(WEBINAR) 🔑 Unlock insights with customizable scenario comparisons (October 23, 2024)

Our new Scenario Comparison tool provides a quick and customizable way to understand the assumptions, outcomes, and differences in your scenarios. Learn how to fully utilize this new tool for uncovering insights and sharing them with your client to improve their outcomes.

In this video, we created several projections to demonstrate how to:

Summarize a scenario across customizable metrics to understand the assumptions and outcomes.
Compare three or more scenarios to show the impact of decisions and find the best approach for your client’s goals.
Compare two scenarios to highlight the differences in assumptions and outcomes.
Share the insights with your client in a digestible and actionable way.

The following topics are covered:

Section 1: Intro and Scenario Setup for a couple's projections [0:00]

Starting the projection in the next year
Entering Additional Expenses for Travel and Gifts to Children
Entering Employment Income and prorating if desired
Entering a Defined Benefit Pension Plan
Entering Assets and specifying TFSA/RRSP Contribution room, Employer Contributions
Entering Debts
Adjusting the Government Benefits from default settings

Section 2: Planning pages [14:36]

Overview of the Planning page
Base Expenses automatic calculation in the first year
How to adjust the Base Expenses value
Entering savings contributions
Running the Scenario
Expanding Sections on the Planning page
Reviewing the interactive Charts

Section 3: Copy the scenario and defer CPP to age 70 [19:40]

Implementing a new strategy
Defer CPP to age 70
- Considerations for the CPP enhanced benefits
Review of the Planning page and results

Section 4: Copy the scenario and defer OAS to age 70 [24:35]

Defer OAS to age 70
Review of the Planning page and results

Section 5: Copy the scenario and start registered withdrawals earlier [26:04]

Convert RRSP to RRIF at age 62 for Sophia and 64 for Daniel
Review of the Planning page and results

Section 6: Scenario Comparison feature [27:10]

Discussion of future automation
Scenario Summaries (tables)
Scenario Trends (comparing scenarios over time in chart form)
How to interpret and explain the comparisons
- Relative differences between plans at different ages
- Consider the probability of a client's death at a certain age
Displaying the information in Real or Nominal dollars
Choose which metrics to include/exclude in the comparisons

Section 7: Printing the Scenario Comparison [37:30]

Save Trends as PDF
Export Summaries to Excel or Print to PDF
Removing scenarios from the comparisons
Comparing 2 scenarios to see the Difference column

Section 8: Recommendations [40:00]

Calculate Sustainable Spending
Calculate a new Retirement Age

Section 9: Client Report [40:50]

Choose Snapshots Only
Review the cards in the Report Editor
Update custom text in the Recommendations Summary
Generate and Download the PDF