How to Build a Custom Recommendations Template · Web viewCMENT: This recommendation had the 4 components (objective, options/choices, balanced and gave a recommendation) and included

How to Use This Document?The Guide to Building Quality Custom Recommendations provided a starting point to the process of creating quality custom financial planning recommendations. It introduced the sample format of using a 4-step approach that can be used to create custom recommendations. It also included a library of paragraph selections that can be used and modified as needed based upon the client’s specific situation.

This guide, How to Build a Custom Recommendations Template, takes the learning one-step further. It reviews the levels of quality that can be achieved when creating a custom recommendation. What is good, better, best? It discusses content that the financial planner may want to include in a custom recommendations template. It also provides the financial planner with a sample recommendations template that can be changed as needed based upon the planner’s writing style, personality and the client’s situation.

HOW TO BUILD QUALITY CUSTOM RECOMMENDATIONS

At plan delivery, the financial planner will present plan recommendations. Recommendations that are written by the financial planner are referred to as custom recommendations. A quality custom recommendation generally has the following components:

Is objective, Not product specific, Provides options and choices, Includes a fair and balanced discussion, and Makes a recommendation of which option to choose.

There are different levels of quality: Good, Better, Best. The components as stated above will be included in all levels of quality. However, the highest level of quality (Best) can be compared to the winner of a Gold medal where points scored for criteria such as style, execution and degree of difficulty outweigh that of a Bronze medal performer.

Let’s look at the chart below to see what characteristics may further define the difference in the levels of quality when creating custom recommendations. Following the chart are examples of what a retirement recommendation would look like using the different levels of quality.

Characteristics of Recommendation GOOD BETTER BESTIs objective X X XNot product specific X X XGeneral discussion of options and choices X X XFair and balanced discussion X X XMakes a recommendation of which option to choose X X XIncludes educational content X XExpanded discussion of options and choices X XExpanded discussion of options and choices using numeric examples

XDiscusses other client specific issues XIncludes discussion of alternative scenarios(s) X

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Retirement Recommendation Example

Below is a retirement recommendation based upon the different levels of quality. The Sample Format of using a 4-step approach is used in the examples. Step 4-List Options/Choices and Make Your Recommendation is used as the starting point. The sample clients, Mark and Lynda, have a retirement shortfall and excess cash flow. Mark is making pre-tax contributions to his 401(k) and Lynda is making pre-tax contributions her IRA. Notice how quality increases when personalization, enhanced discussion and reference to an alternative scenario are added to the recommendation.

GOOD Level of Quality

Options/Choices:

When we find a shortfall in reaching your goal, there are typically four alternatives: 1) save more, 2) increase investment returns, 3) delay the goal or 4) reduce desired retirement lifestyle. Any combination of those options can and should be used to reach your goal. Since you have excess cash flow, consider saving the additional dollars towards your retirement goal.

It important to be committed to your overall investment strategy, which should include asset allocation, diversification, and rebalancing, proper use of tax advantaged investments. Your tolerance for risk is an important factor in deciding which asset classes you will be comfortable purchasing and owning. Sometimes this decision involves a compromise. In order to obtain the rate of return that will keep pace (or even outpace) inflation, you may need to invest in more aggressive investments. However, more aggressive investments may give you additional risk with the potential of loss as well as gain. It is important that you understand and feel comfortable with the financial products you choose.

While planning for retirement, it is critical to review your financial situation on a regular basis. As your income changes or situation changes, you need to reevaluate this analysis, so you are consistently on track toward your goals.

CMENT: This recommendation had the 4 components (objective, options/choices, balanced and gave a recommendation) and included educational content about investments but, in general, it provided just thebasics.

BETTER Level of Quality

Options/Choices:


It is recommended that you increase contributions to Mark’s 401(k) and Lynda’s IRA. Mark, you mentioned that you received a salary increase this year. Since you are able to cover your lifestyle

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COMMENT: This recommendation has the 5 components of a quality recommendation (objectivity, not product specific, options/choices, balanced discussion, which option to choose). Some educational content about investments was included but, in general, the overall discussion provided just the basics.

expenses, in years that you receive a raise continue to increase your pre-tax contributions. Review with your employer whether you can set your retirement contributions to automatically increase by a selected percentage each year. You should always take full advantage of employer matching contributions in Mark’s 401(k) plan. Lynda, you are currently contributing $3,000 per year to your IRA. Consider increasing contributions to your IRA.



