This review is sponsored by Prudential, but all opinions are my own.
Prudential has really stepped up its game in the retirement planning space, which you’ve probably noticed from its clever billboard campaigns. Despite its historical association with life insurance since 1875, Prudential today offers a comprehensive suite of services including insurance, annuities, mutual funds, retirement plans, asset management, brokerage services, and real estate dealings.
Recently, an old colleague, Alison M., informed me about Prudential’s new venture—an online digital wealth management tool called LINK by Prudential. This piqued my interest, and I was keen to learn more about how it could aid in financial planning.
What is LINK by Prudential?
LINK by Prudential is a digital platform designed to help users assess their current financial status and set realistic goals for the future. It covers various aspects such as saving for college, retirement planning, estate planning, and general financial preparedness for life’s unexpected moments. The platform includes financial calculators and gives you access to Prudential’s financial advisors to guide your savings and investment strategies.
Signing Up for LINK
The sign-up process for LINK is straightforward. It starts with creating a profile where you’ll answer basic questions about your marital status, dependents, place of residence, age, income, and monthly expenses, including how much you’re currently saving for your children’s education. You’ll also discuss your investment risk tolerance, which helps tailor the investment suggestions you’ll receive.
As you progress, you’ll provide details about your retirement goals, like your desired retirement age and the lifestyle you hope to maintain. Where you plan to live during your retirement is also a consideration—personally, I’m looking for somewhere warm!
Goal Setting
Once your profile is complete, LINK helps you set specific financial goals. For my family, this includes saving for college, supporting our parents, and building a retirement fund. The tool also helps plan for other savings goals like vehicle purchases, home improvements, family protection, weddings, new babies, and general investments.
Prudential’s Solutions
After setting your goals, LINK suggests customized financial strategies, leading you to other Prudential products like managed accounts and life insurance that can help achieve your financial objectives.
Additional Features of LINK by Prudential
Besides the setup and goal-setting features, LINK offers additional tools:
– Network of Financial Advisors: Even though LINK is online, you can access Prudential’s advisors through various means to get personalized advice.
– Account Monitoring: Your LINK profile is accessible 24/7 across all devices, allowing you to monitor and adjust your financial plans as necessary.
– Budgeting Tool: Prudential’s Slice A Budget tool assists with monthly budgeting, helping ensure you spend within your means.
Costs
While LINK is free to use for planning and goal setting, investing through the platform or purchasing Prudential products will incur typical investment or insurance fees. It’s wise to get a full breakdown of these costs before committing.
Final Thoughts on LINK by Prudential
As a listed company on the New York Stock Exchange with stringent SEC regulation, Prudential stands as a robust entity worth considering for your financial management needs. LINK by Prudential is particularly appealing for young parents navigating the complexities of balancing work, childcare, and financial planning. Given my background in finance and experience with Financial Samurai, I find the tool exceptionally user-friendly and accessible, making it a valuable resource for anyone looking to enhance their financial understanding and security.
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