In times of uncertainty, having access to view real-time information can make all the difference. At Pleasant Street Wealth Advisors, we use technology to provide our clients with access to that information and tools to help them review, analyze, and understand their financial information to help them make better-informed decisions.  

The recent events surrounding COVID-19 have impacted people in various ways. Social-distancing has affected many people’s work environment and cash flow. The capital markets have experienced a significant period of volatility as investors try to project winners and losers of our new environment.  

All of these changes have left many people wondering if they are still on track with their financial plans and goals.  

Budgeting & Cash Flow:  

According to a survey done in December 2019, 49% of respondents had set a New Year’s resolution to save more money. At PSWA, we work closely with our clients to help them build dynamic budgets, and cash flow plans to optimize each dollar across the household. While we love our software, there are many other options (mint, personal capital).  

During this period of change, we recommend everyone review their spending. While you are probably not spending the same way, quarantine can also lead to impulse shopping. Maintaining healthy cash flow habits is essential to building long-term wealth. 

Retirement Income Planning:  

Market volatility justifiably causes anxiety for people in retirement, who rely on investments for income. However, short-term depreciation of investments does not necessarily mean income has been interrupted. Through utilizing our Retirement Income Planning tools, clients have access to reports projecting future income based on each asset. If you do not want to get caught up in the minutiae of reading reports, the snap shop view summarizes current account values, future income needs and displays the probability of the accounts meeting the income needs. When markets begin to experience volatility, our clients can login and check how their financial plan is holding up to reassure them that despite the changing balances, they are still on track.  

Goal-based planning: 

We work with clients in all stages of life, with financial aspirations of all shapes and sizes. Our goals-based planning software allows clients to plan for significant life events: purchasing a home, education planning, and gifting to family members, and many other important financial to do’s.  

With interruptions at work, changes to cash-flow, and unanticipated changes to investment account balances can throw off plans. We help our clients keep an eye on their progress toward these goals with our technology partners. Within the PSWA client portal, clients can access investment balances, see financial goals along with expected goal date and their progress toward hitting that goal on time.  

Events such as the COVID-19 outbreak may cause people to reassess and reprioritize their financial plans. Having access to the right information can make all the difference when important decisions need to be made.  

Tax planning: 

While I have spent most of this blog discussing the downside of recent events. Like any setback in life, there is often a silver-linning. When retirement account balances drop, it creates an opportunity for Roth conversions. Investors can also harvest losses of investments as they look to upgrade their portfolio and use those losses to offset future capital gains and income tax.  

Having the technology to model various tax strategies allows our clients to understand sophisticated strategies better and see how they can improve current and future taxes.  

We are here to help: 

We know many people are likely nervous about what tomorrow holds, and when we will get back to normal life. We understand and share many of those same anxieties and look forward to seeing our friends and clients in person. However, as we all work together to get through these times, we are here to help. Whether you are a client or just someone trying to figure out what all of this means for you and your loved one’s financial future, we want to help. Give us a call, and we can get through this together. 


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