The Meaning of Opaque is Unclear

I saw that on a sign the other day.  I smiled because it made me think of how most people view financial planning.

The whole process of planning, for almost anything, is opaque.  There are help books and guidebooks for almost anything, but when we sit down and think about our current situation, it all seems unclear as to where to start.  There is more “help” available on almost everything today than there was 20 years ago, and yet we seem to be able to do less and less on our own.  My father built the homes he lived in, repaired the cars we drove, and made some of the furniture in our home.  You think I can do any of that?  Nope.

Interestingly, to me, one thing he never did do alone was plan for his (and my mom’s) financial future.  He always used an advisor.  An advisor can help even the best of the self-sufficient get started on their financial planning, and it appears most people are aware of this.

A new survey from Employee Benefits Research Institute (“EBRI”) finds that 70% of all workers would find it helpful to have a workplace educational/financial planning program available to them.  What do workers most want out of such program(s)?  It turns out that 70% of the ones that want a program want help/advice on how to manage competing financial priorities.  Quickly behind this desire is the desire to have help with basic budgeting and day-to-day finances (65%).  45% of them want help specifically around their student loan obligations.

Financial planning can be opaque and it is certainly unclear where to start.  But getting started is the most important thing!  Surveys of retirees always highlight that retirees wish they had started their financial planning earlier in their careers.   And what better place get started than with an advisor at the workplace.
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If you are an employer who would like to learn more about how to get a financial planning benefit for your employees up and running, give me a call!