What
You can now create, save and reuse up to five Target-Map financial goals templates.
Why
Whereas the system's Target-Map capital requirements (What you wants) cannot be edited and saved for future use, using the Custom Target-Map Template offers you the ability to create and reuse your preferred capital requirements.
How
Create and save your own reusable Target-Map template using the following steps.
Build your Reusable Custom Target-Map
Apply a current Target-Map to any household (not possible on a Stencil type household).
Start with one of our Target-Maps to get a head start on building out new capital requirements, or...
Click the "Custom" option from the Target-Map selector to define a new template from scratch
Here's an example:
Enter a temporary Target-Map name
Select a member (required)
Click "Create"
The next view should take you right to the editable pages.
Click the "Template" icon
Complete the form
Give the custom template a permanent name. Moving forward you'll be able to search for and apply it to any Sample, Prospective, or Client household.
Apply funding goals (the "Wants" normally found on the What you want page). Please read the important section below called Defining the new Capital Requirements (the What you wants) for more insights.
Press Create Template
It will not be immediately visible. Please go the Target-Map Summary page on the Household you wish to run your new Target-Map and press the New Target-Map button to view your collection of saved custom Target-Map templates.
Note: The new Target-Map will be available for all households from the Target-Map selector moving forward.
You may delete or edit your new custom Target-Map templates by clicking the related icon.
Defining the new Capital Requirements (the What you wants)
After following the steps above to build the framework of your new reusable Target-Map the next step is to define the Capital Requirements. Capital requirement line items and their dollar values define the What you want in Target-Maps.
Enter a Description - name the "want"
Enter a dollar amount
The dollar amount can either be a hard coded number, like the new car dollar value of $70,000 in the above video
The dollar amount can be derived from a calculation, like the other line items in the video
Note: the dollar amount can be today's value and you can apply a COLA to inflate the value as time passes.
Select the member role (examples: Primary, Spouse, Dependent, Family) to whom the line item applies to and if it should apply to everyone of the same role on the map (Yes or No). That means the Target-Map will apply the line item to members with that role.
One can remove line items by clicking the Trash can icon.
👉 Important Note: Choosing the "Member Role" will use the first household member that has been given that role in Asset-Map. It will also use their current age to fill in the Start age field.
Consider creating a Custom Template for the Member Role you'd like to run it for. For example, if the primary member is deceased use "Primary" in the Member Role selector when creating the custom template, displaying the impact of the monetary value for the Primary's departure. If the spouse is deceased, have a second Custom Template ready that has "Spouse" in the Member Role. If the Spouse passes, run the Target-Map for the spouse and it will display the monetary impact of their departure. You may consider titling your custom templates accordingly: "Primary: Loss of Life", "Spouse: Loss of Life".
Equations in the Value Field
To use an equation to calculate a dollar value start the equation with an " = " symbol and use braces around variables { }. The variables are derived from the Household's Asset-Map. The variables available include:
Income
Liability
Insurance
Residence
Cash
Invest
Assets
In our example video we define a dollar value for "Playcheck" to be 10% of the household's current income on the Asset-Map this way:
={income}*.10 This searches for all earned and passive incomes on their Asset-Map and multiplies them by 10%, represented by " .10 ".
In another example, if you want to pay off 100% of the household's liabilities listed on the Asset-Map the formula would be:
=(liability}*1
This searches for all household Liability financials on the map, sums them up and multiplies them by "1".
👉 Note: as stated before, these are household variables. Every member or entity that has that type of financial will be summed for the formula. Of course, always anticipate needing to refine dollar values, ages, etc, when you speak with your client.
Running your new Custom Target-Map
Example: Retirement Custom Target-Map Template with a Long Term Care Event
Select New Target-Map on the Targate-Map page.
Choose the Template option.
Select the desired template from the drop-down menu.
Assign the Target-Map to at least one member (required).
Press Create
On the What you have page, apply the relevant funding sources as desired to meet the capital requirement wants. As always, double-check that each line is set with the correct values and edit as needed.
Your new Target-Map must be refined on the What you have page. Click the relevant line item's description link or pencil icon to edit the following fields if desired:
the Category
the Description
the Annual amount
the COLA
the Date/Age reference
and the Start and End age/dates (remember that for a one-time payout leave the End age field blank)
Press Update to save the changes.
10/2022