Paradigm Consulting & Coaching
Financial Roadmap faqS
WHAT'S A MYMONEYGUIDE LAB®?
A myMoneyGuide Lab is an interactive online workshop that helps you build your personalized plan for retirement with the guidance of our instructors. No other attendees can see your information or will even know you're there. You'll have complete privacy and confidentiality, allowing you to build your plan in a safe, judgment-free environment.
WHO HAS ACCESS TO MY INFORMATION?
All plans are maintained on highly secure servers for more information on the security of your data, click here). Only the financial professional who invited you to the Lab will see your information. We will not sell or share your information with other third parties.
HOW IS THIS DIFFERENT FROM A FINANCIAL SEMINAR?
There are a lot of differences between the two but generally financial seminars present investment education and ideas. myMoneyGuide Labs® are interactive and are designed to help you create your own plan for retirement.
WHAT IS THE SOFTWARE WE'LL BE USING?
It is a client-friendly version of MoneyGuidePro®, ranked the number one financial planning software by advisors for 8 consecutive years. The software is "goal-based" which means that the creation of your financial plan focuses on helping you achieve your goals in retirement.
WHAT DO I NEED TO PREPARE FOR A LAB?
First, think about what you would like to do in retirement and how you want to live – your retirement goals. During the Lab, you will be asked to enter those goals. You will also be asked about your financial assets and income since it will help determine how you will pay for those things in retirement. It's a good idea to gather your financial information before the Lab so that you can enter it quickly as you go. To help you do that, you can use the prep sheet available on your Lab dashboard. You won't need to enter any details about your financial accounts, and any information you do enter is kept [safe]2.
WHAT HAPPENS DURING THE LAB?
You start by entering basic personal information and then move on to identifying your expectations for and concerns about retirement. Next, you spend time choosing your retirement goals which includes your lifestyle, activities, and other things that are important to you and how much money you will need to meet those goals. In terms of how you'll pay for those goals, you'll be asked to enter information about your Social Security benefits, pension, retirement and other assets, and liabilities (loans, mortgage, etc.). From this information, you'll learn your net worth. You'll be asked about your risk tolerance and how you would behave in a market downturn. Then, you'll see your initial results. The software will give you opportunities to improve your plan and test it for the financial impact of risks beyond your control, such as market losses or a cut to Social Security. You can review your plan summary and choose your next steps. Don't worry if you're not sure about some of this information, the software and instructor will guide you throughout. At the end of the Lab, you'll have a much better sense if you're on track for the retirement of your choosing.
WHO LEADS THE LABS?
Labs are led by engaging speakers, using content created by CERTIFIED FINANCIAL PLANNERTM professionals. Top-notch support personnel handle any software-related questions. We understand that many people find financial planning intimidating, complicated and boring, so we work hard to make sure Labs are educational, empowering and well worth your time. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNERTM in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
CAN I ASK QUESTIONS?
Of course! You can ask as many questions as you would like by typing in the chat window during chat hours, or by email when chat is unavailable. No one will see your question except us, and we will reply through chat or email as applicable.
HOW LONG DOES THE LAB TAKE?
That's up to you. During the Lab, you can pause the guidance video at any time, allowing you to enter information or use the software features at your own pace. On average, people take about 90 minutes to complete it. You may finish sooner, but we'd encourage you to schedule the Lab when you can take as much time as you'd like. You're also welcome to exit the Lab and come back to your plan, while you have access.
WHAT WILL I GET FROM THE LAB?
You will get guided instruction to build your plan, unlimited help during the Lab via private chat or email, a Plan Summary listing personalized steps created specifically for you, and limited-time access to review and update your plan using our software.
AM I GOING TO BE SOLD SOMETHING?
Absolutely not. We have one objective in our Labs: to help you complete a personalized plan for your retirement. Period.
DO YOU SELL FINANCIAL PRODUCTS?
Nope. Never. We do not provide specific investment advice or sell any financial products whatsoever.
WHAT TECHNOLOGY IS REQUIRED?
You'll need a laptop or desktop computer with an up-to-date Internet browser, speakers, and a high-speed internet connection. Please do not try to attend a Lab with your iPad® or other tablet, as they won't be sufficient for you to enter your information.
WHAT OTHER FEES OR COMMITMENTS ARE THERE?
None. No surprises, no strings attached. However, before you purchase read our Refund Policy.
WHAT IF I ALREADY HAVE A FINANCIAL PLAN?
Way to go – you're ahead of the game! You may still find attending the Lab very useful, especially if it's been a while since your plan was created. If nothing else, it can serve to reinforce your goals, priorities and progress made.
DO I NEED TO BE CURRENTLY WORKING WITH A FINANCIAL ADVISOR TO PARTICIPATE?
No. We encourage you to work with an advisor to implement your plan, though, given the complexities of investments, financial planning and risk management. That, however, is completely your choice.
I HAVEN'T RECEIVED AN INVITATION. CAN I STILL ATTEND A LAB?
Labs are not available to the general public. Talk to your employer, community organization or financial advisor to see if they would be interested in hosting a Lab. They can send an email to email@example.com if they would like more information.
I'VE SIGNED UP FOR A LAB, BUT NEED TO RESCHEDULE OR CANCEL IT. HOW CAN I DO THAT?
It's easy. Just sign in using your email and the password you created. On your dashboard, you'll see the Reschedule button. Once you click that, you'll no longer be enrolled in that particular Lab. You can then choose another Lab if you'd like.
WHY DO YOU CALL IT A LAB?
We use the name because you are an active participant and you have opportunities to learn, explore and experiment with different financial decisions and see the results immediately. Thinking about what you will do in retirement can be fun and Labs can help you create a plan to help you reach those goals.
THERE ARE A LOT OF OTHER THINGS I CAN DO WITH MY TIME. WHY SHOULD I SPEND IT IN A LAB?
Well, of course, you have lots of things to choose from but how many can actually help you get control of your financial future and create a fun retirement? Financial planning may involve some work on your end but you will find that the result is well worth the time you put into it. Ignorance, in this case, is not bliss. It's a great feeling when you learn, put plans in place, stop worrying and start taking action. Creating a financial plan that helps you focus on your goals and monitor your progress can free you up to think about all the fun things you want to do in retirement and that's definitely worth your time.
For more information on the security of your data, click here.