Refine the client's funding requirements and funding sources by editing a Target-Map. This offers you the opportunity to clarify funding needs and resources and also provides a means to run high-level scenarios.
Target-Map Actions Menu
The Target-Map Actions menu (elipsis) has a list of options:
Click "Settings" to edit a Target-Map's Parameters
Target-Map name
Duration
Expected Net Return on Capital
Annual Increase of Contributions
Note: Double-clicking the Target-Map name will allow you to edit the title directly.
Click "Edit" to edit Capital Requirements and Capital Funding
Click "Edit" to add or change funding values and percentages on any line item on the What you want and What you have pages.
Click "1. What you want" or "2. What you have" to view and edit the funding requirements or funding sources.
Line item Behaviors
Check box: apply or remove the funding from the calculations
Description link: edit the line item description and values
Pencil: edit the line item description and values
Copy icon: Duplicates the line and includes the word "copy" in the description. Use this to speed up entry of new lines of a similar type
Trash can icon: delete line item (cannot be undone)
Click and drag line items to reorder them.
Modify the available fields as needed
Adjust the Category
Modify the Description or Name (a gray field indicates locked)
Decide which member the item is associated with (Link to Member)
Note: in a Retirement Target-Map, the values selected for one person may represent the full annual spending desires for a couple during retirement if you wish. Not just the one person.
Modify the annual value
Adjust the date or age preference
Adjust the funding start/end dates
Note: for a one-time payment, only use the Start Age field and leave the End Age field blank.
Decide upon a cost of living adjustment
Apply tax if applicable
Choose whether to include or exclude the line item in the calculations...
and if the start and end age define a fixed duration of years or not
If available, set the dollar value to Future Value and at what age the value becomes available
When do I use fixed duration?
In most Target-Maps, the concept of fixed duration may not be applicable, but it holds significant value for long-term care. Fixed duration ensures that an event lasts for a specified number of years after the start date. For instance, if an event begins at age 75 with a fixed duration to age 80, once the member reaches age 75 plus one day, the end age will automatically adjust to 80 plus one day. This mechanism allows for continuous recalibration of exposure for the same duration throughout the life of the Target-Map, making it particularly beneficial for long-term care scenarios.
Financial Edit Pop-ups in Target-Maps
The edit and information windows vary slightly depending on the purpose. Below are three examples of financial edit windows. The first is editing a desired cash flow from the What you want page; the other two are from the What you have page, editing a custom cash flow and custom asset.
Notes on Editing
Gray fields indicate locked fields carried over from Asset-Map tiles. To change the name, you must change the tile.
On the What you have page, editing a Target-Map funding source does not change the Asset-Map financial tile. Rather, it disconnects the Target-Map line item from the Asset-Map, defaulting instead to the newly modified dollar value. Reconnect the line item by removing the value from within the field and saving the edit.
Overwritten Dollar Values
It is common to demonstrate a scenario by adjusting the dollar amount of the funding source. For instance, to finance a goal, one might allocate a portion of an asset. To illustrate this, the asset line item transferred from the Asset-Map to the Target-Map can be modified in the Target-Map without altering the original Asset-Map. If the advisor changes the dollar amount in the Target-Map, two outcomes occur: 1) The term "Overwritten" appears above the dollar value box; 2) the line item becomes unlinked from the Asset-Map, opting to use the manually entered value as the preferred value for the funding scenario. To reconnect the line item with its corresponding financial entry in the Asset-Map, edit the line item to delete the manually entered dollar value to reveal the current amount from the Asset-Map, and then re-enter that value into the dollar value field.
Target-Map Search Feature
For clients with many capital requirements or funding sources, use the search field on the What you have and What you want pages to find them fast.
Add More Capital Requirements and Capital Funding
To add additional capital requirement cash flows, click the Add Desired Cash Flow button and complete the form on the What You Want page.
Tip: To facilitate a one-time payout at a certain age/date instead of a recurring annual amount, ONLY ENTER THE START AGE and do not enter an End age.
To add additional funding cash flows or assets, click the Add Custom Cash Flow or Add Custom Asset buttons on the What You Have page.
Edit from the Cash Flow Details Tab
Expanding the columns and clicking the desired resource to open that financial's Target-Map edit window (as if you clicked them from the What you have and What you want pages).
By design, Target-Maps are independent from one another. Funding used by one Target-Map is not automatically removed from other Target-Maps.
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Tags: target, map, available, cash, asset, fund, plan, planning, goals, goal
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