Conquest Initial Plan Props and Assumptions

Data Pushed on Creation vs. Data Pushed Every Time

To make the information clearer, we can separate the data points into two categories: Data Pushed on Creation and Data Pushed Every Time. This distinction helps you understand which data should be entered or reviewed only once when the client profile is created, and which data should be updated more frequently as the client's situation evolves.

1. Data Pushed on Creation (For Sole accounts)

This section includes information that is typically entered when the client profile is first created. These are essential data points that are not expected to change often unless significant life events occur (e.g., Retirement, Income, Age Expectancy). These details lay the foundation for the client's financial plan.

Client information
- Retirement Age (only on creation; typically set to 65)
- Life Expectancy Age (only on creation; typically set to 85)
  
  Note: Retirement Age and Life Expectancy Age are only pushed on creation. It only pushes again if clients age exceeds retirement age or Life Expectancy age. In that case, we assume the client will retire in the next 3 years and add 5 years to the Life Expectancy rate.
Goals
- Retirement Goal: Expected retirement age and target retirement savings.
  Note: The retirement goal is only pushed on creation, as it tends to be stable unless significant life events happen.
Income
- Income Sources: Includes salaries, self-employment income, pensions, passive income, investment income, and rental income.
- Income Details: Information about the source of income, employer details, type of income (e.g., salary, freelance), and annual income amount.
  Note: Income details are only pushed once upon creation and do not require continuous updates unless the client's income significantly changes.

Net Worth
- Assets: Property (e.g., home, rental properties), investment assets (e.g., stocks, bonds, mutual funds), and other valuable assets.
- Liabilities: Any outstanding debts, such as mortgages, car loans, student loans.
Pensions & Government Benefits
- Government Benefits: Canada Pension Plan (CPP), Old Age Security (OAS), including eligibility, start dates, and the monthly amount received.
- Defined Benefit Pensions: Information about pension benefits, survivor benefits, and whether the pension is indexed for inflation.
Investments & Savings
- Systematic Contribution Plan: Information about any set, regular contributions towards investment or savings accounts (e.g., SRSP, RRSP).
Post-Retirement Income
- Post-retirement income sources: Expected income from pensions, government benefits (e.g., CPP, OAS), and withdrawals from savings or investments.
Expenses & Preferences
- Client Preferences: These may include willingness to delay retirement, save tax return refund, reduce retirement spending, or consider downsizing their home.
  Note: Recommended investment profile(investment objective) should be pushed continuously.

2. Data Pushed Every Time (For Sole accounts)

This section includes data that should be reviewed and updated regularly. These data points are more sensitive to changes in the client's financial situation, lifestyle, and priorities. Regular updates ensure that the financial plan stays aligned with the client’s evolving circumstances.

Client information (Pushed Continuously)
- First Name, Last Name, Birth Date, Marital Status, Province (location of residence) are pushed continuously to ensure all client details are up-to-date.
Goals (Pushed Continuously)
- Financial Goals: These can include goals like retirement savings, education funds, building wealth, leaving a legacy, creating a cash reserve, and making major purchases (e.g., a home).
  Note: Financial goals (except retirement goal) are pushed continuously to keep the financial plan evolving with the client’s needs and priorities.

Investments & Savings (Pushed Continuously)
- Types of Accounts: Includes various accounts like non-registered accounts, Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), Registered Education Savings Plans (RESP), First Home Savings Accounts (FHSA), Locked-In Retirement Accounts (LIRA), etc.
- Account Information: This includes the account type, balance, monthly contributions, and jurisdiction.
  Note: Investments & savings data should be updated whenever balances change (e.g., deposits, withdrawals), new accounts are opened, or contributions are adjusted.
Expenses & Preferences (Pushed Continuously)
- Client Preferences: Recommended investment profile(investment objective) should be pushed continuously.
- Investment Profile: This outlines the client’s risk tolerance, investment strategy preferences (e.g., cash, fixed income, balanced, growth, equity), and any specific investment goals or preferences.

