*This post may contain affiliate links, please see my disclosure
Savvi Financial$5/mo to $29/mo
- Simple step-by-step process
- Detailed financial plan (including social security)
- Goal-based action plans for your money
- Includes tax planning for your retirement
- Inexpensive tool
- Does not invest your money for you
- No built-in budgeting option (but coming soon)
This post is sponsored by SAVVI Financial. You can find more details on their financial planning app here. All reviews and opinions expressed in this post are 100% our own.
Putting together a COMPLETE financial plan can be a daunting task.
I mean, if putting together a simple monthly budget scares people, how about planning for retirement?!
I recently test-drove a very cool Financial Planning app by a company called SAVVI Financial, and was really impressed with 2 things:
- How EASY it was to get a detailed plan for my money
- How much detail and thought they put in to build a plan customized to MY goals
And the best part?
The “Premium” version of the tool has a Free 30-day trial! (then only ($9/mo afterwards)
Want to see YOUR financial plan? Sign up for SAVVI today!
What Is SAVVI Financial?
SAVVI Financial is a powerful financial planning app (powered by Artificial Intelligence), which was designed by MIT-trained Ph.D.’s.
In their own words:
“SAVVI is a solutions engine designed to deliver smart, unbiased financial advice over a client’s lifetime.
Taking a holistic goal-oriented approach, SAVVI considers the totality of clients’ current and projected income, expenses, current assets and liabilities as well as available financing options to create highly personalized multi-period savings, investing and spending solutions that maximize goal achievement under market uncertainty.”
“but Jake, what does that mean for ME?”
It means SAVVI took all the complexity of planning your future finances (including debt payoff, savings goals, and retirement planning & taxes), and made a SUPER EASY, step-by-step process for you to follow.
Like, WAYYYY easy.
Check it out!
How Does SAVVI Financial Work?
They break it down into 3 simple steps:
Organize Your Finances
Once you sign up, SAVVI asks you “How confident are you that you’re doing what’s needed to meet your longer term financial goals?”
The list of options are:
- Not Confident
- Slightly Confident
- Somewhat Confident
- Moderately Confident
- Very Confident
Even as a money blogger, this question really gave me pause, and made me think about ALL the money variable in my life, and my future. There are so many moving parts, sometimes it’s easy to lose track.
This is an approach I appreciate, and simply asking a question like this shows the thought that was put into this tool.
After filling out your personal family details (spouse, kids, etc.), you are into the SAVVI Financial Tool.
Similar to some budgeting apps, SAVVI walks you through connecting your financial accounts, including banks, credit cards, investment accounts, as well as credit cards and loans. This helps show a COMPLETE snapshot of your current finances (including your Net Worth).
Where they differ (from an app like Mint), is that they also ask for things like Life Insurance, 529 (Education) and HSA accounts, to make sure you’re fully covered.
Once all the accounts are added,
And yes, it’s safe.
In their own words:
“We protect your data with layers of security. SAVVI works to be super safe and has a SOC 2 Type II Certification to prove it.”
SAVVI helps you set financial goals, including buying a home, saving for college, retirement, and even debt payoff.
They give you a quick list of GOALS to choose from, and then guide you through a few questions you need to answer to add the goal to your financial plan.
For example: If you click on the “Retirement” goal (we all want to retire SOMEDAY, right?!). It will ask you a few questions like –
- What age would you like to retire by?
- How many years earlier would you consider retiring? (up to 5 years)
- How much current general spending do you want in retirement? (a percentage or custom amount)
SAVVI will take your preferences, and calculate what it takes to get there. It does all the HARD MATH STUFF in the background, and spits out an Action Plan for you to follow.
SAVVI doesn’t want to talk to a brick wall, they ask that you TAKE ACTION. Remember, SAVVI is not managing your money for you, they are providing a comprehensive MONEY PLAN, but they require that YOU take the action to see the results.
Once you add all your goals, SAVVI shows you if you’re on track.
If you are on track to hit a goal, you can click through to see more details.
If you’re NOT on track, SAVVI will recommend you adjust your savings rate, or lower some of your GOAL amounts.
Once you have all your goals set, then SAVVI puts together an Action Plan to achieve them.
You can click each action to see how what they recommend you do to make sure you hit ALL those awesome goals you have!
How Does SAVVI Recommend Investing?
As an SEC Registered Investment Advisor, SAVVI puts together a VERY comprehensive investing strategy that is also simple to follow.