BEST Level of Quality

Options/Choices:


It is recommended that you increase contributions to Mark’s 401(k) and Lynda’s IRA. Mark, you mentioned that you received a salary increase this year. Since you are able to cover your lifestyle expenses, in years that you receive a raise, continue to increase your pre-tax contributions. Review with your employer whether you can set your retirement contributions to automatically increase by a selected percentage each year. You should always take full advantage of employer matching contributions in Mark’s 401(k) plan. Lynda, you are currently contributing $3,000 per year to your IRA. Consider increasing your contributions to your IRA.

Mark and Lynda, since you are over age 50, you are allowed to make catch-up contributions to your qualified accounts. Lynda, consider increasing your contributions to the maximum allowed. In 2015, a maximum of $5,500 can be contributed to an IRA. For individuals age 50, an additional contribution or catch-up contribution of $1,000 is allowed. Mark, a catch-up contribution is also available for your 401(k).

In addition to the current and proposed scenarios, an alternate scenario, Save More Now, was included.

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COMMENT: This BETTER level of quality started with the same content that was used in the GOOD level of quality. The main difference was the 2nd paragraph which included personalization and expanded the discussion of the overall recommendation to save more. Did you notice how the personalization brought the discussion to life? It wasn’t basic anymore. It changed to specific discussion based upon the clients’ situation.

The current scenario assumes existing contributions. Mark makes a 6% employee contribution with a 4% employer match to his 401(k) and Lynda contributes $3,000 per year to her IRA. This scenario shows a goal coverage of about 93%.

The proposed scenario includes existing qualified contributions but assumes that retirement investments are reallocated in accordance with the proposed asset mix. Your proposed allocation shows that you are invested too aggressively. Based upon your moderate investor profile, goal coverage is about 70%.

The alternate scenario, Save More Now, assumes existing contributions, reallocating to your proposed mix and saving more to qualified accounts. Mark will increase his contributions to 12% until your son graduates from college. Then Mark will change his contributions to the maximum allowed. Lynda will increase her IRA contributions to $6,000 per year. Based upon this scenario, goal coverage is 86%.


We recommend that you consider making your investments within the framework of a “tax control triangle strategy.” A portion of your investments should be made into tax-deferred investments such as 401(k), IRA or annuity contract. A portion should be potentially tax-free investments such as Roth IRAs, ROTH 401(k) or tax-exempt bonds. Another portion should be in taxable investments such as mutual funds, real estate, money market funds or certificates of deposit. This strategy helps lessen the future impact of changing tax regulations and changing financial conditions by providing investment options that function differently. Over time, taxes will become by far the largest single component of your expenses. Prudential Financial, its affiliates and its financial professionals are not tax or legal advisors. You should consult with your attorney or tax advisor.


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COMMENT: This BEST level of quality started with the same content that was used in the BETTER level of quality. Let’s review what was added to make this recommendation the highest level of quality. The recommendation included discussion about the catch-up contribution and mentioned that both clients were over age 50 and eligible for the catch-up. The recommendation included more specifics about the scenarios. Plus, it provided the clients an alternate scenario to consider with specific details about how the goal coverage would change if savings were increased as stated. The recommendation also enhanced the investment discussion by giving the clients information about the tax control triangle. Overall, it is deserving of the BEST level status.

HOW TO BUILD A CUSTOM RECOMMENDATIONS TEMPLATE

Now that you know how to create the highest level of quality in a recommendation, let’s build a custom recommendations template.

Why build a template?

A template allows the financial planner to keep content that may be common to most clients in one document. For example, every client should have an emergency fund. The tax control triangle may be common content among clients. Information about the different types of life insurance policies may be beneficial to include. Some financial planners like to have an introduction at the beginning of the custom recommendations which gives general information about financial planning and building a financial foundation. All this common content can be kept in one document. You do not need to start from square one when you are writing custom recommendations for each client. A template is also efficient and saves you precious time.

How to build and use your template?

There are many resources available to build a template. A sample recommendations template has been included at the end of this document. The sample template uses the 4 step format. Keep in mind that the sample template is just a start. It includes content that is commonly used by financial planners. The sections included in the template are not all inclusive so you will need to review what other information you may want to include in your template.

Another resource is to use the library of paragraph selections that are included in the Guide to Building Quality Custom Recommendations. This library is more extensive than the content included in the Sample Recommendations Template. The library of paragraph selections also has content for all modules including the Next Steps-Creating an Action Plan Roadmap. Many planners like to use a Next Steps section at the end of the custom recommendations document.

