Integrity Check

The Integrity Check helps identify and correct errors, inconsistencies, or outliers in client data before finalizing the plan.

The Integrity Check in Conquest is useful for ensuring the accuracy and reliability of a client’s financial data by identifying errors, inconsistencies, or outliers. This allows financial planners to make necessary adjustments or corrections before finalizing the financial plan, ensuring that the recommendations and strategies are based on accurate, trustworthy data.

Navigating to Integrity Check

The Integrity Check tab can be found under the Review section.

Key Features of the Integrity Check

The Integrity Check feature in Conquest is an essential tool that helps financial planners ensure the accuracy, consistency, and reliability of a client’s financial data. This step serves as an early checkpoint in the financial planning process before proceeding with a full review of the plan.

1. Data Validation and Consistency

   The Integrity Check ensures that key data points in the financial plan are logically consistent and match reasonable expectations. If the financial plan is consistent,  the integrity check will mark the plan as "Success".

    

2. Error Identification

   By running an Integrity Check, planners can catch common data entry errors early in the planning process. For example, we entered the age for retirement in this case as 120 years. Integrity check will flag the age as it is not consistent with the average retirement age.

   Information under planning may also be flagged due to several other reasons. For example:

   Missing or incorrectly entered financial data (e.g., missing income, incorrect tax information).

   Logical inconsistencies (e.g., overly aggressive spending assumptions that exceed income, or unrealistic inflation rates).

   Conflicting assumptions (e.g., expected income growth that is higher than what is realistic given the client’s career stage).

3. Set Guidelines and Thresholds

   The Integrity Check operates based on predefined guidelines and thresholds, which are often aligned with industry standards, historical benchmarks, and best practices. These guidelines may be customizable depending on the client's preferences or specific financial plan objectives. The system cross-references entered data with these set parameters and flags anything that deviates too far from the expected norms.

4. Preparation for Full Plan Review 

   Running the Integrity Check is considered a preliminary step in preparing a financial plan for review and client confirmation. It provides planners with a clear understanding of where the plan might need further adjustments or clarifications before presenting it to the client. By conducting the Integrity Check early, you’re more likely to avoid surprises and ensure the plan is in good shape for the final stages of review.

Benefits of the Integrity Check:

1. Early Warning System The Integrity Check acts as an early warning system, alerting planners to potential problems in the plan before deeper analysis is conducted. This allows financial planners to:

   • Address inconsistencies or errors upfront.
   • Make adjustments to data and assumptions before running detailed projections or finalizing the plan.
   • Improve the overall quality and accuracy of the plan, ensuring that it provides realistic projections and recommendations.
2. Improved Confidence in Projections The Integrity Check helps to confirm that the data entered into the plan will lead to credible and reliable financial projections. By flagging unusual or illogical data points, it ensures that the plan’s conclusions (such as expected retirement savings, cash flow projections, and investment growth) are built on solid foundations.