(WEBINAR) 📃 Getting Started: A Practice Case Study
This training will show you the basics of creating quick and valuable retirement projections for a sample client. We are going to start with entering client data, running the projections, and comparing a couple of scenarios. In doing this, we will show you how you can use Snap Projections to find the answer to the following:
- How long will my money last? Am I going to be OK?
- How much can I spend so I won't run out of money?
- I'm currently saving $XXX. Will it be enough?
Here is the customer case study we use during the webinar. Feel free to practice it out on your own and then watch the webinar to find the answers to your questions. A summary of the webinar with timestamps is provided below the video. If your questions aren't addressed in the recording, please reach out to us at [email protected] and we will be happy to help!
The following topics are covered:
Section 1: Intro and Setup [0:45 - 3:09]
- Logging in and the Clients List
- How to access Snap Projections Help
- The Snap Projections Toolkit including the New Plan Creation Checklist and Client Questionnaire (available here)
- A quick summary of the client case study
Section 2: Getting started with Data Entry [2:50 - 22:50]
- Entering data for the Scenario Setup including Income, Assets, and Debt
- Commentary about Employer Matching (Group Assets) and future sell dates on Real Assets. (Selling a Real Asset)
- Entering past RRSP/TFSA contribution room
- Modifying Gov't Benefits (CPP and OAS) (CPP Details)
Section 3: Where to start on the Planning Page [23:35 - 38:45)
- Overview of the Planning page
- Entering the client's desired after-tax spending for retirement
- Entering Capital Asset Contributions (Maximize TFSA Contributions)
- What does the yellow highlighting mean? Manual contribution or withdrawal overrides.
- How the cash flow is managed. (Automatic CFM or Manual)
- Automatic contributions or withdrawals are based on the desired After-Tax Spending.
- Manual contributions or withdrawals - the remaining cash is considered to be spent each year and is displayed under After-Tax Spending.
- Changing the CFM Order (Using the CFM Order column)
Section 4: Answering the Client's Questions [38:45 - 50:00]
- How long will the client's money last? Are they going to be ok?
- Shortfall Explanation (Shortfall and Surplus Details) under the Cash Balance column
- Net Worth Chart, After-Tax Spending Chart, and Sources of Income Chart (40:20)
- The Estate Summary (41:00)
- Making Changes to New Scenarios (Copying Scenarios)
- How much could the clients spend and not run out of money? Running a Sustainable Scenario (Running a Sustainable Scenario) (42:25)
- How to show the clients spending more in early retirement, then run a Sustainable scenario at age 75.
- What if they decide to sell their home during the projections? (44:30)
- The Client Report (47:45)