Start now by opening a blank Word document. Review the sample template below to determine what content you would like to copy to your own template. Go to the Planner’s Toolkit on the financial planner’s website to access the more extensive library of recommendations in the Building Custom Recommendations section. Remember to add some personal touches to your template by editing the content to reflect your writing style and personality. Save your template so that you always have it available. Add new content to your template as needed. Then plan on how you are going to spend the extra time that you saved by creating your own custom recommendations template.

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4-STEP FORMAT

1. STATE THE GOAL.

2. LIST ASSUMPTIONS USED IN THE ANALYSIS.

3. SUMMARIZE THE NEED AND GIVE FINDINGS.

4. LIST OF OPTIONS/CHOICES. MAKE YOUR RECOMMENDATION.

SAMPLE RECOMMENDATIONS TEMPLATE

Financial planning is a lifelong process that starts with identifying your goals. Implementation is how the plan comes to life. Regular plan updates measure your progress and identify changes needed to keep the plan focused on your goals. It is almost certain that changes will be needed as a result of planned and unplanned events that happen both in our personal lives as well as in the economy.

Your primary goals are listed below:

1. Goal 1 2. Goal 23. Goal 3

NET WORTH AND CASH FLOW

GOALS:

To maintain an emergency fund equal to 3-6 months of expenses. To keep an awareness of income vs. expenses in order to maintain current lifestyle.

ASSUMPTIONS:

Base Pay is indexed to 3% annual increase. Most expenses are indexed to 3% inflation; medical expenses are indexed to 5%

inflation. $X,000 is set aside as part of your emergency fund.

FINDINGS:

Your financial position, consisting of your current net worth and cash flow, appears positive. Currently, the analysis shows your net worth as approximately $XXX,000 consisting of your assets and liabilities.

In general, your financial position, consisting of your current net worth and cash flow, appears to be an area of concern. You need to focus your attention on managing your personal debt and reducing discretionary expenses.

Your current emergency fund is adequately funded and includes your checking and savings accounts.

Your current emergency fund is not adequately funded. Additional resources need to be accumulated to cover the goal.

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OPTIONS AND CHOICES TO ACHIEVE YOUR GOALS:

Consider beginning a systematic budget process with the objective of gaining a better sense of where dollars are being spent and to enable regular contributions into long-term accumulation vehicles.

Consider a three-tiered approach to liquidity in your emergency reserve: 1) tier one should be one to two months of immediately available funds such as from a checking or savings account; 2) tier two should be one to two months in funds that you can access within 2-3 days such as fixed income funds; 3) tier three should be one to two months of funds in investments such as mutual funds in a non-qualified investment account where you are not significantly penalized should you need to liquidate some of them to make cash available. This tiered method gives you availability of your funds when necessary, yet overall gives you a potentially higher investment return.

ASSET ALLOCATION

GOALS: To create an investment portfolio that reflects your goals and attitudes about risk and

diversification. Obtain the appropriate return on investments given your risk profile.

ASSUMPTIONS:

According to the asset allocation model, you defined yourself as (choose one) Conservative, Moderately Conservative, Moderate, Moderate, Moderately Aggressive, Aggressive

At this time, you do not require current income from your investments.

FINDINGS:

You are currently taking on more market risk than indicated by the assessment of your risk tolerance and your time horizon. Consider reallocating your assets to take advantage of the benefits of diversification. Strategies such as asset allocation or diversification do not assure a profit or protect against loss in declining markets.

Based on your assessed risk tolerance and your time horizon, you are currently invested too conservatively. Consider reallocating your assets to take advantage of the benefits of diversification. This may give you the potential of increasing your rate of return while managing your risk.


Using the asset allocation model generated from the risk tolerance questionnaire you completed and the time horizon for your financial goals, the analysis indicates that you should consider repositioning assets to more closely match your investment risk tolerance.

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The Retirement analysis shows you should consider the following re-allocation:

xx% Large Cap Growthxx% Large Cap Valuexx% Mid Cap Growthxx% Mid Cap Valuexx% Small Cap Growthxx% Small Cap Valuexx% International Equitiesxx% Core Fixed Incomexx% Limited Maturity Fixed Incomexx% International Fixed Incomexx% Cash

Outside of the emergency fund goal and tiered strategy referred to in the cash flow section, I suggest you maintain the recommended asset allocation in this plan in order to manage the expectations you have for your capital at work. Keep in mind that tax consequences must be considered when reallocating non-qualified investments. Consult with your tax advisor regarding your particular situation.

