Summary:

Host Jason Pereira interviews Dave Faulkner, CEO of Razorplan. The two discuss RazorPlan’s easy but comprehensive financial planning system, and Faulkner provides details about its background, development, and benefits. The two also share ideas on the future of financial planning.

Show Notes:

● 0:15 - Plan Plus Global Financial Planning Award - Pereira highly suggests competing

● 1:10 - Introduction of Dave Faulkner

● 1:20 - RazorPlan is a comprehensive but simple financial planning system

● 2:00 - Faulkner gives some historical background

● 4:50 - RazorPlan focuses on cash flow at retirement and goals-based prior to retirement.

● 5:10 - Faulkner explains why he appreciates the ties between insurance and investments

● 6:05 - Start with the retirement plan

● 7:00 - The two agree that there needs to be some governance on financial planning

● 10:00 - One thing is often missing from a financial plan - minimum rate of return required to meet your goal

● 12:00 - What should be done with excess capital?

● 13:35 - When developing a financial plan, start with the 20% high value client information

● 15:35 - Faulkner explains the basic four variables to financial planning

● 21:50 - He describes the chart screens on the RazorPlan site

● 23:17 - The software is designed to foster conversation that can help with the planning.

● 24:33 - Each strategy that’s ever been developed falls into one of six strategies

● 31:33 - What’s important to the client should drive all planning

● 33:25 - Faulkner wishes that every financial advisor would do a proper financial analysis

● 35:05 - He describes the biggest difficulties in starting his company

● 41:30 - The joke about insurance APIs

● 43:30 - The two discuss potential future systems and ideas such as variable life insurance

● 45:55 - The fact that more and more advisors are focusing on advice over products gets Faulkner excited

● 51:10 - Financial management is the one area that needs a lot of improvement

3 Key Points:

1. In financial planning, start with the retirement plan and then plan out from there.

2. There needs to be much more governance in the financial planning industry.

3. Start with the client’s information and build a plan that works for them.

Tweetable Quotes:

- “Cash flow at retirement. Goals-based prior to retirement.” - Faulkner

- “The easiest way to the life insurance sale is through the retirement plan.” - Faulkner

- “20 percent of the client’s information produces 80 percent of the financial analysis. And

so, that’s where you start. Just capture the 20 percent high value information.” - Faulkner

Resources Mentioned:

● https://www.planplusawards.com/

● http://razorplan.com/

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