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Profiles™ User Manual

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1. os e o ok ok 100 0096 Assets amp Liabilities category Assets Summary View screen Edit button for Investment Accounts Investment Account Entry screen Edit button Holding Details screen Taxation button Taxation of Return screen How do enter taxable account tax details m Enter the breakdown of the total return between the applicable categories 95 Chapter 8 Entering assets and liabilities Education Account Entry screen The Education Account Entry screen is used to enter the clients investment accounts intended to fund education such as UTMA UGMA Coverdell ESA and 529 college savings plans QUICKACTIONS w Education Account Entry Number 1 of 1 Account Type umauma El Account Name Melissa s College Fund Owner Other y For the Benefit of Other y Melissa Account Held in Living Trust O Manage Underlying Holdings Independently r Holding Market Asset Name Value Allocation Classify ROR Edit Delete Melissa s College Fund 25500 Mixed gt je MEA gt x 0 lt Choose gt 0 e Account Values CLASSIFY ALL HOLDINGS DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Education Investment Accounts Education Account Entry screen How do add an education account 1 Click 4 from the spin control 4 x gt beside Number 2 Select an education account type from the Account Type list The data entr
2. Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Education Preferences screen To modify the education preferences enter your changes in the applicable fields How do enter the default annual college costs using the college cost search 1 Click College Cost Search to open the College Cost Search screen 2 From the search list select the category you would like to search The options include Name of School City and State 3 Based on your selection in step 2 above enter a specific item to search for in the search field Note If you select Name of School you cannot enter an acronym for an institution e g UCLA You must enter the school s full name or a keyword e g California 4 For tuition type select In State or Out of State 43 8 Chapter 4 Setting the planning preferences In the Between fields enter a tuition range Note The Between fields are optional however if you re searching for schools in states that have numerous institutions like California or New York and leave these fields blank there may be too many institutions to display Profiles Financial Planning Application will display only the first 100 institutions In this case enter a tuition range to help narrow your search Click Search The results of your search appear alphabetically on the screen Click y for the institution you want to select and then select the options under Tuition amp Re
3. 1 Click Add Liability 2 Select a category for the new liability The Secured by list becomes accessible 108 Chapter 8 Entering assets and liabilities 3 Select the previously entered asset that will be used to secure the liability The data entry fields below become accessible 4 Enter the remaining details for the new liability and then click Close How do edit an existing liability 1 Click p beside the liability you want to edit 2 Make the required changes and then click Close How do delete a liability a To delete a liability go to the Liabilities Detail View screen and then click x Next to the liability you want to delete Note If a liability has been entered with applicable balance term interest rate and monthly payments then the loan payments should NOT also be included as an expense or incorporated into the income needs objectives All future liability payments will automatically be included in the reports until the loan is paid off 109 Chapter 8 Entering assets and liabilities Liability Entry screen The Liability Entry screen is used to edit an existing linked liability or enter a new liability Note The availability of some fields and buttons on the Liability Entry screen is based on the selections made in the Category Type and or Scheduled Payment Method fields QUICKACTIONS v Liability Entry Number 2of2 Category Real Estate Loan gt Secured by Vacation Property gt