It is also important to note that your asset allocation may vary with the timing of your goals. For goals you need to accomplish in the near term, your asset allocation may consist of a more conservative allocation in order to minimize risk since the resources will be required sooner.

As you approach retirement, consider re-allocating some or all of your investments for that goal to more conservative investments to help avoid the risk of market volatility on capital that will soon be needed to fund that goal. We will revisit this issue in our periodic updates to your plan.

As time passes, market changes will have different impacts on each asset class within your selected investment portfolio. This will cause some assets to grow or decline faster than other assets in your portfolio. Reviewing your assets is critical to maintaining your progress towards your goals. Consider re-balancing your portfolio at least annually. Proper adjustments to your investment strategy should be made when your goals, savings rates, income tax rates or time-frames change.

RETIREMENT

GOALS:

Achieve financial security for retirement. Maintain financial security throughout retirement. Ensure a retirement lifestyle of your choice without major financial concerns.

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ASSUMPTIONS:

Employment income will continue until retirement with 3% annual increases. Social Security income assumed to begin at retirement and consistent with 3% cost of

living increases to match inflation assumptions. Continue to maintain similar lifestyle expenses during retirement. A mortality of age 90 for (client) and (co-client).

FINDINGS:

Under your current scenario, your retirement resources would cover XX% of your total goal.


A priority is to save for a secure retirement. It appears you will have sufficient funds for this purpose. However, please keep in mind this is based on your current financial situation and assumptions used in this plan report.

Achieving your retirement goal will require an aggressive and motivated effort. It is essential that you commit as many dollars as possible toward retirement. If you feel the amount of required savings is unmanageable, consider reducing expenses, a later retirement age as well as opportunities you may have to earn income during retirement.

Consider investment vehicles that will help you meet your objectives. One such alternative would be a wrap fee program. A wrap fee managed money program consists of many different mutual fund families provided through one plan and one statement. Considering more families of funds would offer a greater selection and allow you to reallocate your portfolio to match your investment criteria. Another advantage of a wrap fee managed money program is the flexibility of going from one investment into another. This can be as easy as dealing with one fund family. You could also consider a brokerage account. Be aware that there may be tax consequences when you sell and buy mutual funds. Under a typical wrap-fee program, a client will pay the sponsor a single fee for management, brokerage, custody and other services provided under the program.

Annuities are another vehicle to consider for building protection strategies into your retirement planning. Consider a variable annuity for a portion of your investment assets or IRA that you would like to set aside to help provide a guaranteed income stream in retirement. Variable annuities are suitable for long-term investing, particularly retirement savings. Any guarantees are subject to the claims paying ability of the issuing insurer. Annuities can provide for extra features or options for additional costs and fees. Options such as living benefits could further enhance the income payouts for you. Generally, annuities have expenses including mortality and administrative expenses. Annuities also have surrender charges for a number of years and distributions of earnings are taxed as ordinary income.

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LIFE INSURANCE

GOALS: To insure that there are adequate resources for the survivor. To pay off debt in the event of premature death. To provide funds for final expenses: estimated $15,000 indexed to 3% inflation.

ASSUMPTIONS: Continue to pay premiums on current life insurance policies. All debt is paid off in the event of premature death. Survivor expenses equal to 100% of current standard of living.

FINDINGS:

You indicated that, in the event of your death, you wanted the surviving spouse to be able to maintain the assumed standard of living. The analysis shows that your current insurance coverage is adequate coverage to meet that goal.

You indicated that, in the event of your death, you wanted the surviving spouse to be able to maintain the assumed standard of living. The analysis shows that your current insurance coverage will not provide adequate coverage to meet that goal.


Review your need for coverage periodically to ensure that your goals are met.

In order to choose the most appropriate type of coverage, consider the duration of the need, the amount of the protection needed and your ability to pay for the life insurance coverage. Term insurance is a temporary solution to a temporary need. Consider permanent life insurance for helping to meet needs that will remain throughout your lifetime.

You may also want to consider purchasing a combination term and permanent life insurance policy. This option can be cost effective and provides you with permanent life insurance with the option to convert all or a portion of the term life insurance to the permanent life insurance policy without evidence of insurability, if you convert within the conversion period.

Below are explanations of the various types of life insurance.

Term Insurance - It provides insurance protection for a specified period (term) and pays a benefit only if the insured dies during that period. Most common types include annual increasing term, level term and decreasing term.

