Transcript:
In today’s training, we’re going to be reviewing Voyant’s Goal Priority Analysis tool.
In the plan that we’re working with, our clients have three primary goals they would like to achieve throughout the lifetime of their plan:
- Remodel their home
- Spend around $25,000 annually on travel during retirement
- Maintain a $150,000 per year retirement spending goal
Right now, the plan is only on track to meet these goals for 24 out of the 27 years in the plan. You can also see the shortfall reflected in the Cash Flow chart.
Let’s now go to the Insights section and review the Goal Priority Analysis Insight for this plan.
There are a couple of different ways you can use this tool.
One option is to use the slider bar to remove luxury or leisure goals from the plan. By doing this, we can test how removing certain goals impacts the overall success of the plan.
For example, if we remove both the home remodel and the retirement travel goals, then click Get Started, we can evaluate whether the clients would still be able to meet their annual retirement spending goal.
In this case, the answer is yes.
By removing these two spending goals, the clients are now able to meet their retirement spending goal for all 27 out of 27 years in the plan.
If we wanted to take a more piecemeal approach, we could remove goals one at a time.
For example, let’s say we remove only the home remodel goal to see whether the retirement travel goal can remain in the plan while still achieving a successful outcome.
In this scenario, we can see the plan improves slightly, but only by about 1% on the retirement spending goal and the retirement travel goal.
Next, we can try the opposite approach by removing the retirement travel goal while leaving the home remodel in place.
In this scenario, the clients are able to meet the home remodel and retirement spending goals successfully, but the retirement travel goal would likely need to be reassessed.
I hope this has been helpful.
If you have any questions or would like to review this Insight with a member of our Support Team, you can always reach out to us at support@planwithvoyant.com, or click your client’s name in the top right corner of AdviserGo, select Request Support, enter your message into the text box, and share client access.
Thanks for listening.