4. 2 Under Search By enter a ticker symbol or a holding name in the appropriate field Note Be sure to use a keyword for your search Performing a search using only one or two letters may cause a significant delay in generating the search results 3 Depending on the type of search you want to perform select either Begins with this phrase or Contains this phrase and then click Search Any matches appear under Search Results 4 Browse through the search results to find the holding you want If you can not find a specific holding you may need to refine your search criteria or manually classify the holding Once you have found a holding click v beside the holding you want The information under Selected Security updates 5 Click OK How do change the details of an investment account 1 Use the spin control 4 x beside Number to navigate to the investment account you want to edit 2 Make the required changes How do edit a holding a Click p beside the holding you want to edit How do I classify all unclassified holdings m First enter the ticker symbol for each holding in the account leave the Holding Name blank Click Classify all Holdings Profiles Financial Planning Application searches the Morningstar Classifier Database for the ticker symbols entered and automatically enters asset allocation classifications for all matches A dialog box displays how many holdings were classified for example 3 of 3 holdings cl
5. Client A B gt s Death enter the survivor income needs details in the applicable fields 132 Chapter 10 Survivor Income Needs screen Detailed Cash Flow mode Entering planning objectives On the Survivor Income Needs screen you can view the surviving client s immediate cash needs This screen includes fields for required and desired needs however these fields cannot be edited To edit desired or required expenses use the Expenses screens To change survivor earnings use the Income screen Note This topic only applies to cases using Detailed Cash Flow mode Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES Retirement Survivor Cash Needs Survivor Inc Needs Long Term Care Needs Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES OUTPUT FORMS TOOLS Survivor Income Needs Gordon s Death Client B s Age Required Expenses 64 4 093 65 4 134 Age to Begin Social Security Retirement Benefit Minimum Asset Balance Brenda s Death Client A s Age Required Expenses 64 4 093 65 4 134 Age to Begin Social Security Retirement Benefit Minimum Asset Balance Objectives category Survivor Income Needs screen Functional Documentation PREFERENCES HELP QUICKACTIONS w Active Case Sample 3 Detailed Cash Flow Sample Case Desired Expenses Client B Ear
6. During Retirement Education Plan Beneficiary a Client A s Death Disability Client B s Death Disability Note Profiles Financial Planning Application calculates the combined rate 54 Chapter 5 Setting up client cases 2 Under Other Tax Input indicate if the clients pay Social Security or Medicare taxes and then enter the taxable portion of Social Security benefits Functional Documentation This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Income Tax Options and Analyses 55 Chapter 6 Entering client data Chapter 6 Entering client data In the first few screens under the Client Data category you can enter your clients personal information contact information dependents advisors and risk tolerance information This chapter includes the following topics to help you enter your clients financial information Personal Data screen nol A A A stag eiesoes deeb we ecce A 57 Client A Client B Data screen _ 2 2 o oo eee cece cece cece ec ce ee cece eee cece cc eee cece cece cece eeeececceeesenees 58 Advisors SChO ON ai ewe beets let tet KK geet eae seerseds 59 Dependents Screen Heuer RliDtie eecslisuebnteceneireoA Nur re set sa e e M sua ER see 60 Risk Tolerance Profile screen 2 c cece cece cece cece cece RR RR RR RR RR RR Re e e ee eese een 62 Questi
7. Financial Planning Application uses the value you entered in the Income Increase field as well as the year you specified in the Projection Year field to automatically calculate future year projections To override the value for a particular projected income item enter the desired future dollar amount 220 Chapter 14 Entering business data Business Expenses screen Use the Business Expenses screen to enter the clients business expenses Most businesses have financial statements prepared at least once a year A copy of the income statement can usually be obtained from the clients Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Business Expe nses Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA Current Year 2021 Projection Year 9 Expense Increase 96 INCOME amp EXPENSES Cost of Goods Services Sold 200 000 398 513 Income Owner s Salaries 345 000 687 434 Expenses Other s Salaries 1 100 000 2 191 819 Business Income Employee Benefits 146 000 290 914 Business Ee Retirement Plan Contributions 100 000 199 256 ASSETS amp LIABILITIES Payroll Taxes 150 000 298 884 INSURANCE COVERAGE Office Expenses 200 000 398 513 General Expenses 75 000 149 442 Interest 45 000 89 665 ASSET PLANNING R amp D Expenses 50 000 99 628 Other Expenses 35 000 69 740 O