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Whole Life Insurance - Permanent life insurance that combines a death benefit with a cash value element. The cash value increases each year the policy is kept in force provided all premiums are paid when due and there are no outstanding loans or withdrawals. In addition, values may be increased by dividends (which are not guaranteed and will change).

Universal Life Insurance - Permanent life insurance that generally allows the owner to determine the amount and frequency of the premium payments within limits and to adjust within limits the policy face amount up or down to reflect changes in needs.

Variable Life Insurance - Permanent life insurance with an investment feature that provides a return linked to an underlying portfolio of investments (common stock, bond, money market account or other investments). Cash value of the policy fluctuates with the performance of the investment portfolio. Performance is not guaranteed and the policy owner assumes the risk.

DISABILITY INCOME PROTECTION

GOALS:

To provide adequate income protection in the event of a disability or chronic.

ASSUMPTIONS:

Expenses during disability reflect 100% of today’s expenses. Social Security disability benefits are not included.

FINDINGS:

By using your combined investments and savings, you are able to fund your stated goals under a disability scenario.

By using your combined investments and savings, you are not able to fund your stated goals under a disability scenario.


Your earning power is your most important asset. All of your future financial security goals, as well as your current standard of living, depend upon your ability to earn a living. Review your coverage periodically to ensure that it covers your goal.

Consider maximizing your disability protection by supplementing your current group coverage with personal disability income insurance. A disability can disrupt an otherwise prudent and successful financial plan. It is important that every sound financial plan include a method of providing adequate income in the event of disability.

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Options to consider when purchasing a disability income insurance policy include the monthly benefit (how much do I get?), the waiting period (when will it start?), the benefit period (how long will it last?) and the optional benefits (i.e. inflation protection).

We typically recommend 90 day waiting periods for disability income benefits. Short term disability, paid vacation or leave, if available, could provide for some support in the first 90 days. Mostly, you would need to cover your expenses on your own, withdrawing from emergency reserves or investments, during this time. This further supports our recommendation to build a three-tiered plan for your emergency reserves and short term savings to ensure that this pool of money remains fairly liquid and available to you.

LONG TERM CARE

GOALS: Provide for $200/day, in today’s cost, in Long Term Care (LTC) assistance including home

health care. Maintain independence at your home for as long as possible.

ASSUMPTIONS: Lifestyle expenses during Long Term Care reflect 100% of today’s expenses. Long Term Care expenses are indexed to 5% inflation rate. Assumed start of LTC need at age 80 and continuing for 4 years. Maintain primary home under a LTC scenario. All of your accounts provide funding towards your LTC needs.

FINDINGS:

Under your current scenario, your resources available for a long-term care event would cover XX% of the total need for Client and XX% for Co-client.


Consider long-term care insurance to protect your income and assets from depletion in the event long-term care is required.

Your three options are:

1. Self-Insure2. Rely on your assets and Medicaid3. Transfer the risk to an insurance carrier

You are focused and are doing a great job in accumulating capital to support your current lifestyle and maintain independence in retirement. However, the costs of a prolonged illness, disability (stroke), or cognitive disorder (Alzheimer’s) can deplete assets very quickly, potentially making you dependent on family or welfare for support and care. Consider LTC

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Insurance or hybrid products to safeguard against having to deplete your assets in the event that you were ever in need of extended home care or a nursing home situation.

The design of coverage and benefits under most long-term care policies can be very flexible. Look for benefits that cover the costs of care in a facility, at home, or in the community (e.g. adult day care). Compound inflation coverage is recommended, as well as having an adequate level of benefits, to keep pace with the medical inflation rate over a long period of time. Also look for a policy design that allows for benefits to be paid for future trends in delivering long-term care services. Other options and features can be designed into the coverage to fit your needs.

Additionally, I suggest you consider a policy design that offers shared care benefits where if one of you requires care and the other does not, your benefit pools can be shared. There are many options with a great amount of flexibility to meet your specific needs.

FEATURES CHOICESWaiting Period 0,30,60,90 daysLifetime Maximum 3,4,5 years or lifetimeDaily Maximum $XXX to $XXXPayment Method Daily, Monthly or Cash BenefitInflation Protection Periodic, Simple or Compound

Proper Estate Planning and establishment of Legal documents is essential as part of any Long Term Care strategy. In the event of an accident or reduced cognitive capacity, you may not be able to make important decisions on your own.

