(WEBINAR) 📃 A Practice Case Study (60 min)
This training will show you the basics of creating quick and valuable retirement projections for a sample client. We will start by entering client data, running the projections, and comparing some 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 used during the webinar. Feel free to practice it 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'll be happy to help!
The following topics are covered:
Section 1: Introduction
- Logging in and the Clients List
Section 2: Getting Started with Data Entry [1:45 - 19:05]
- Editing Rate of Returns & Inflation rate
- Entering Base and Additional Expenses
- Entering Employment Income
- Entering a Defined Benefit Pension plan
- Entering past RRSP/TFSA contribution room
- Commentary about the future sale of a Real Asset and Debts
- Modifying Gov't Benefits (CPP/QPP and OAS)
Section 3: Where to start on the Planning Page [19:05 - 44:30]
- Overview of the 3 Navigation levels in Snap
- The Planning page from left to right
- How the cash flow is managed. (Automatic CFM or Manual)
- Automatic contributions or withdrawals are based on the desired Base Expenses.
- Manual contributions or withdrawals - the remaining cash is considered to be spent each year and is displayed under Expenses.
- The CFM Start Age can be adjusted in your projections from the default of the Client's Retirement Age.
- Reviewing the client's Base Expenses and Additional Expenses columns
- Entering Financial Asset Contributions (Maximize TFSA Contributions)
- What does the yellow highlighting mean? Manual contribution or withdrawal overrides.
- Changing the CFM Order (Using the CFM Order column)
- The Estate Summary
- Reviewing the Charts
Section 4: Answering the Client's Questions [44:30 - 57:32]
- How long will the client's money last? Are they going to be ok?
- Using the Recommendations Feature
- Making Changes to New Scenarios and Copying Scenarios
- How much could the clients spend and not run out of money? Running a Sustainable Scenario
- Comparing Scenarios
- The Client Report
- How to access Snap Projections Help
Additional Resources available
- Snap Projections Toolkit (includes checklists and Sample Reports)
- Creating your First Projection
- Personalizing Reports