the comfort of my own home, it’s unbelievable to think about the number of changes we’re facing as a society as we endure this global pandemic and new virtual world.

In the midst of all of this and recent market volatility, financial uncertainty is just one more additional stress that no one wants to face right now, but unfortunately is the reality for many.

Want a clear view of your retirement?

As part of an effort to provide you with financial clarity and control in a time of uncertainty, we’re proud to say we’re continuing to deliver readily accessible financial advice despite our new remote environment. We’ve seen record levels of engagement on our tools these past few weeks and encourage everyone to continue using them to track and manage their money.

Today, we’re announcing the accelerated launch of The Financial Roadmap, a new feature available to our wealth management clients. The tool is designed to improve the financial outcomes of all of our clients by delivering personalized, useful, and timely guidance through a virtual delivery.

How it works

The Financial Roadmap generates a prioritized list of financial planning topics such as employer plan analysis, emergency fund management and estate planning based on a person’s personalized data.

personal capital financial roadmap

Over time, the tool recommends new topics to prioritize based on changes in your data. It also recommends where to prioritize savings, how to pay down debt, build an emergency fund, or the amount to save for your retirement. All of this is based on your accounts and loans aggregated on your personalized Dashboard.

“This invaluable new feature is designed to help our clients prioritize actions so they can have greater success managing their financial outcomes,” says Chief Product Officer, Jim Del Favero. “By logically incentivizing people to prioritize 19 financial planning topics to discuss with their advisors; this nudge-based guidance is also revolutionizing the advisor-client relationship and increasing our client’s financial confidence in this challenging time.”

Advisors can now proactively reach out to clients, to discuss the right financial topic at the right time and can easily help clients adapt to ever-changing remote environments. The Dashboard serves as a “two-way” window to both the client and advisor, offering a real-time view of what’s going on in someone’s financial life. And as a result, this allows Personal Capital advisors to provide the best advice through a holistic approach.

How to Get Started

dashboard financial roadmap

As soon as you log-in to your Dashboard, you’ll see a new timeline at the bottom of the screen. The timeline serves as the starting point for The Financial Roadmap and the financial planning topics you can engage with at any point in time.

This new feature tracks planning topics that you’ve covered such as Personal Savings Strategy and Holistic Portfolio Review and helps you set up and track future planning priorities.

Next, you can use the Topic Ranker tool to personalize your priorities. Add, subtract, and rearrange them however you want.

As your financial picture changes, you’ll get personalized suggestions and new priorities for updating your Financial Roadmap.

Let’s say you need to take action on the Personal Savings Strategy milestone like adding an Employer Match as shown in the example below. Select “Get Started” and The Financial Roadmap will guide you through the topic and generate a personalized recommendation.

You’ll see the milestone indicator turn orange at the bottom of the screen, indicating that you are in progress with completing that financial goal. Once you complete, the milestone indicator turns green with a checkmark indicating it’s complete.

As you complete milestones you develop a Planning History that you can refer back to. Below, you can also see advice you’ve requested from our specialists.

Ready to Get More Out of Personal Capital?

Our goal for The Financial Roadmap feature is to improve the financial outcomes of our clients by delivering personalized, useful, and timely advice when it’s needed the most. We hope you find the new tool useful and welcome any comments or feedback you might have. Please reach out to your advisor with your feedback.

The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Alison Heisner, CFA
Alison Heisner, CFA is a Senior Product Manager at Personal Capital, where she leads a team focused on introducing and implementing innovative new product features to our suite of financial tools. Prior to Personal Capital, Alison served on the product team at Morningstar, where she worked with senior leadership to develop strategies and lead teams towards new software initiatives. Alison holds BA from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago - Booth School of Business.

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