Goal Priority Analysis Transcript
Hello, and welcome to today’s AdviserGo training.
Today, we’re going to review Voyant’s Goal Priority Analysis tool.
In the plan we’re working with today, our clients have three primary goals they would like to achieve throughout the lifetime of their plan.
They would like to:
- Remodel their home
- Spend approximately $25,000 annually on travel in retirement
- Maintain a $150,000 annual retirement spending goal
Right now, the plan is currently on track to meet the first two goals for only 24 out of the 27 years in the plan. We can also see the shortfall reflected here in the Cash Flow chart.
Now, let’s go to the Insights section and select the Goal Priority Analysis insight.
This insight allows us to review how different goals may impact the overall success of the plan. You can approach this in a few different ways.
First, we can use the slider bar to remove luxury or leisure goals from the plan. In this example, we’ll remove the home remodel and the retirement travel goal, then click Get Started.
By removing those two spending items, we can see whether the clients would now be able to meet their annual retirement spending goal.
In this case, the answer is yes. Without the home remodel and retirement travel goals, they are now able to meet their retirement spending goal for 27 out of 27 years in the plan.
If we wanted to take more of a piecemeal approach, we could remove one goal at a time to see how each one affects the overall outcome.
For example, let’s remove only the home remodel and leave the retirement travel goal in the plan. This allows us to see whether removing just that one expense is enough to create a successful outcome.
In this scenario, we can see that the retirement goal only improves slightly, and the retirement travel goal remains largely unchanged. This tells us that removing the home remodel alone may not be enough to fully resolve the shortfall.
Next, we can remove the retirement travel goal and leave the home remodel in the plan.
In this scenario, the clients are able to meet the home remodel and retirement spending goals, but the retirement travel goal would need to be reassessed.
This is where the Goal Priority Analysis insight can be especially helpful. It allows you to have a clearer conversation with your client about which goals are most important, where trade-offs may need to happen, and how adjusting or removing certain goals can improve the overall plan outcome.
If you have any questions, or if you would like to walk through this insight with a member of our Support team, you can reach out to us at support@planwithvoyant.com.
You can also request support directly from within the client case by clicking the client’s name in the top-right corner, selecting Request Support, entering your message in the text box, and sharing client access.
Thanks for listening.