Effectively navigate and use Auto Plan with SAM Mode in Conquest to tailor strategies for your client’s financial goals.
What is Auto Plan with SAM?
The Auto Plan feature works in conjunction with Strategic Advice Manager (SAM), a tool that analyzes a variety of financial factors (such as income, expenses, risk tolerance, time horizon, and financial goals) to suggest optimal strategies. When activated, Auto Plan uses AI to automatically select the best strategies for a given goal, ensuring that it is achieved as efficiently as possible.
SAM continuously evaluates different scenarios and applies strategies based on the current financial situation, client preferences, and goals. Once the strategies are applied, the system monitors the goal’s progress and makes adjustments as needed to reach the target. Auto Plan provides a fully automated and hands-off approach to reaching a goal, reducing the need for manual intervention.
How Does Auto Plan with SAM Work in Practice?
Step 1
Activating Auto Plan
Once the goal is selected, the planner can click the Auto Plan with SAM option to start the process under the planning option.
Step 2
Automatic Strategy Selection
Once activated, the system starts analyzing the client's data and applies the most appropriate strategies based on predefined parameters. For example, if the client has a retirement goal, SAM may recommend a combination of savings rate adjustments, investment portfolio rebalancing, and debt repayment strategies to achieve the goal.
Step 3
Reviewing Applied Strategies
After the strategies have been applied, the Strategies Panel will display the selected strategies. Planners can see a list of the strategies that have been automatically chosen by the system.
Step 4
Making Adjustments
If needed, planners can adjust the applied strategies directly from the Applied Strategies Panel. This allows for the manual editing of any aspects of the plan. Planners always have the option to remove any strategies from the list that they believe may not serve the client's best interests.
Step 5
SAM Completion
Once the system has deemed that the goal is on track or fully achievable using the chosen strategies, the Strategies Panel will indicate that SAM is "done" with the goal.
Features and Functionality
While Auto Plan with SAM is automated, planners have the flexibility to make manual adjustments at any time. For instance:
Disabling Strategies
If certain strategies don't align with the client’s preferences, the planner can disable them and manually select alternatives.
Replacing Strategies
Planners can replace specific strategies applied by SAM with their own recommendations or insights. To modify a strategy, simply select the strategy you wish to edit.
Pausing Auto Plan
If necessary, planners can Pause or Stop the automated suggestions at any point, allowing for full manual control if the situation changes or if the planner wants to re-assess the plan.
Auto Plan with SAM simplifies the financial planning process by automating the selection and application of strategies to meet a client’s goals. This feature helps planners save time, optimize strategies for success, and ensure that all of the client’s financial goals are on track. With the added flexibility to edit and adjust strategies as needed, Auto Plan with SAM strikes a balance between automation and personalized planning, making it a valuable tool in Conquest’s suite of financial planning features.