What You'll Learn In Today's Episode:

• If you are not at least running three different financial planning softwares, you’re not a fiduciary.
• We all need the fundamentals in financial planning.
• If you’re not attending to foundational issues, tragedy will ensue.
• Software does not solve problems; understanding is key.
• You need to know how the software is coming up with the answers.
• If the value you’re providing is just putting numbers in fields, that won’t last long.
• Don’t play games in software; focus on real value.
• Doing your own planning is the best way to learn.
• You will see mistakes in your accounts faster than anywhere else when you practice on yourself.
• Take action on what you’ve learned; don’t just listen.

In this episode, Micah and Matt discuss the critical importance of foundational principles in financial planning, emphasizing the need for advisors to understand the limitations of software and the value of manual planning. They explore the behavioral aspects of financial management, the journey to developing custom software, and the necessity of personal financial planning practice to enhance client relationships and service delivery.