Aligning Education Goals in Conquest Planning.
What is an Education Goal?
The Education Goal functionality in Conquest Planning allows financial planners to create and manage savings plans for a client’s educational objectives, such as funding a child’s college education. Planners can set target amounts, due dates, and track progress, while also considering factors like inflation and investment growth to ensure the goal is achieved efficiently.
Navigating to the Education Goal
The Education Goal card can be accessed from the Client Data Overview Page.
Adding the Goal
To create an Education Goal in Conquest Planning, you can add multiple education expenses under the Education goal card, linking each expense to either a client or a dependant. If the beneficiary is a dependant, the start date for the expense is automatically set to September 1st of the year they turn 18.
Please find and view the video below to understand the step-by-step guide on how to add an Education Goal.
Features and Functionality
A. Deleting or Editing Education Goals
To add a new goal, the user can select the "+ Education Expense" prompt at the bottom left of the page, which will create a second goal for the same individual or one listed under the client’s profile.
If the financial planner wishes to delete a goal, they can click the trash bin icon next to the Description box on the left side of the screen.
B. Fund Allocation for Education Goals
If the client has a Registered Education Savings Plan (RESP), the account will automatically be allocated to cover education expenses.
The available allocation options include non-registered funds, TFSA(s), registered funds, and the client's bank account. Each option includes a box where the client or financial planner can enter the amount they wish to allocate.
C. Tracking Progress on the Education Goal
If a financial planner wants to monitor the progress of the Education Goal, they can navigate to the Planning page, which also displays progress on other goals.
Once on the Planning page, the user should select the Progress Pie Chart (if not already selected), which will display charts automatically generated by Conquest. In this example, the user can view the "Education Goal Abilities" chart, which shows the education investment, debt, and shortfalls.