A financial plan is a document containing a person's current financial situation, long-term monetary goals, and any strategies developed to achieve those goals. Advisors need an understanding of these financial plans in order to determine the best course of action to achieve them. To make this easier for Advisors, and to keep all this information in one place, Salentica Elements has added the new entity call the Financial Plan. This is where these details about the Financial Plan can be logged, revisited, and adjusted as needed for team members to reference when having this important discussion with clients.
On an ongoing basis, users can document the client’s goals as they change and add amendments to the Financial Plan as necessary. Detailing Return Objectives, Risk Objectives, Liquidity, and Life Expectancy on the Financial Plan will help build the framework for the client’s IPS.
What's included in a Financial Plan?
| Field Name | Field Type |
|---|---|
| Name | Text & Required |
| Last Review Date | Date |
| New Review Date | Date |
| Current Situation | Long Text Area |
| Proposed Situation | Long Text Area |
| Relationship | Master Detail - Filled w/Relationship & Required |
| Tax Filing Information |
Look Up to Tax Filing |
Liquidity Analysis
| Field Name | Field Type |
|---|---|
| Return Objective | Long Text Area |
| Risk Objective | Long Text Area |
| Liquidity | Long Text Area |
| Life Expectancy | Long Text Area |
Financial Plan Amendments and Financial Plan Goals
In addition to Financial Plan, Financial Plan Amendments and Financial Plan Goals are also available. They can be found on the Related Lists of a Financial Plan.
Financial Plan Goals - consists of dates and details of a goal
- Specific Portfolios and Financial Accounts can be linked to each individual goal, as necessary
- Multiple Financial Plan Goals can be associated with a single Financial Plan
| Field | Type |
|---|---|
| Name | Text & Required |
| Description | Long Text Area |
| Financial Plan | Look Up to Financial Plan |
| Date | Date |
Financial Plan Amendments - consists of dates and details of the amendment to the Financial Plan
| Field | Type |
|---|---|
| Name | Text & Required |
| Portfolio | Look up to Portfolio |
| Date Added | Date |
| Date Removed | Date |
| Financial Plan | Look up to Financial Plan |
| Financial Account | Look up to Financial Account |
| Details | Long Text Area |
