Transcript:
In today’s training, we’re going to review the various charts in the Voyant software and how to interpret and understand the information they display.
We’re going to start on the Let’s See screen and look at the Single Chart view. First, we’ll review the Cash Flow chart. I currently have the legend turned on so that we can see the descriptions for the various colors and items shown on the chart.
When looking at the first year of the chart, keep in mind that Voyant works in full planning years. That means the first bar on the chart represents a full 12-month year.
The black “Total Need” line reflects all estimated expenses and taxes included in the plan. The “Basic” line represents those expenses excluding any luxury expenses or contribution items.
The blue section represents all inflows — this includes all cash and income flowing into the plan during that year. In this example, we can see total inflows of $450,000.
The difference between the Total Need amount and the inflows creates the surplus income shown here. “To Savings” represents all scheduled contributions currently included in the plan.
If you want to review exactly what makes up these numbers, the best place to do that is in Year View.
First, go to the Cash Flow section. This will show you the breakdown of where the total inflow number is coming from. You can see here that Year 1 shows total inflows of $450,000, which matches the amount displayed on the chart. You can also review the detailed breakdown of each income source.
Next, go to the Expenses tab. Here, we can see a Total Need amount of $262,609. This tab allows you to review exactly which expenses make up that total. You can click on individual items to see their payment source and additional details.
You’ll also notice that contributions are included in the Total Need calculation. To review those contributions, go to the Investments tab. Here you can review contributions, see which accounts they are going into, view estimated end-of-year balances, and review any withdrawals occurring during that year. You can also click into individual accounts to review additional details, including fees and any asset allocation settings that apply.
Now, let’s close Year View and return to the chart. We’ll turn on the Details option.
The Details view allows you to visually see where cash is being sourced from to fulfill expenses.
In the early years, if we hover over the first bar on the chart, we can see employment income shown in dark blue and other income shown in pink. Again, if you return to Year View, you can see the detailed breakdown of those different income sources.
During the retirement years, you can see how the software begins pulling from different assets to fulfill expenses. For example, we may see other income represented in pink, while withdrawals are coming from cash or taxable accounts.
In later years, you’ll notice the plan begins pulling from retirement savings or tax-deferred accounts. You can return to Year View and use the slider bar on the chart to move through different years and see exactly which accounts are being used to fulfill expenses.
You can also go to the Expenses tab to review where a figure such as $332,000 in expenses is coming from and see the detailed breakdown. Then, in the Investments tab, you can review exactly which accounts are being withdrawn from and how those withdrawals impact end-of-year balances.
As we move further into the plan, you may notice that a joint investment account becomes almost completely depleted. In the following years, you can then see why the software begins drawing from tax-deferred retirement accounts instead.
You also have the ability to scroll through the different charts and review the details for each one.
For example, in the Assets chart, you can review a breakdown of the client’s assets in every year and see their estimated end-of-year values. You can scroll into later years to review projected asset values at retirement or any other point in the plan.
As long as the legend is turned on, you can also remove specific items from the chart. For example, you could remove illiquid properties and focus only on liquid asset values. You can hide all accounts and look at just a single account to see how it grows over time, or you can show all accounts again to view the complete picture.
The same concept applies to the Taxes chart. In the main chart view, you can see estimated total taxes for each year. In later years, you can also see cumulative taxes building over time.
If you want to review the detailed breakdown of taxes in any year, you can return to Year View, go to the Taxes tab, and review exactly how the client’s taxes were estimated.
A couple of additional navigation tips:
You can use the dropdown menu to move between different charts, or use the arrows on either side of the chart to navigate through them.
You can also use the Zoom option to focus on a specific range of years if you want to analyze a particular period in more detail.
We also now have a new Tabular Data view. For example, if we look at the Cash Flow chart in Tabular Data view, you can see the same information presented in a table format. This is also an accessible view and works well with screen readers.
I hope this has been helpful. If you have any questions about navigating the charts or interpreting the data, you can always reach out to us at support@planwithvoyant.com.
You can also request support directly within Voyant by clicking the client’s name in the top-right corner, selecting “Request Support,” entering your question into the text box, and sharing client access.
Thanks for listening.