Planning for your future can be a daunting and obscure task, but Wells Fargo Advisors is trying to make the process a little easier. With the use of the company’s Envision tool, financial advisors can help clients prepare for whatever unknowns life holds, says Kevin Whitehead, St. Louis market manager for Wells Fargo Advisors. “When you’re talking about money and things that may happen based on probability, it’s difficult because it’s not tangible. The Envision plan helps our clients see what they’re trying to accomplish, and we can make sure their investment plans are in place to achieve those goals.”
Using Monte Carlo simulations that factor in considerations such as retirement age, retirement income, estate and legacy, major purchases and risk tolerance, along with historic market returns, the Envision tool produces an analysis that determines the likelihood of clients reaching their goals. The analysis takes into account a client’s ideal and acceptable ranges for the various goals.
Those ranges and goals are aided by the use of priority cards that cover the aforementioned future considerations. Often couples do not thoroughly discuss their financial priorities, leaving them with opposing lists when they rank the cards. By spurring the conversation, the couple can put their priorities together before tackling the plan for achieving them.
Once the Envision tool produces the analysis, a Wells Fargo advisor works with the client to create an investment plan, which can be monitored over time to track the progress within the particular target zone. “If, for some reason the, plan indicates that we won’t be able to reach the goals, that gives us the heads-up to meet with the client and re-evaluate or adjust the plan so we can stay on track to accomplish what we set out to do,” Whitehead explains.
Whitehead recommends that such retirement planning be started as early as possible, preferably as soon as one graduates from school and starts working. “You should incorporate it into your life where you are saving X percent every month. Everyone needs to save and plan for the future.”
Wells Fargo Advisors not only is concerned about the future of its clients, but the community, as well, through philanthropic investment. “If the community at large is healthy and corporations like ours give back, then ultimately, that helps our clients become healthy, too,” Whitehead explains. “It’s our responsibility to get involved.”
To that end, Wells Fargo committed $500,000 to the St. Louis Public Library Foundation’s ‘Central to Your World’ campaign to raise $70 million for the restoration and modernization of downtown’s Central Library. With the recent reopening of the library’s main branch, the public is getting a chance to see how Wells Fargo’s investment has helped make a difference for St. Louis. “Just like we help our clients preserve money or accumulate wealth for the future, we want to help preserve the historical gems of the library, so it can be enjoyed and used for years to come.”