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Target-Map™ "What you want" tab: Capital Requirements

Verify, edit, add and remove desired spending

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Written by Mike S

Overview

Default Target-Map templates estimate how much money you’ll need for your goals, in today’s dollars. They give advisors and clients a starting point for discussing how to fund those goals. You can find these estimates on the What you want tab, under Cash Flow Desired.

Check your Target-Map Preferences to Align Spending Goals

Default Target-Map templates rely heavily on values found in Target-Map Preferences. These defaults serve as the essential variables and mathematical foundation for running any template.

To ensure accuracy and efficiency advisors should manage these settings in two ways:

  • Global Preferences: Financial professionals should update the global Target-Map Preferences to reflect their average client's needs. Each Target-Map type has its own set of funding goals. This ensures that every new Target-Map starts with a solid baseline.

  • Per-Case Adjustments: Defaults and specific variables can be adjusted on an individual basis by editing a specific Target-Map report after it has been generated.

Click on each tab on the Target-Map Preferences page to examine the default talking points and their associated default values. Adjust them to mimic your average client because those capital requirements will be placed on the "What you want" tab of a Target-Map. Rename our standard descriptions as you see fit on each type of Target-Map. Add new default spending line items to enhance your standard goal-funding conversations.

Edit Capital Requirements (What you want) After Running a Target-Map

After running the Target-Map, access the What you want page and edit each line item as desired by clicking the pencil icon or the description of the item to bring up its edit form.

  1. Edit a specific Target-Map by clicking "Edit" on the Actions Menu (3 dots icon)

  2. Click the "What you want" tab

  3. Click the pencil icon or the description to open the associated form.

  4. Edit the information as desired.

  5. Ensure the item is checked to make it part of the calculations.

Remove specific line items from the calculations

Uncheck an item to remove it from the calculations. This will remove it from the report output as well but leaves it on the Target-Map for the advisor to use later if needed.

Delete the line item altogether

Delete the item to remove it from the Target-Map altogether.

Year-over-year Cash Flow

You can review the year-over-year breakout of spending desire line items by viewing the Cash flow details page of the Target-Map. They will be listed on the cash flow table in the Capital Required column. Expand the column and click the linked headings to edit the desired cash flow from within the table if desired.

Add Other Funding Desires

  1. Click the "Add desired cash-flow" button and define the item by completing the fields.

  2. Press Create when done.

  3. Ensure the new item is checked to add it to the calculations.

Quick tip! For a one-time need instead of a repeating annual need, only fill in the START age field on the item. For example, purchase a car at age 75. Use the Start age field only to enter "75".

Fixed Duration

Only use the Fixed Duration field checkbox if you want to lock in the quantity of years defined by the difference of the start age and end age. This field is most commonly used for the Long Term Care Target-Map. The quantity of years populates the Duration of Contributions field and locks the duration even as time progresses.

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