Target-Map templates are used to quickly create funding goals by providing you with pre-set capital requirements for Loss of Life, Retirement and others. (We call capital requirements in Target-Maps "What you Want"). Unlike Custom Target-Map Templates, Custom Target-Maps cannot be saved for future use.
Definition
Make your own Custom Target-Map to define capital requirements yourself. In effect, you define "What You Want" and apply "What You Have" with the client.
Create a Custom Target-Map
From the Add New Target-Map interface list click "Custom", name the Target-Map and select who it is for. Choose a desired bar graph color.
Then:
Click on "1. What you want". Click on Add Desired Cash Flow and define the requirement. Note that if you need a one-time requirement, just fill in the "Start Age" field and not the "End Age" field. Add a COLA if required.
Click on "2. What you have" and start applying capital that's there or create your own capital (click "Add Custom Asset" or Cash flow) to apply the capital you'll be making available.
Make other adjustments as needed.
This helps to further the conversations on what matters to your client and provides an easy visual for them of what needs to happen today to make it work.
Helpful Tips
Edit the title of the Target-Map by double-clicking the title on the Target-Map Summary page, or click Settings anytime.
The Duration of Contributions calculates the quantity of years until the start of the project based on the earliest age/date found in the "What you want" tab.
The "3. What it means" page shows a summary of capital of requirements and funding applied as a quick client review.
Cash Flow Detail tab is available for a year to year breakdown of consumption of capital.
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9/2024