8. How do change the details of an education account 1 Use the spin control 4 x beside Number to navigate to the education account you want to edit 2 Make the required changes How do edit a holding 1 Click p beside the holding you want to edit 2 Use the spin control KEZI beside Number to navigate to the holding you want to edit 3 Make the required changes and then click Close How do I classify all unclassified holdings a First enter the ticker symbol for each holding in the account leave the Holding Name blank Click Classify all Holdings Profiles Financial Planning Application searches the Morningstar Classifier Database for the ticker symbols entered and automatically enters asset allocation classifications for all matches A dialog box displays how many holdings were classified for example 3 of 3 holdings classified If the ticker symbol is not found the Asset Allocation field displays Unclassified and you will need to classify the holding manually Note This option is only available with the purchase of the Morningstar Classifier Database option How do I delete a holding m Click x beside the holding you want to delete How do delete an education account 1 Use the spin control RM 2 4 beside Number to navigate to the account you want to delete 2 Click yg 97 Chapter 8 Entering assets and liabilities Real Estate Property Entry screen The Real Estate Property Entry screen is used to
9. analyzes the data and then allows you to present it in the form of graphs tables and charts designed to illustrate certain financial concepts to your clients This chapter includes the following topics to help you generate client presentations Client Presentation dialog box _ 2 22 2 2 2 cece cece cece ec ee cee cee cece cece ceceeeceseeeeeeeeeeseeees Monte Carlo simulation uuuuuiuiuuuuuulillllllllllszslllllllllllcllllllllll22222222222222222 2 226 Chapter 15 Generating client presentations Client Presentation dialog box The Client Presentation dialog box is used to create and print customized client presentations according to your needs and to help your clients understand how they can improve their financial situation Note If any part of your case data is invalid the Invalid Data dialog box opens and you will be required to correct the invalid data Data validation occurs automatically when you go to the Client Presentation dialog box To learn more about this dialog box click o at the top of the dialog box and select the Client Presentation Reports video under Core Template Library Report Library Client Presentation Filter by Report Type Search for a Report F Select All T Table of Contents All Pages Gi Title Pages B General Information Assets and Liabilities I General Information I e Personal Data V Client Objectives F Analysis Summary T e Need v
10. 250 increasing at 0 Today y Years 0 Ages 64 64 Retirement gt Years 0 Ages 65 65 r Premium Holding Name Value Allocation Asset Allocation Classify ROR Delete 65 000 100 lt Mixed gt y 6 66 0 0 lt Choose gt y 0 65 000 ZurichAdtg3 Fidelity VIP Asset Manager Ini Account Values 100 0096 6 6696 DELETE THIS ANNUITY Assets amp Liabilities category Assets Summary View screen Edit button for Deferred Annuity Accounts Deferred Annuity Entry screen How do add a deferred annuity 1 Click 4 from the spin control 4 x gt beside Number 2 Select an annuity type The data entry fields below become accessible 3 Enter the remaining details for the new deferred annuity How do classify a holding manually 1 Click next to the holding you want to classify Note An asset name or ticker symbol must be entered for to become accessible 2 Ensure the Manual Classification option is selected and then enter the appropriate percentages in the fields The total must equal 100 3 Once all the classification data is entered click OK How do classify a holding automatically 90 Chapter 8 Entering assets and liabilities 1 Click q next to the holding you want to classify Note An asset holding name or ticker symbol must be entered for to become accessible 2 Under Search By enter a ticker symbol or a holding name in the appropriate field Note B