INCOME TAX PLANNING

GOALS: Create an overall tax strategy

ASSUMPTIONS:

State tax rate of 5.00% for the full income amount. Filing status is married.


There are three tax treatments of appreciating and/or income generating assets. The ideal strategy is for you to have assets in all three “buckets”:

1. Bucket One – Taxable assets – These are assets that, when sold, require capital gains and/or losses to be claimed in the year the loss was realized. The second aspect of a taxable asset that generates a dividend is that the income is taxable, year in and year out.

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2. Bucket Two – Tax deferred assets – Examples of such assets are 401(k)’s and traditional IRA’s. Such accounts enjoy tax favored status but have restricted access. One cannot access capital before age 59 ½ without incurring a penalty (except under certain conditions). When money is distributed from these accounts, all of the principal and gains are subject to taxation at ordinary income tax rates.

3. Bucket Three – Tax free assets – These accounts are few in number but singularly important to tax diversification. There are only three assets that generate tax free growth and income. They are: municipal bonds, Roth IRA’s/401(k)’s and cash values inside of life insurance. More details are included in the Retirement recommendations.

Claim all available “above the line” deductions and credits. Deductions taken “above the line” in determining your adjusted gross income are generally more valuable than itemized deductions of the same amount because they reduce your AGI and help preserve other tax breaks. Tax credits actually offset income taxes dollar for dollar. Please consult with your tax advisor regarding income limitations on claiming deductions and credits.

Consult with your CPA or tax advisor for more specifics on tax-efficient strategies that you may be eligible for.

ESTATE PLANNING

GOALS:

Make certain your assets are transferred according to your wishes. To have mechanisms in place that allows those that you choose to act on your behalf in

the event you are unable to make financial or health related decisions yourself. Make certain that your healthcare directives, while living, are carried out in accordance

with your wishes and to provide guidance to your loved ones in implementing your wishes.

ASSUMPTIONS:

Your legal documents have not been updated in the last 5 years. You do/do not have Wills.


You should meet with an Estate Planning attorney that can provide guidance on how to ensure that your wishes will be carried out in the event of incapacity or death. It is very important that you have your legal documents updated regularly with an attorney to make sure it represents your wishes and takes advantage of current tax laws. Remember that current beneficiary assignments will override anything stated in the Will.

Here are a few terms you should be aware of when you meet with an Estate Planning attorney:

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Living Will: a document that allows you to specify the life-sustaining treatments you would find acceptable in the final days of terminal illness or incapacity.

Advanced Healthcare Directive: designed to allow you to appoint another person or proxy to make decisions about your health care treatment in the event you lose the capacity to decide for yourself.

Durable Power of Attorney: grants to another person the right to act on your behalf to manage your estate, make investments, or to buy and sell property. It may be used if you become unable to handle your own affairs for reasons of age or health.

Once the appropriate documents have been executed, it is important to be certain that assets are properly titled and beneficiaries are consistent with your intentions.

Prudential Financial, its affiliates and it financial professionals are not legal advisors. You should consult with your attorney or tax advisor.

EDUCATION

GOALS:

To provide for 4 years of college at a state university for your children.

ASSUMPTIONS:

Your children will attend college for 4 years with a goal of approximately $XX,000. Tuition is inflation at 5%.

FINDINGS:

Under the current scenario, the goal is covered at XX%.


Consider a 529 Plan. A 529 College Savings Plan is a state-sponsored, tax-advantaged savings plan that offers a number of benefits including tax-deferred growth and federal income-tax free withdrawals for qualified expenses. In addition to the federal tax benefit, many states offer a state income tax deduction for contributions to their plans as well as state income tax-free withdrawals for qualified expenses.

Due to your limited time frame, consider other options such as grants, financial aid, scholarships, student loans or allocating other resources toward the goals.

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Offering financial planning and investment advisory services through Prudential Financial Planning Services (PFPS), a division of Pruco Securities, LLC (Pruco), pursuant to separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing companies.

These recommendations are for illustrative purposes only. The examples expressed are not intended to provide specific financial, accounting, compliance, legal or tax advice. Neither Prudential Financial, its affiliates, nor its financial professionals, render tax or legal advice. Please consult with an attorney, accountant, and/or tax advisor for advice concerning your particular circumstances.

Life insurance and annuities are issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates. Availability of other products vary by carrier and state.

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How to Build a Custom Recommendations Template · Web viewCMENT: This recommendation had the 4 components (objective, options/choices, balanced and gave a recommendation) and included

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