As any good financial advisor would do, SAVVI starts by asking about your “Risk Tolerance.” Especially in today’s volatile stock market, it’s good to know how much you can “stomach” the ups and downs of the market over time.
SAVVI does this by giving you the following investment “risk” options:
They break down the investments like this:
More detail is included in the Premium Plan, such as specific asset allocation advice on where to invest your money, and it adjusts and grows along with your plans to make sure you always have current investment advice.
This is where the power of SAVVI comes in, and helps walk newbie investors through EXACTLY how they should invest for a comfortable retirement! This is the same level of detailed planning you would get from a Financial Advisor, and it continually adjusts as you get older, and your gals and circumstances change.
Want to see the suggested weight percentages? Give the Premium Plan a shot for only $9/month!
Side Note: SAVVI also runs a complete analysis on possible stock market events, dating back all the way to 1926, essentially “Stress-Testing” your investments in case of market turmoil (ahem….).
In other words, the investing advice should help calm your fears about whether the proposed plan will work.
What About Risk?
One of my FAVORITE questions they ask is:
“Imagine your investments lost “XXXX” dollars, how much MORE are you willing to lose…“?
Again, another powerful way to show that the market is a ROLLER COASTER, and if you stay buckled in for the long ride, your money will GROW and you will hit those long-term goals!
SAVVI Financial Pros and Cons
I am really diggin’ the way SAVVI lays out a complex money plan in a simple, actionable format. There are also a few things I’d like to see improve as well.
- Takes a complex subject (financial planning), and walks users through the process as if they were sitting down with a trusted advisor
- Comprehensive investment and planning methodology that actually taught me a few things (specifically about planning in Social Security)
- Includes TAX PLANNING. As a former Enrolled Agent tax specialist, I really appreciate that they take taxes into account for ALL your goals (especially retirement planning). This is often overlooked when people talk about retirement and how much you need
- Gives users a clear plan of action instead of generic advice
- Goal-based planning. Based on what is important to YOU! Takes all the data and helps you make smarter money decisions for your specific goals and interests
- REALLY inexpensive (see plan options below) for the customize plan they provide. A typical advisor may charge north of $2,000 for putting together a plan like this
- Doesn’t have an option to invest money for you (like a traditional advisor), so you will incur additional charges to do things like Open an IRA or brokerage account (Though many brokerages are dropping their fees completely, make this easy and less expensive)
- Does not give you a true budget, just actions to take. I would love to see them take the financial plan and put together suggested monthly budget*. This would help users stick to the Action Plan given. (I have some budget resources you can use though!)
*SAVVI confirmed they are working on an app that will include a budgeting tool!
Three Plans To Choose From
SAVVI honestly gives you a LOT from their BASIC plan if you want to give it a whirl for only $5/mo!
You can plug in all your accounts, pick 2 BIG goals (retirement should be one of them), and shows you an action plan for getting there.
Their Premium Plan is only $9/month, but includes a 30-day Free Trial, and gives you an additional investing advice, including an EXACT asset allocation suggestion based on your goals. They will also remove the ads completely.
The “Personal” plan is $29/month, and comes with live on-boarding and personal coaching to help you create the perfect plan through the SAVVI tool, and coach you through taking action on the plan details. This of this as a “personal trainer” for your finances, someone to help encourage you to build a life of Financial Freedom using the SAVVI tools!
Update: SAVVI is offering assistance to those affected by COVID-19. You can answer a few questions on their site to see if you qualify for a Free SAVVI plan. Check it out below.
Should You Try SAVVI Financial?
In fact, I’m going to have my own mother-in-law plug in her numbers to see how close she is to retirement with this financial planning app!
Here’s the deal; you have your own goals, ambitions, and dreams, but putting together a plan to achieve all of them can feel overwhelming. SAVVI put together a tool that can lay out the numbers in black and white, and as I always say, the numbers don’t lie.
If you want to see if you are on track toward those BIG goals and toward retirement, I highly recommend giving the tool a shot. The $9/month is well worth it in my opinion to have a tool that follows along with you and helps you make a realistic plan for your future. And heck, if you want to simply try it out first, they have a 30-day Free Trial on their Premium Version as well.
If you already have a financial advisor, or are looking for a service to invest and manage your money for you, SAVVI is not for you. SAVVI does not provide direct investment services, or manage your money at all.
But they do provide you with a REAL plan for your future, give you the tools to make better money decisions and can give you the confidence to manage your OWN investments (like I do!).
If you would like to learn more about SAVVI, or simply want to give it a try, you can check them out at the SAVVI Financial wesbite.