11. Go to the Planning Preferences category on the navigation bar and then make your changes on the applicable screens 2 Go to the Planning Preferences section on the left navigation panel 3 When finished go to the File menu and select Save Case Note Selecting Save Planning Preferences from the Preferences menu will change your global settings for all future plans Replace the global default planning preferences with the planning preferences from the current case Go to the Preferences menu and then select Save Planning Preferences The planning preferences from the current case are saved as the global default planning preferences which are used for new cases a f you only want to change preferences for future plans and not change them for the current active case then go to the Preferences menu and select My Default Preferences Restore the planning preferences used for the current case with the default planning preferences Go to the Preferences menu and then select Restore Default Preferences The planning preferences used in the current case are overwritten with the global default planning preferences Restore Profiles Professional s original planning preferences as the global default planning preferences Go to the Preferences menu and select Restore System Preferences The global default planning preferences are overwritten with Profiles Professional s original set of planning preferences 37 General P
12. INPUT OUTPUT FORMS TOOLS Assumptions Plan Date 1 4 2012 Case Review Date 1 4 2013 Client marital status Maried J Inflation Long term inflation rate a 290 Social Security increase rate Case Setup category Assumptions screen How do I set assumptions PREFERENCES HELP QUICKACTIONS v Active Case Sample 2 Comprehensive Sample Case 1 Tochange the plan date enter a new date in the Plan Date field To change the case review date enter a new date in the Case Review Date field To change the clients marital status select a new option from the Client marital status list 2 3 4 Tosetthe long term inflation rate enter a new default inflation rate in the Long term inflation rate field 5 To set the Social Security increase rate enter a new default inflation rate in the Social Security increase rate field 52 Chapter 5 Setting up client cases Asset Allocation Settings screen The Asset Allocation Settings screen allows you to select either the Ibbotson Expected Return or a user defined Client Expected Return for each asset class The asset allocation settings on this screen determine rates of return and the taxation rates of certain assets All future reallocation and rebalancing calculations rely on these settings Cases that do not use the Ibbotson Expected Return settings will not have access to certain reports that use this information Note This screen is only available if the Ass
13. Name of Liability Carlsbad Home Owner ClientA Type Equity Line of Credit y Scheduled Payment Method Interest Only then Amortized gt Timing of Loan Information Existing Loan Current Information y Current Year 2012 Current Balance 10 000 Term Remaining in years 29 Annual Interest Rate RATE ADJUSTMENT Monthly Payment Years Until the Draw Period is Over and Installments Begin enter 0 if draw period is over ADDITIONAL PAYMENTS ADDITIONAL WITHDRAWALS Assets amp Liabilities category Liabilities screen Edit or Add Liability button Liability Entry screen How do enter a new liability 1 Click 4 from the spin control 4 x gt beside Number 2 Select a category for the new liability The Secured by list becomes accessible 3 From the Secured by list select the previously entered asset that will be used to secure the liability The data entry fields below become accessible 4 Enter the remaining details for the new liability How do edit an existing linked liability 1 Use the spin control 4 x gt to select the liability you want to edit 2 Make the required changes How do enter a one time rate adjustment for an adjustable rate loan 1 Click Rate Adjustment Note The Rate Adjustment button is available only when an adjustable rate loan type is selected from the 110 Chapter 8 Entering assets and liabilities Type list 2 Enter the required information and then c
