Over-engineered plans risk client paralysis, advisor warns

There’s no such thing as a standard financial plan anymore. For today’s advisors, personalization isn’t a differentiator, it’s the baseline.

According to Kelsey Plummer, partner and financial advisor at Raymond James, clients now expect strategies that reflect the full complexity of their lives, not just their financial goals.

“There’s never been a financial plan that is exactly the same as someone else’s,” Plummer explains. “Our planning has become more oriented each year. It really requires a personalized approach, not only in the financial plan, but in the portfolio construction itself.”

A decade ago, one-size-fits-all strategies might have passed. Today, advisors are deep in the trenches of divorce settlements, post-separation asset reshuffles, and sudden life pivots that no algorithm can predict.

“You can use the same strategy for everyone, but they have to be slightly tweaked based on the client,” she says.

Client conversations often follow life stage and income progression. In early earning years, Roth IRAs and pre-tax contribution strategies dominate the conversation. “You’re trying to figure out, should I save pre-tax? Should I save Roth? You’ve got a lot of moving parts,” Plummer says.

Later, those questions evolve into withdrawal strategies, tax planning, and retirement feasibility. “Where are you going to take income from? Can you retire? What are your taxes? What are your goals?”

Human advice in a high-tech world

Even as AI and automation reshape parts of the financial planning process, Plummer argues their role remains limited. “There’s definitely a place for AI and automation,” she says. “But clients want personal interaction. Sitting across from someone and seeing their reactions—that matters.”

That face-to-face connection often becomes essential when markets turn volatile. A well-designed strategy might be theoretically perfect, but if it makes a client uncomfortable, it won’t work in practice. “Sometimes you can come up with a great strategy,” Plummer says. “But for this particular client, they just are not comfortable with that.”

Implementation is just as critical as strategy. Overly complex plans, no matter how clever, often fail if clients can’t follow through.

“You may present wealth conversions and all these complicated strategies, but if it’s too complicated, it’s not going to happen,” she says. “You have to be able to implement it.”

Her colleague, Adam Boor, also a Partner at Raymond James, emphasizes another overlooked aspect: risk education. For Boor, helping clients confront worst-case scenarios—without panic—is a foundational part of planning.

“We see clients who underestimate their needs in retirement because they want the plan to work so badly,” Boor says. “And then we see others who are fully funded for all their goals, but they’re terrified of not having that paycheck.”

To bridge that emotional gap, Boor walks clients through detailed scenario planning: early spousal death, long-term care costs, inflation spikes, social security cuts, bear markets.

“We try to model that out for all of our clients,” he says. “So, they can see worst-case and best-case scenarios—and know we’ll probably land somewhere in the middle.”

One of the toughest concepts to grasp, Boor adds, is the long-term impact of inflation. “It’s hard to think about what something’s going to cost 30 years from now,” he says. “It’s hard even for us to wrap our heads around.”

Generational shifts, digital disruptions

Technology is often sold as the solution to modern planning, but Boor and Plummer caution that it shouldn’t replace the advisor. Clients—especially younger ones—still want guidance, not just an app.

“Younger generations care more about ESG and the companies they’re investing in,” Boor says. “But overall, they still want to work with you through their questions and fears.”

Crypto, for instance, comes up often in client conversations—but mostly as a planning footnote. “We still talk to clients about Bitcoin,” Boor says.

As wealth transfers from boomers to Millennials and Gen Z, Boor has noticed another shift: clients coming in with pre-formed ideas pulled from social media. “They’ve heard a sales pitch online,” he says. “Then we have to unpack it—let’s talk about how that actually works in real life.”

Ultimately, the tools may change, but the work remains the same: understanding people. Whether it’s preparing a 30-year-old to buy a first home or helping a retiree transition to withdrawals, Boor and Plummer know that planning isn’t just about dollars—it’s about context.

“We love that plans are more fluid now,” Plummer says. “You sit down and a client says, ‘Actually, I spend way more on cars,’ or ‘Well, I retired.’ Suddenly there are five new challenges—and you have to adjust on the fly.”

_{Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Pursuit Wealth Strategies is not a registered broker/dealer and is independent of Raymond James Financial Services.}

_{Every investor's situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Kelsey D. Plummer, CFP® Partner, PWS | Financial Advisor, RJFS & Adam Boor, CFP®, MBA Partner, PWS | Financial Advisor, RJFS and not necessarily those of Raymond James.}