Description

Tim Bickmore is Co-Founder and Director of Financial Planning at LBW Wealth Management and Co-Founder at Hyphaway, a modern financial planning software with data at its core.

In this episode, Tim shares why proper data architecture and classification is hard to get, how that impacts financial planning, common mistakes made by advisors and clients in financial planning, tax optimization strategies, the future of AI in financial planning, and more.

Please enjoy our conversation with Tim Bickmore.

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Links:

The Investipal Podcast is produced by ⁠⁠www.investipal.co⁠⁠. Past guests include Peter Lazaroff, Douglas Boneparth, Jamie Hopkins, Tyrone Ross and many more.

Follow us on LinkedIn: www.linkedin.com/company/investipal⁠⁠ | ⁠⁠www.linkedin.com/in/cameronhowe/; Twitter: www.twitter.com/camhowe16 | www.twitter.com/investipal; Tiktok: www.tiktok.com/@camhowe16 | www.tiktok.com/@investipal; or Instagram: www.instagram.com/investipal/

Find Tim Bickmore at:

https://www.linkedin.com/in/timbickmore/

https://twitter.com/bickmore57

https://twitter.com/LBWWealth

https://www.linkedin.com/company/lbw-wealth-management/

https://www.facebook.com/lbwwealth

https://www.lbw-wealth.com/

https://www.instagram.com/lbwwealth/

https://www.youtube.com/@lbwwealth

https://www.hyphaway.com/

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Key Takeaways

1. Poor data, like data misclassification, leads to poor financial planning.
2. Personal finance applications have improved data organization and visualization, but they often lack the ability to interpret, utilize and forecast the data effectively.
3. The future of financial planning involves the integration of AI and generative models, but the accuracy and reliability of these models depend on the quality of the data they source.
4. Having a good financial plan with the foundations taken care of (emergency fund, etc.) allows you to live and spend more freely, and potentially increase happiness.
5. Tax optimization strategies should be tailored to individual circumstances, and it is important to consider the long-term impact of financial decisions.
6. Emergency funds and lines of credit can be used strategically depending on cash flow and interest rates.

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Timestamps

00:00 Introduction
00:32 Advisors' Mistakes in Financial Planning
04:33 The Future of Personal Finance Applications
06:34 Data Classification and Analytics in Financial Planning
08:52 The Emotional Reaction to Financial Planning
09:01 Balancing Spending and Saving
10:39 Common Mistakes in Retirement Planning
12:41 Spending and Saving for Different Generations
13:34 The Influence of Digital Payments on Spending Habits
14:03 The Importance of Awareness in Financial Planning
15:53 Tax Optimization Strategies
20:52 Managing Unexpected Windfalls
21:29 Tax Optimization for Small Business Owners
24:13 Managing Tax Refunds
26:53 Mitigating Tax Bills and Positioning Refunds
28:58 Using Emergency Funds and Lines of Credit
31:06 Conclusion