Living Balance Sheet ® is a monetary preparation platform produced by the Guardian Life Insurance Company of America. Guardian makes the software application solely readily available to its career salesforce. Living Balance Sheet claims to help both individuals and company owner arrange their monetary lives, uncover uncommon knowledge, and supply right suggestions that conventional financial planning frequently gets wrong.
The Living Balance Sheet platform borrows a number of concepts from other insurance-focused preparation software such as Leap Systems and Circle of Wealth. Built on the eMoney Platform, the software does supply a comprehensive aggregation of financial data in addition to modeling for future situations.
Offering Mission Control for your Finances
Living Balance Sheet uses a one-stop master location to evaluate your whole financial resources from a zoomed-out viewpoint. Together with your Guardian agent, you can populate a personalized account that will offer you a running tally of your properties and liabilities. You can access this details from anywhere at any time through the web. Theres even a Living Balance Sheet app available to at least iPhone users– though it hasnt been updated in several years. While a financial image aggregator might not appear like a big deal in todays environment of preparing services that do much of the very same thing, Living Balance Sheet was in a small collection of alternatives over a decade earlier when Guardian initially rolled it out.
This feature also enables you to store digital copies of essential files with arguably greater security than putting such documents in a more widely utilized cloud filing system like DropBox or Google Drive.
The system intentionally prohibits deals to/from your financial accounts. This ensures that if anybody got unapproved access to your account, he/she can not process any transactions with the accounts noted.
The Right Advice
While Living Balance Sheet is planning software application, its likewise a sales tool Guardian agents utilize to support their brand of monetary planning. This brad is heavily skewed to favor life insurance coverage, and more specifically entire life insurance. Living Balance Sheet comes loaded with several “modules” created to help Guardian representatives discuss their philosophy of a “security first” monetary strategy, which utilizes a lot of graphical stories to call into question more traditional/mainstream monetary guidance.
If you are going to deal with a Guardian agent who utilizes Living Balance Sheet you are likely going to endure hours of discussions designed to warm you up to whole life insurance coverage as a significant component of your financial strategy. You can certainly utilize the software application without this, however given the fact that Guardian representatives are the gatekeeper to accessing the software application, be prepared for a lengthy sales pitch.
And it is a much more comprehensive guide than merely delaying an arbitrary percentage of your income to your 401( k) et. Uncommon Knowledge
Years back, Guardian launched a site and created several marketing materials concentrating on what it claimed were unique discoveries it made studying the retirement preparation landscape. The company likewise commissioned a study by insurance specialist Dick Weber, and assembled a website committed to discussing life insurance as a possession class– the web site now just directs you to a page on the Guardian Life main site that tells you the site is not offered at this time.
The “uncommon” knowledge that Guardian talked about held lots of similarities to the concepts initially organized and gone over in Bob Castigliones Lifetime Economic Acceleration Process (LEAP). Again, a paradigm that seeks to construct the case for why money worth life insurance ought to play a significant role in someones monetary strategy.
While a few of this guidance is at least worth a listen, its healthy to approach it with a touch of apprehension. Im not … repeat … NOT stating its all bad. Its just altered in an instructions that places a great deal of importance on whole-life-insurance-friendly constructs that may … sometimes … over stress money value life insurance coverage as the knight in shining armor.
Living Balance Sheet Pros and Cons
Trying to put this all together is a herculean task and LBS deserves severe kudos for tackling this goal.
The Living Balance Sheet also is worthy of high marks for its capability to allow advisors and clients to evaluate scenarios and plan on strategies to build a more safe and secure monetary future. The platform furthermore deserves praise for being one of the most extensive resources helping representatives to discuss the advantages of cash value life insurance coverage.
The software hasnt aged all that well and what once stood out as an industry-leading innovation now gets lost in the crowd of options that certainly captured up to many of the functions LBS specifically boasted at one time. While a mobile app technically exists, it hasnt been upgraded in 3 years and several evaluations discuss it fades considerably in comparison to the desktop web version of the software application. Heres a screenshot of the variation history from the Apple App Store since the writing of this post:
Living Balance Sheet professes to assist both people and organization owners organize their financial lives, reveal uncommon knowledge, and supply correct advice that conventional monetary planning frequently gets incorrect.
Living Balance Sheet comes filled with a number of “modules” created to help Guardian representatives explain their viewpoint of a “protection very first” monetary plan, which uses a lot of graphical stories to cast doubt on more traditional/mainstream financial recommendations.
Its simply altered in an instructions that places a lot of importance on whole-life-insurance-friendly constructs that might … at times … over emphasize cash value life insurance coverage as the knight in shining armor.
This suggests if you make usage of this software, youll likely deal with a lot of pressure to purchase life insurance coverage from Guardian Life through the agent who provides you planning through LBS.
You can in fact get really similar functionality (sans the focus on whole life insurance coverage) through any monetary coordinator who uses eMoneys financial planning software.
Is Access to LBS Worth it?
In order to have access to Living Balance Sheet, you need to deal with a Guardian Life Insurance Company representative. The software is not offered to licensed financial investment or insurance professionals who are not career sales representatives of the company. This means if you use this software application, youll likely face a great deal of pressure to purchase life insurance coverage from Guardian Life through the agent who supplies you planning through LBS.
This might or may not be a fantastic alternative for you. While Living Balance Sheet does supply a variety of useful features to assist you organize your monetary life, it is by no suggests the only software application that can achieve similar objectives. You can in fact get very similar performance (sans the concentrate on whole life insurance coverage) through any financial coordinator who uses eMoneys monetary preparation software application.
And there are lots of other financial preparation software application alternatives that came about after the launch of the Living Balance Sheet that deals with comparable or sometimes much more extensive planning features than LBS.
So if you find a great fit with a Guardian agent and you happen to like the function of the Living Balance Sheet, by all ways, utilize it for all its worth. However youll likely discover you can live without it if you pick to purchase insurance coverage in other places or work with a various financial coordinator.