14. Years 0 Ages 66 62 Ending Retirement y Years 10 Ages 76 72 v Taxable Taxable Portion of Income 100 96 Scenario Results 5596 of goal achieved 0 ending portfolio RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Retirement Income Modify option selected Edit button Retirement Income Details screen How do I edit a retirement income m Editthe details for the retirement income in the applicable fields How do recalculate scenario results Click Recalculate The Scenario Results graph updates 173 Chapter 12 Creating retirement scenarios Portfolio Reallocations with Asset Allocation option screen Note This topic only applies if the Asset Allocation option has been selected for the case On the Portfolio Reallocations screen you can change asset allocation settings for various asset groupings to any of the model portfolios from Ibbotson or you can create your own user defined asset allocation models You can set the timing of these reallocations based on a specific year or a specific event trigger such as retirement Note An account and all its underlying holdings can be excluded from reallocation and rebalancing calculations by selecting the Manage Underlying Holdings Independently option on the applicable account entry screen QUICKACTIONS w Portfolio Reallocations Retire Later Reallocat
15. amp LIABILITIES Name Type Owner Market Value Strategy INSURANCE COVERAGE Bank of SD Checking Checking Joint 4 000 As Needed OBJECTIVES Bank of SD Savings Savings Joint 15 000 As Needed ABC Brokerage Investment Joint 41 000 As Needed Tom s Rollover IRA Roth IRA Client A 112 000 As Needed Medical Center 403 b 403 b Client B 75 000 As Needed Atlas Retirement Plan 401 k Client A 82 000 As Needed ASSET PLANNING Asset Assignment Key Asset Designation Distribution Order Distribution Strategies Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES wo HEN 154 Chapter 11 Entering asset planning strategies Asset Planning category Distribution Strategies How do make assets available for distribution strategies 1 Navigate to the Asset Assignment screen Asset Planning category 2 Under Available for Following Events select At Retirement for the applicable account Note For more information on making assets available for retirement see How do reserve an account for retirement on page 150 How do modify the distribution strategy selected for each asset 1 Select y for the appropriate asset 2 Make a new selection from the Distribution Strategy menu 155 Distribution Strategy Details The Distribution Strategy Details screen allows you to specify the type of distribution strategy you wish to use for each asset QUICK ACTIONS vw Distribution Strategy Deta
16. at death for a survivor analysis To make recommendations for changes to a client s retirement portfolio returns both today and at retirement use Retirement Scenarios CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE Retirement Analysis Survivor Survivor Analysis Analysis A Dies B Dies OBJECTIVES Change the rate for each available asset at Retirement Today Today ASSET ELEME number of years 0 0 0 Asset Assignment Vo 2035 2012 2012 Key Asset Designation Rate of return in year specified GET RETURNS Distribution Order Asset Sales For applicable assets Y Portfolio Returns For analysis portfolio of current rate y Adjust rate ofreturn 60 P6 75 75 96 of current rate y E of current rate y RECOMMENDATIONS Change return for applicable assets y CLIENT PRESENTATION Specify rate to apply 6 7 50 7 50 PLANNING ee Adjusted rate of return in year specified For applicable assets For analysis portfolio Asset Planning category Portfolio Returns screen How do enter rates of return at retirement Under Retirement Analysis enter the expected return rates in the applicable fields How do enter rates of return at death Under Survivor Analysis A B Dies enter the expected return rates in the applicable fields How do keep portfolio returns the same a Inthe Adjust rate of return field enter 100 164 Functional Documentation a This
17. progress report generating 25 31 promote lead 17 Q qualified account contributions 89 qualified accounts 86 qualified personal residence trust 197 qualified plan preferences 42 qualified terminable interest property trust 199 R real estate property 98 redisplay last report 11 renaming case 26 reports adding 228 filtering 227 searching 227 resources 3 restore default 11 retirement in express mode 121 retirement assessment report 17 retirement expenses 185 Profiles Professional User Manual Desktop retirement expenses details 186 retirement in comprehensive mode 122 retirement in detailed cash flow mode 124 retirement income 172 retirement income details 173 retirement needs 171 retirement scenario details 169 183 retirement scenarios 167 revocable living trust 144 risk tolerance profile 62 risk tolerance questionnaire 63 risk tolerance determining 63 S sample cases 33 sell asset details 159 sell assets 179 slide presentations 34 special needs trust 201 stock options 104 survivor cash needs 130 survivor income needs comprehensive mode 132 detailed cash flow mode 133 express mode 131 survivor preferences 45 1 tax deferred contributions 177 tax preferences 39 tax rates adjusting 54 taxable savings 178 taxation of return 95 taxes withheld 73 templates applying 228 creating 228 deleting 229 editing 229 toolbar 10 U underlying stock information 106 upgrade cl
