Navigating to the Current vs. Recommended Plan Comparisons
To access the Current vs. Recommended Plan Comaparisons navigate to the client's Planning page and navigate through the various tabs. This is where you can view and compare the benefits of the plan with financial planning advice.
Comparing Current and Recommended Plans in Conquest Financial Planning
When using Conquest Financial Planning, understanding the distinction between the Current Plan and the Recommended Plan is crucial for both advisors and clients. This comparison allows clients to see the impact of tailored financial advice and advanced planning strategies on their financial goals.
Current Plan
The Current Plan represents the client's financial situation as it stands today. This plan typically reflects one of two scenarios:
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No Financial Advice Applied: It shows the financial outcomes based solely on the client's existing decisions, habits, and assets without the benefit of professional guidance or adjustments.
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Outdated Financial Plan: If the client has a prior financial plan, it may not reflect their most up-to-date information, such as recent life events, income changes, or shifts in financial goals.
This baseline serves as the starting point for comparison, highlighting the potential gaps or inefficiencies in their current approach.
The Recommended Plan (or "With Advice")
The Recommended Plan, often labeled as "With Advice" in Conquest charts and reports, reflects the client's financial outlook after professional recommendations have been applied. This plan is developed by the Strategic Advice Manager (Manager) within the tool, leveraging advanced artificial intelligence to:
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Analyze Current Data: The Manager evaluates the client's updated financial information, goals, and risk tolerance.
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Recommend Strategies: Using AI-driven insights, it proposes tailored financial strategies. These strategies may include optimizing investments, debt repayment plans, tax efficiencies, or savings contributions.
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Project Future Outcomes: The Recommended Plan provides a clear and data-driven visualization of how these strategic adjustments can enhance the client's financial health and bring them closer to their goals.
Key Purpose of the Comparison
By juxtaposing the Current Plan with the Recommended Plan, clients and advisors can:
- Identify Improvements: Clearly see the advantages of implementing the suggested strategies.
- Quantify Results: Review projections such as higher net worth, reduced debt, or faster goal achievement.
- Build Confidence: Gain reassurance in the strategic advice provided, fostering trust and encouraging action.
This side-by-side comparison is a powerful tool for demonstrating the tangible value of financial planning and advisory services.
- On the left-hand side of the Conquest interface, you can explore various tools to generate suggested strategies for the Recommended Plan. You can choose between Step-by-Step Planning, which allows for manual input of strategies; Expert Planning, which combines professional expertise with targeted recommendations; or Auto Plan with SAM, where the Strategic Advice Manager uses AI to automatically suggest strategies. These strategies are then added to the Recommended Plan for review.
- On the right-hand side, a list of the suggested strategies is displayed, allowing for easy customization. You can toggle checkboxes to apply or unapply specific strategies in real time. For example, SAM might suggest saving an additional $250 monthly, delaying retirement by a year, or saving the entire annual tax refund. This flexibility helps refine the plan to best align with the client's preferences and goals.
Value of Advice Summary
- By clicking on the "Insights" button on the right hand side, you can then click the "Additional Information" tab to view and access a "Value of Advice" summary that highlights the financial impacts of the plan based on several key categories such as Retirement, Investments and Net Worth and Legacy.