Playbook Review (Dec 2022): Tax Savings For High Earners

June 1, 2022
Reviews

Playbook is a financial and tax-savings platform that seeks to simplify taxes and long-term investments for the average investor by automatically allocating your funds in the most tax-efficient way. Founded in 2021, it already has over 40,000 clients, and it’s gaining users every day. 

Playbook targets millennials and young high-earners who stand to benefit the most from tax advantaged accounts and the power of compound interest. With fully customizable plans and a free, cancel-at-any-time 30-day free trial, I highly recommend giving Playbook a try today.

What Is Playbook?

Founded in San Francisco in 2021, Playbook is a financial platform aimed at millennials and young high-earners who want to achieve their retirement goals as early as possible.  

Playbook takes an active approach to tax savings: it not only educates users on the options available but also tries to solve the problem at its root by automatically allocating your money where it can be most effective. This helps users take advantage of the benefits of tax-advantaged accounts and compounding returns over time. 

Playbook raised $5.6 million of funding in 2021. In just a year, it has surpassed 40,000 monthly users and has nearly twice as many on its waiting list. Those who will benefit the most from Playbook are young professionals earning more than $100,000 per year.

Playbook Features

#1 Tax Optimization

Automatic tax optimization is one of Playbook’s core features. After you connect your bank and all your tax advantaged accounts, Playbook looks for the best way to allocate your funds and minimize your taxes owed. To accomplish this, Playbook fills up your tax-advantaged accounts and seamlessly integrates them into your long-term plan. 

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Some of the tax-advantaged accounts you can integrate with Playbook include a 401(k), IRA, Roth IRA, HSA, Backdoor IRA, and even your favorite brokerage account.

#2 Automatic Savings

Playbook uses an automated savings process to allocate your savings based on your priorities. Playbook automatically adapts to any change in your financial situation; whether it’s a raise or an emergency expenditure, Playbook's got you covered.  It will readjust to ensure you’re working towards your goals while also ensuring you have enough cash on hand (in the form of highly liquid investments) in case of an emergency.

#3 Fully Customizable Plans

All Playbook plans are fully customizable with your personal goals in mind:They will create and optimize a plan to grow your Emergency Funds, Reserve Funds, IRA, and savings for a big expense like a down payment for a house or a trip with your family. 

The difference between these plans is how Playbook allocates your savings. For example, the Emergency Funds plan may give priority to building a highly liquid emergency fund, while a Reserve Funds or Big Expense plan may allocate funds to accounts that benefit from compounding. Playbook takes care of all this for you so you don’t have to lift a finger.

#4 30-Day Free Trial

New users can try out a full version of Playbook for 30 days free of charge. To take advantage of this offer, users just have to create an account (refer to the signup section below) and link their bank accounts and tax-advantaged accounts using Plaid

Pros & Cons Of Playbook

Pros

  • Optimizes Savings: Through Smart Routing, Playbook automatically adjusts your investments when your financial situation changes. 
  • Bank-Level Security: Your personal and financial information is secured through a 256-bit Secure Socket Layer (SSL) encryption protocol, keeping your funds and private information secure at all times. 
  • Link Your Accounts Safely Through Plaid: Playbook has partnered with Plaid to provide the highest level of security possible for all of your external accounts. 
  • Helpful Customer Support: Customer support is available via phone and email 
  • 100% Online Signup Process: Signing up with Playbook is completely online, and you can have an individualized plan set up in less than 10 minutes. 
  • 30-Day Free Trial: You can try out Playbook for 30 days and cancel at any time—no questions asked.

Cons

  • No Mobile App: Playbook is working on a mobile app that they plan to release later in 2022, but for now, it’s only accessible via web.

Playbook Pricing

Playbook offers a single plan that costs just $19/month. This is a very low price compared to wealth advisors, many of whom charge $150 – $400 per hour. 

Unlike most wealth advisors, Playbook doesn’t charge additional fees for Assets Under Management (AUM), which routinely add up to 1% of total assets. Users can opt for Playbook’s free 30-day trial before signing up and can cancel at any time. 

Sign-Up Process

#1 Visit Playbook’s website.

#2 Click Get Started and enter your email address.

#3 Enter your first and last name and agree to the Terms of Service. Enter and verify your phone number.

#4 Enter your financial information, including your salary, your employer’s 401(k) plan, and how much you save each month.

#5 Fill in how you allocate your savings (cash accounts, IRAs, brokerage accounts, etc.)

Based on the information you've entered Playbook will estimate at what age you will reach financial freedom if you maintain your current financial plan. 

Click See The Playbook Improvement to see how much you could be saving using Playbook, and how you can optimize your savings allocation to get the most out of your money.

In Summary

Playbook is a financial and tax-savings platform that seeks to simplify taxes and long-term investments for the average investor by automatically allocating your funds in the most tax-efficient way. Founded in 2021, it already has over 40,000 clients, and it's gaining users every day.

Playbook targets millennials and young high-earners who stand to benefit the most from tax-advantaged accounts and the power of compound interest. With fully customizable plans and a free, cancel-at-any-time 30-day free trial, I highly recommend giving Playbook a try today.

Playbook FAQs

How Much Does Playbook Cost?

Playbook costs $19/month with no additional or hidden fees.

Is Playbook Worth It?

Yes, Playbook is definitely worth it, especially if you’re relatively young with an annual income above $100,000. Playbook is considerably cheaper than other wealth advisors and robo advisors, both of which charge hefty AUM fees as high as 1% of the value of your assets.

Is Playbook Safe?

Yes, using Playbook is completely safe. It's secured with a 256-bit Secure Socket Layer (SSL) encryption protocol and is partnered with Plaid, which ensures you can connect applications with bank accounts securely.

Is Playbook Legit? 

Yes, Playbook is totally legit. It's partnered with (and was funded by) Atomic, a large venture fund that specializes in innovative technologies. It has over 40,000 monthly users and continues to grow each month.

Does Playbook Have A Free Trial?

Yes, Playbook has a free 30-day trial period, and you can cancel at any time.

Who Is Playbook Best For?

Playbook is ideal for young people making over $100,000 per year, since they are best positioned to capitalize on the power of compound interest for years to come.

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