The Life Modes Model - A Data Driven Approach to Personalized Advice

Advisors are commonly taught the financial life cycle model that describes a path from zero to inter-generational wealth by way of several consecutive stages: Accumulation, Decumulation, and Legacy. The Life Modes model uses simple data about magnitude and trends in a client’s net worth to estimate what mode they are currently in based on actual data. The 7 financial modes are Chaos, Survival, Stability, Growth, Accelerated Growth, Preservation, or Distribution. Each mode is defined by the magnitude and slope of a client’s net worth. This data-driven approach to advice illuminates the current state of a client’s balance sheet, and leads to immediate, actionable steps a client can take to move into a more desirable financial mode. This webinar will provide an overview the Life Modes concept and demonstrate how data aggregation plus portfolio insights can be used by advisors for personalized advice and planning. You will learn: How to simplify the complexities of financial planning by using net worth information to identify what Life Mode your clients are in today Ways to leverage financial data aggregation in combination with portfolio analytics to enable goal setting that your clients can easily understand Webinar Speakers: Sarah Newcomb, Director of Financial Psychology at Morningstar Contact: sarah.newcomb@morningstar.com Hazal Sabah, Sr Product Manager at Morningstar ByAllAccounts Contact: hazal.sabah@morningstar.com