FPA and Boulevard R partner to roll out free financial planning tool

We first told you about Boulevard R back in 2008. The interesting startup company had an intuitive wizard for newbies to start getting a handle on financial and retirement planning.
Recently, the Financial Planning Association partnered with them to roll out a personalized, detailed financial Starter Roadmap.
It was officially announced yesterday. The FPA is hosting the Boulevard R software on its website which allows consumers to see if they are financially on track by taking them through a brief online wizard.
I have to say that it is still a nifty little program, especially since it is free.
The seven-step interactive tool was developed by Certified Financial Planners and a behavioral economist.
Using the tool consumers can choose financial goals such as buying a house, saving for college, or saving for retirement, and then drag-and-drop pictures representing them onto a visual timeline.

Next, users enter details about their current income, family status, geographical location, debt amounts and ideal retirement goals. You can drag and drop your retirement priorities as well. If, like me, you need help in reaching your goals the program provides links to adjustments and suggestions for you to “get back on track.”
Keep in mind though that it really remains a tool either for people you haven’t met with or worked with and who have not thought a whole lot about retirement. It is also obvious from going through the wizard that it remains a tool that will resonate principally with the mass affluent market.

My opinion is that prospects with substantial assets will probably not find this a helpful exercise or will expect you or an associate to sit with them and input the data in a Q&A session.
It is a good idea that if you, as an adviser, recommend that clients or prospects go through the wizard that they get together (or at least be able to recall off the top of their heads) some of their basic investment and retirement planning goals ahead of time.
For example, what they are putting away in terms of retirement accounts and saving as well as what their spouse’s salary is at present etc. This will insure a far more accurate result than if they just wing it. They can, however, always go back in later and edit their entries if they have set up an account at the site.
In the end they are left with an eight-page Starter Roadmap and online Dashboard.
“It’s important for consumers to learn first-hand about the financial planning process, and this unique tool is a great way for them to get started,” said Marv Tuttle, executive director and FPA chief executive in a prepared statement.

“We hope this roadmap approach helps consumers understand the need for creating a solid, financial plan and will motivate them to work with a qualified financial planner to help plan their future.”
“Consumers need an easy, fun way to dip their toes in the financial planning waters and see if they are financially on track,” said Matt Iverson, CEO of Boulevard R. “By partnering with FPA, we are able to give consumers the tools they need to help them understand and improve their financial situation.”
In 2008 the Boulevard R site was intended for and reaching the mass affluent market whose members had around $200,000 in total assets, primarily upwardly mobile Generation X professionals in their early 30s and early 40s that were making between $60,000 and $100,000 a year.
Here’s a link directly to the FPA/Boulevard R Starter Roadmap
For more on the Financial Planning Association visit the FPA homepage.

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