18. 1 Click amp for the applicable lead 2 Under Contact s Financial Information click Generate Report for Lead How do delete a lead Note This procedure only applies to Profiles Financial Planning Application retail users m Click x beside the lead you want to delete How do reject a lead Note This procedure only applies to Profiles Financial Planning Application mid market users 1 Click x beside the lead you want to reject 2 Under Comments enter a reason for rejecting the lead 17 Chapter 3 Managing client data Lead Details The Lead Details dialog box displays information submitted from the Consumer Facing Application CFA The options available on the Lead Details screen differ from user to user For additional help on this topic contact your Profiles Financial Planning Application administrator 18 Chapter 3 Managing client data Create New Client and Initial Case screen The Create New Client and Initial Case screen is used to enter a new client s details along with an initial case name Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v ALERTS E e Create New Client and Initial Case Enter the New Client Details and an Initial Case Name below If you wish to create a new case for an existing client click the EXISTING CLIENTS Existing Clients link Please note fields denoted with are required CREATE NEW CLIENT OPEN SAMPLE CASE New Cl
19. 10 Entering planning objectives Survivor Cash Needs screen On the Survivor Cash Needs screen you can enter the surviving client s immediate cash needs Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS w CASE SETUP Survivor Cash Needs Active Case Sample 3 Detailed Cash Flow Sample Case Cash Needs CLIENT DATA INCOME amp EXPENSES At Gordon s Death At Brenda s Death ASSETS amp LIABILITIES Dependent Care 0 0 INSURANCE COVERAGE Cash Bequests 30 000 0 OBJECTIVES Retirement Emergency Reserve Education Goals Accumulation Goals Emergency Neserie fund 000 8 Survivor Cash Needs Survivor Inc Needs Liabilities to Pay Disability Inc Needs Long Term Care Needs Payoff at Current Balance Client Objective Notes Category Name Client A s Death Client B s Death AES RealEstate Loan Home Mortgage oint 126 163 Vv Vv RECOMMENDATIONS Property Loan Auto Loan oin 12 750 iv iv Credit Card Credit Card Vv Vv CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Survivor Cash Needs screen How do enter survivor cash needs 1 Under Cash Needs enter the amount of dependent care and cash bequests required 2 Under Emergency Reserve enter the dollar amount of emergency funds required This value is initially set based on the Emergency Reserves Monthly Income Multiplier in Needs Preferences 3 Under Liabilities to Pay indicate whether a liabil
20. Click 4 from the spin control 4 x gt beside Scenario Number 2 Enter the details for the new scenario How do solve for the clients retirement ages m Beside the clients retirement ages click E Solve The required retirement ages of Client A and Client B to achieve their retirement goal appear How do solve for the monthly need Beside the Monthly Need percentage click E Solve The percentage of monthly needs the clients need to achieve their retirement goal appears How do I add information for a retirement scenario tool a Click p next to the appropriate retirement scenario tool A data entry screen associated with the selected 169 Chapter 12 Creating retirement scenarios retirement scenario tool opens Note The various data entry screens allow you to enter detailed information applicable to each retirement scenario tool Some of these tools are not available in Express mode How do recalculate scenario results a Click Recalculate The Scenario Results graph updates How do delete a retirement scenario 1 Use the spin control EE a 4m beside Scenario Number to navigate to the scenario you want to delete 2 Click Delete this Scenario 170 Chapter 12 Creating retirement scenarios Retirement Needs screen On the Retirement Needs screen you can adjust the monthly needs and additional monthly needs for the different stages of your clients lives and observe the effects on their re
