A growing body of evidence suggests that developing, monitoring, and following dynamic retirement income plans (plans that expect and have a plan for change) can improve client experience, reduce anxiety, and deliver better financial outcomes in retirement. In this webinar, Derek Tharp (Assistant Professor of Financial Planning and Lead Researcher at Kitces.com) and Justin Fitzpatrick (Chief Innovation Officer at Income Lab) consider ways to improve client communication and confidence by implementing a dynamic planning approach and review how to conduct dynamic planning and plan monitoring.
Learning objectives:
• Understand factors that can lead to heightened perception of risk by clients
• Identify places in traditional static “success/failure” plan framing that can raise client anxiety
• Consider what “level of abstraction” is appropriate for communicating retirement income plans to clients
• Understand how the risk of different income levels change over time as clients age and plan length shortens
• Demonstrate how periodic “risk rebalancing” can keep client income and legacy goals on track, with examples from history
• Learn how to communicate short- and long-term expectations around dynamic income plans
