Planit:Process Flows
From Planipedia
|
When we use the phrase “Process Flow” we are actually referring to the drop down list, found just below the “Client Data Entry” You’ll see here that we have a series of processes you can choose from in order to go through the data entry screens for a particular client. Under Client Data Entry, you currently have six process flow options. PlanPlus Planit utilizes "Process Flows" that tie directly to the service you want to provide for your client. This approach allows you to minimize the learning curve by focusing only on those screens and fields that are necessary to accomplish the task at hand. Let's look at these process flows and see how they differ.
Please Note: Not all installations of PlanPlus Planit will necessarily include all process flows illustrated here, as it's dependent on the business requirements of the company deploying Planit.
Contents |
Investment Policy
As seen here in the screen shot, this process flow incorporates four data entry screens that when completed will produce an Investment Policy Statement. In some versions of Planit you can even choose from several different IPS documents depending on your operating style and the sophistication level of your client. The data entry for this process can be completed in as little as 5 minutes and will identify your client's current investment behaviour as well as a recommended investment strategy that you, their advisor, can control.
Initial Assessment
This process flow is designed to capture comprehensive life-planning information so you can do a quick assessment of your client’s gaps for retirement, education funding, needs on death or disability. Solutions are not part of this process, but rather it allows you to create an Initial Assessment document that will help your client recognize any problems they have.
Life Planning
This process flow is for full planning with strategy modeling etc. It takes you to all screens including Risk Profile and the Auto Model Screen. One powerful feature of the Life Planning Level is the PlanPlus Auto Model process. This feature does multiple automated "what if" scenarios using modeling parameters that you identify, such as:
- Target portfolio as opposed to the current portfolio
- Increased savings
- Increase in the target retirement age to the threshold your client has specified (in one year increments).
- A reduction in the target retirement income if necessary.
- The reduction or elimination of other low priority life goals if they can't be achieved with the resources available.
The end result of this Auto Model process is to identify the best alternative for the client in cases where their current behavior will not result in them achieving their objectives. Data entry for this comprehensive planning process flow will take from 10 to 30 minutes depending on the complexity of your client's situation. Once data entry is complete you have a wide variety of documents that can be processed depending on your primary objective with your client.
Integrated Planning
The “Integrated Planning” process flow extends the capability of Planit for CFP advisors and others providing integrated planning as defined by the Financial Planning Standards Council. This process flow also includes a new document called the “Integrated Financial Plan” this document contains content similar to the Personal Financial Strategy, its key differences are that it incorporates Estate Planning components as well as a Critical Illness and Long Term Care analysis. The plan is also presented from an integrated perspective. Users must request access to this feature, which is available at no extra cost.
Income Replacement
This process flow focuses totally on your client's needs in the event of death or disability using a single needs income replacement approach. There are 4 data entry screens, which take about 3 - 5 minutes to complete. When you're done you'll be able to generate PDF reports that identify your client's insurance requirements recognizing existing coverage that's in place as well as any additional expenses you wish to incorporate.
Risk Management Assessment
This process flow consists of 6 data entry screens and incorporates detailed holdings and business interests to identify potential tax consequences associated with these holdings. It also identifies requirements for key man insurance and the funding of buy-sell agreements. The calculation of tax on second death includes terminal income tax from realized capital gains or the deregistration of sheltered investments as well as estate tax calculations where applicable. This process flow takes about 15 - 30 minutes to complete and results in a comprehensive risk management assessment document.
Estate Planning
NEW to version 5.31
This process flow allows you to go directly to the necessary screens to be able to produce an “Estate Distribution Analysis” as a free standing document.
