Uncharted Waters: Financial Planning in Blue Oceans

Bob was 45 years old and he had been working at the same company for 20 years. He had saved up a decent amount of money, but he realized that he needed to start planning for his retirement. He had heard about financial planning, but he didn't know where to start. He didn't want to be like his friend who had retired and had to go back to work because he had not planned properly.

Bob decided to do some research and he stumbled upon the concept of "blue ocean strategy". This concept, developed by W. Chan Kim and Renée Mauborgne, suggests that instead of fighting in a crowded and competitive market (red ocean), companies should look for new and uncontested markets (blue ocean).

Bob realized that this concept can also be applied to financial planning. Instead of following the same old strategies that everyone else is using, he could look for new and innovative ways to plan for his retirement. He decided to seek advice from financial planners who specialize in blue ocean strategies.

• Schwab - Schwab Intelligent Portfolios is a digital advisory platform that uses technology to create and manage a diversified portfolio of ETFs based on your goals and risk tolerance. They also offer access to financial advisors for additional guidance.
• SoFi - SoFi Invest is an online platform that offers a broad range of investment options, including stocks, ETFs, and cryptocurrencies. They also offer access to financial advisors for personalized guidance.
• Personal Capital - Personal Capital offers a complete wealth management solution that includes investment management, retirement planning, and financial advisory services. They use a combination of technology and human advisors to provide personalized and holistic advice.

Bob was impressed with the innovative approach of these companies and he decided to invest his money with them. He felt more confident about his retirement plans and he was excited to explore the uncharted waters of blue ocean financial planning.

In conclusion, traditional financial planning strategies may not be enough to secure a comfortable retirement. By exploring blue ocean strategies and seeking advice from companies that offer innovative and personalized solutions, individuals can navigate the complex financial landscape and achieve their financial goals.

• Reference urls: https://hbr.org/2004/10/blue-ocean-strategy
• Further readings: https://www.forbes.com/sites/sallylawson/2021/01/27/what-is-blue-ocean-strategy-how-you-can-apply-it-to-your-business/?sh=26b06249464b