1. Data Pushed on Creation (For Joint accounts)

Client Information(Pushed once):

Retirement Age and Life Expectancy for both account holders when they have joint goals or planning considerations. Retirement Age and Life Expectancy Age are only pushed on creation. It only pushes again if clients age exceeds retirement age or Life Expectancy age. In that case, we assume the client will retire in the next 3 years and add 5 years to the Life Expectancy rate.

Income Data(Pushed once):

The income sources for both individuals are aggregated and entered into the system.
This combined income will serve as a basis for calculations related to financial goals, retirement planning, and overall financial strategy.

Assets & Liabilities(Pushed once):

The assets and liabilities of both individuals are consolidated, which includes joint ownership of property, shared debt obligations, and other financial interests.

Retirement & Post-Retirement Planning(Pushed once):

Post-retirement income is computed as a shared figure that incorporates both individuals’ pensions, savings, and anticipated withdrawals, while also considering planning for survivor benefits or shared healthcare expenses.

Investments & Savings(Pushed once):

The investment accounts and contributions of both individuals are monitored. This encompasses both joint investment accounts and separate individual accounts maintained within the same household.

Post-Retirement Income(Pushed once):

Projections for post-retirement income should accurately represent the combined resources of both account holders, factoring in joint pension benefits, shared savings, and potential survivor benefits. Joint account holders must proactively address survivor benefits, such as those from the Canada Pension Plan (CPP) or pension plans, to ensure financial security for the surviving partner in the event of one account holder's passing.

2. Data Pushed on Launch(For Joint accounts)

Client Information(Pushed Continuously):

The personal details of both account holders are systematically recorded, encompassing their names, dates of birth, marital status, and other pertinent biographical information.

Financial Goals (Pushed Continuously):

Shared Financial Goals, such as retirement and home purchases, are collaboratively established for both individuals. It is pushed continuously as Updates to these goals are essential.

Preferences and Investment Profiles(Pushed Continuously):

Considerations for retirement age, savings strategies, and estate planning must align with the interests and aspirations of both parties.

Liabilities and Debt Management(Pushed Continuously):

Shared liabilities, including joint mortgages and car loans, are meticulously tracked for both account holders.

Estate Planning & Survivor Benefits(Pushed Continuously):

Estate planning requires careful consideration of both parties’ wishes, ensuring that the surviving spouse or partner may inherit assets through joint ownership. Calculations for survivor benefits must encompass both individuals, guiding the distribution of assets, pensions, and benefits following the death of one account holder.

Summary: Categorized Data

Category	Pushed Once on Creation(cannot be overwritten)	Pushed Continuously on Launch(can be overwritten)
Client Data	Retirement Age, Life Expectancy Age	First Name, Last Name, Birth Date, Marital Status, Province
Goals	Retirement Goal	Financial Goals (e.g., Education, Legacy, Well-being)
Income	Income Source, Employer, Annual Income (only on creation)	None
Net Worth	Property: Type, Market Value, Balance Owing	Liabilities: Debt Balances, Monthly Expenses, Interest Rates
Investments & Savings	Contribution Plan for Savings and Investments	Updates for new accounts, balance changes, contributions, Account Type, Balance, Contributions (e.g., TFSA, RRSP)
Pensions & Benefits	CPP, OAS, Defined Benefit Pension Info	Pensions: Benefit Adjustments, Survivor Benefits, Changes
Expenses & Preferences	Willingness to Save, Delay Retirement, Downsizing, Post-Retirement Income	Pushed Continuously: Recommended investment profile

Key Takeaways:

On Creation: These are core data points that provide the foundation for financial planning. They are only pushed once and typically only need to be updated after significant life events (e.g., marriage, retirement).
Every Time: These data points require regular reviews and updates based on changes in the client’s financial situation, goals, or preferences. Therefore, these are pushed every time as regular updates are essential to keeping the financial plan on track and relevant.

By understanding which information needs to be updated on creation versus every time, you can keep the financial plan accurate and responsive to the client’s needs, helping them make well-informed financial decisions.