21. Income Asset Lump Sum Asset Bank of SD Checking 025 El CA Tax Free Muni Bond Fund OBJECTIVES ASSET PLANNING Invesco Charter A Asset Assignment Money Market Fund Key Asset Designation Wells Fargo Advantage Divers Inc Bldr A Distribution Order Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Asset Planning category Key Asset Designation screen How do designate key assets m Select one asset as the surplus income asset and one asset as the lump sum asset you may select the same asset for both 152 Chapter 11 Entering asset planning strategies Distribution Order screen On the Distribution Order screen you can define the order in which your clients accounts will be liquidated You can choose between predefined strategies that will either defer income taxes or reduce income in respect of a decedent IRD at death or a custom order in which you manually enter the order in which each of your clients assets is to be spent For accounts and holdings that have the same distribution order proportional withdrawals will be made so that assets maintain their tax deferred status and distributions are converted to income equally from each source Assets for individual goals are distributed for the goals in a relative order For example if three assets are linked to an education goal and the liquidation orders assigned to them are 6 7 and 8 then the liquidation ord
22. PREFERENCES HELP QUICK ACTIONS v CASE SETUP Reti re m e nt Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA a Retirement Information INCOME amp EXPENSES ASSETS amp LIABILITIES Retirement Begins At Age INSURANCE COVERAGE Life Expectancy OBJECTIVES Include Social Security Benefits Retirement Age to Begin System Calculated Social Security Benefits Survivor Cash Needs Survivor Inc Needs Income Needs Long Term Care Needs Year Required Expenses Desired Expenses Total Expenses Client Objective Notes 2013 6 844 1 545 8 389 2018 8 026 1 791 9 817 RECOMMENDATIONS 2023 9 468 2 076 11 544 2028 4 820 7 141 11 961 2033 5 993 8 278 14 271 ASSET PLANNING CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Retirement screen How do enter retirement objectives m Enter the details for the clients retirement objectives in the applicable data entry fields Note The amounts under Required Expenses and Desired Expenses can be edited on the Expenses screen 124 Chapter 10 Entering planning objectives Education Goals screen On the Education Goals screen you can enter an unlimited number of education goals You can also enter goals for children who are not yet born Note This screen is only available if the Education Goals module is included in the case The first time you view the Education Goals screen the fields contain values corresponding to the entries on
23. Planning Preferences category Needs Preferences screen To modify the needs preferences enter your changes in the applicable fields 40 Chapter 4 Setting the planning preferences Insurance Preferences screen The Insurance Preferences screen is used to specify assumptions relating to the content of General Insurance reports Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Insurance Preferences Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES Insurance Company Name Insurance Company ASSETS amp LIABILITIES Number of Years to Illustrate Insurance Premiums INSURANCE COVERAGE Barik Name Bank OBJECTIVES Investment Company Name Investment Company ASSET PLANNING General Insurance Summary RECOMMENDATIONS Liability gt Greater Of CLIENT PRESENTATION Times Net Worth PLANNING PREFERENCES Times Salary General Preferences Personal Property deco Homeowner 96 of Market Value Needs Preferences Insurance Preferences Medical Times Net Worth Minimum 1 000 000 Qualified Plan Preferences Education Preferences Survivor P SAVE TO MY DEFAULT PREFERENCES Estate Preferences Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Insurance Preferences screen To modify the insurance planning preferences enter your changes in the applicable fields 41 Chapter 4 Setting the planning prefe
24. Professional Access Help There is more than one way to access Help Field specific Help To get help regarding any field in Profiles Professional click in a field and then click the Help icon on the toolbar or press F1 on your keyboard You can then access more detailed instructions by clicking More Help Help menu To open the Profiles Professional Help go to the Help menu and then select Help Contents and Search You can then browse the Help contents or search for specific content i Help icons Within the application you will notice the i Help UY icons which appear next to data fields and screen sections Move the pointer over the icon to display descriptive information about the relevant field From any input field in a case you can select Help from the Quick Actions menu to see field specific help From there you can select More Help to get to launch the Profiles Professional Help System 12 Chapter 2 Overview of Profiles Professional Collecting financial information Before entering your clients financial information in Profiles Professional collect all the clients relevant financial documents These include the following m Tax returns and assessments for the client and co client for the past two years m Social Security Statements CPP QPP and OAS information m Pension statements and booklets from the client s and co client s employers m Benefits statements from the client s and co client s
