Manage Financial Data in Conquest: Incomes Card

Learn how to efficiently manage and edit a client’s income data

The Incomes Card provides a centralized platform to input and manage all sources of income within a household, ensuring a comprehensive and accurate representation of the client’s financial situation.

By organizing and tracking these details, the Incomes Card allows advisors to tailor financial plans based on a holistic view of the household’s earning capacity.

Accessing the Incomes Card

To access the Incomes Card, navigate to the client’s Current Data page and locate the Financial Data section. This is where you can view, manage, and update all income-related details for the client.

Adding an Income Source

After selecting the Incomes Card, click the "+ Income" button to incorporate a new income source into your plan.

Income Types and Tax Deduction Implications

The available income types, along with their corresponding tax deduction implications, are detailed in the table below for your reference.

*Note: Dividend incomes contain an additional toggle where you can specify if the dividend is eligible. For tax purposes, it is important that you select the right type of dividend.

Income Features and Customizability

Income Description and Type: The description field names the income for reports and calculations. The type field is locked to preserve the income’s nature, even if the description is unclear. To change the income type, you must add a new income and delete the existing one.
Ownership and Amount: Every income must have a specified owner (cannot be joint). If entering an annual income amount, toggle Specify an annual amount to "Yes." The amount will adjust automatically based on the selected frequency (e.g., $80,000 annually converts to $1,539 weekly).
Frequency, Start, and End Dates: Income frequency defaults to monthly but can be set to other options (e.g., annual, biweekly, daily). Start and end dates default to the plan’s start year and retirement date but can be updated as needed.
Indexing and Adjustments: Incomes can be indexed to inflation, with the rate adjustable in the Plan Assumptions card. An additional index rate can also be specified for incomes growing faster than inflation.

Note: Clicking the "Pencil" button on the right hand side allows further customizability and allows you to specify details regarding the income source.

Deleting an Income Entry

To remove an income, simply click the Trash bin icon beside it.