Why Comprehensive Financial Planning Matters

Pocketnest will help your community understand personal financial planning as much more than retirement savings and monthly budgets


what's comprehensive planning, anyway?


Financial wellness is a much straighter path than our industry makes it out to be. And, comprehensive financial planning is much more nuanced than our industry acknowledges it as being. It's no wonder our communities are struggling to achieve financial wellness!



The problematic perception of comprehensive financial planning


In the financial industry, we often talk about "comprehensive financial planning." We advisors know what that means. But many in our communities—our members, customers, clients, family members, friends—don't.


Adding fuel to the financial planning flame, it turns out that many of us in the financial planning industry think of "comprehensive financial planning" differently. Most of us align on "comprehensive planning" focusing on cash flow, retirement planning, investments, estates and taxes. But it's the nuances within that "comprehensive" umbrella where many of us lose our footing.


And, not to mention, many clients and customers have multiple financial institutions, making that comprehensive insight even murkier, especially when their institutions can't see detail into each other's data.


With so many different ideas of what really counts as comprehensive financial planning, and as their finances are fragmented between multiple financial institutions, our communities are led astray. How can they possibly reach financial wellness if they don't have the proper guidance?


It's not that you and your financial institution aren't well suited to help (because you are!). It's not that your communities aren't interested in financial wellness (because they are!). It's that there's a divide between you and your communities.


That's where Pocketnest comes in.



How Pocketnest approaches comprehensive financial planning


Built on behavioral science and psychology, Pocketnest helps users set meaningful goals, understand their psychological reasoning behind each goal, and map a pathway to achieve them.


How do we do that? Pocketnest coaches users through 10 themes of financial wellness. From setting a budget to planning for the future, we help our users (and the folks in your communities) find financial wellness.


We walk users through how to: assess their financial health, create a net worth snapshot, build a budget; and create a strategy for their investments, retirement savings, college savings, tax planning, estate and will planning, insurance, and debt payoff plans.


Within each of these items—or, "themes," as we call them—Pocketnest provides users with step-by-step guidance and actionable advice so they can achieve comprehensive financial wellness—in just three minutes a week.


Pocketnest thinks of financial wellness as far beyond the big ticket items like budget and retirement savings. While those themes are incredibly important, they don't paint the full picture of a person's financial situation. And, not to mention, plenty of your community members lie awake at night worrying about their finances, beyond their cash flow and retirement savings.


"Should I put my bonus check into my child's 529 college savings plan or my 401K retirement savings plan?"


"If my partner and I get into a horrific accident, are my kids going to. be taken care of?"


Sometimes people can't quite put their finger on what's bothering them, but they just instinctively know that their financial plan simply isn't right.


Other times, people think that they're doing one part of financial planning, and therefore think that their finances are well handled.


"I'm saving for my retirement and I stay within my budget, but does that mean my personal finances are complete?"


"I watch my spending every month, so I don't need a financial plan."


"I put a bunch of cash in my dresser drawer, so if an emergency happens, I'll be fine."



As it turns out, 90 percent of people are missing at least one critical element in their financial plan and 5 out of 10 people who think their plans are complete have significant gaps (1).


Again, it's the nuances.


While we all want to bring these folks financial wellness, financial institutions have a minimum wealth requirement for a reason. It simply takes too much time and too many resources to scale—until now.



Lowering the wealth threshold to bring you more wealth management clients


Before Pocketnest, providing comprehensive financial planning that’s cost-effective to providers and at a scale to reach the masses was unthinkable. Unlike robo advisors addressing only 1-2 themes of finance, Pocketnest addresses all areas of financial wellness. And, unlike traditional advisors who attempt to be comprehensive but, on average, only address four financial planning themes—and, not to mention, lack a digital experience—Pocketnest was built by and for the next generation of consumers.


We developed Pocketnest to revolutionize an industry that’s been historically for the elite. Pocketnest makes comprehensive financial wellness accessible to everyone through a scalable and approachable digital platform.


Using Pocketnest, you can find folks who reach your $1M+ threshold and, in the meantime, service those below your threshold without bleeding time, energy, and resources. In essence, we make your wealth management practice stronger—we are not replacing your wealth management practice.


We bring your communities financial wellness and bring you rich insights.



Bringing your institution rich data and qualified leads


As users invite us into their financial plans, we're able to see the breadth of their finances—from retirement savings plans to estates and wills. Along the way, as we coach them through their comprehensive financial plan, we ask them questions and share calculators and insights.


Combined with their integrated accounts, their answers to our financial questions give us a crystal-clear view of their financial situations, where their gaps are, and how their institutions can fill them.


That's where you come in.


Pocketnest, a B2B2C SaaS platform, licenses its software to financial institutions—just like yours—to share these insights.


Do your members need to open a savings account? Do they need to refinance their mortgage? Are they interested in updating their home and auto insurance? Before Pocketnest, financial institutions like yours would have to spend countless hours on lead generation and qualification. Endless cold calls, emails, voicemails, texts with little return.


Pocketnest delivers these key insights—and more—straight to your CMS, inbox, data-lake, you name it.


With deeper insights into your communities' personal finances, you'll be able to offer them product solutions that are much more relevant, timely, and accepted.



Partner with Pocketnest


We help banks, credit unions, wealth advisors, insurance companies, benefit providers, and the like, reach more people, educate and qualify leads faster, and boost cross-sell opportunities—all while helping their customers achieve financial wellness.


At the end of the day, we exist to help people access financial wellness through deeper relationships with you, their financial institutions. All of this is possible through our unique approach to comprehensive financial planning.


So, are you interested in taking our platform for a spin?! Schedule a demo!






SOURCES (1) Pocketnest Survey, 2018