25. QTIP Number 4 XxX gt EE QTIP Details Grantor lt Choose gt y Desired QTIP Funding Amount Trust Rate of Return 0 Annual Income Payout Estate Plan Trust Tax Rate 0 Subject to Reverse QTIP Election Beneficiary Information Remainder Beneficiary Percent Delete lt Choose gt y 0 x ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Qualified Terminable Interest Property Trust Qualified Terminable Interest Property Trust screen How do add a QTIP 1 Click 4 from the spin control 4 x gt beside QTIP Number Blank data entry fields appear 2 Enter a name for the QTIP 3 Toinclude the QTIP in the analysis select the Include in Analysis option How do add a beneficiary to the QTIP 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a QTIP 199 Chapter 13 Creating estate scenarios 1 Use the spin control EW 30 44 3 beside QTIP Number to navigate to the QTIP entry you want to edit 2 Make the required changes How do delete a QTIP 1 Use the spin control E E aa 4822 beside QTIP Number to navigate to the QTIP you want to delete 2 Click y from the spin control 4 x gt 200 Chapter 13 Creating estate scenarios Special Needs Trust screen On the Special Needs Trust screen you can enter special needs trusts SNTs Note This screen i
26. System Calculated Social Security Benefits Recipient Amount Beginning i Year Edit Client A Supp Income fr VU Client A Rental Income from Oceanside Client A Client B Scenario Results 5596 of goal achieved 0 ending portfolio RECALCULATE ADD SCENARIO INCOME Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Retirement Income Retirement Income screen How do I add a retirement income 1 Click Add Scenario Income 2 Enter the details for the new retirement income and then click Close How do edit an existing retirement income 1 Select the Modify option beside the income you want to edit Several fields become editable 2 Make the required changes How do recalculate scenario results Click Recalculate The Scenario Results graph updates 172 Chapter 12 Creating retirement scenarios Retirement Income Details screen On the Retirement Income Details screen you can edit retirement expenses for the scenarios that were entered in the case QUICKACTIONS v Retirement Income Details Retire Later Reallocate amp Save More Enter changes to the income for this scenario Type of Income Defined Benefit Name Cole Deferred Compensation Recipient Client A Amount Monthly Except for Lump Sum 1 500 Present Value or Future Value Present Value y Annual Increase 3 96 Beginning Retirement gt
27. at aa 16 Alerts SChECIN coe xe 2 5 a cee tote s ee 17 Lead Detal gees eae a N ea E eee 18 Create New Client and Initial Case screen o 222 2222 eee 19 Create New Case Screen car a ds 20 Express screen cs 21 Comprehensive screen 1llllsooico llle egf tc n j etl xWcI s ctl bere lertbceslsrs reirioffrestel 22 Detailed Cash Flow SCFeen ticas iter Er tere rien e E a pep howe de atari 23 Client EISE SCREEN os st essa 24 EMS deta 26 Functional Documentation comite re SE 27 Initiate Case Review dialog box ssuusussssssssssssss ssl RlrrrlllmlIlmImlLxmLxLllzll 28 Client Review Worksheet screen 29 Profiles Professional User Manual Desktop Progress REpOrtscreen c crs schecescecesatesctet naan A ee hoe sos ict np eRe are ate ERIS 31 Open Sample Cas screen 2 s cae AVAIT PII ecl I ensuce wu o Ar ur P antes 33 Presentation Mod le 2202 A TE E C PELLI ME A cee PE ha 34 Functional Documentation uu ciar e ee lad eed Sb foie IIR add a 35 Chapter 4 Setting the planning preferences ___ 222 2 0 2 oe c cece cece cece cece cece ceeccecceeeseeceeeees 36 Planning preferences stated Ert e coe tea c rh AC bed biti Beek CIS Cio tom Ce d 37 Ge neral Preterencesscreelt tutto cria ato da 38 Tax Preferences screen eases seina EE AAEE EA AREE 39 Needs Preferences ser uoo se ede te er i ree er e ut 40 Insurance Preferences screen iiiuouuuuu liii eee ee eee e sse
28. case details 26 case review initiating 28 charitable bequest trust 140 charitable lead annuity trust 203 charitable lead unitrust 205 charitable remainder annuity trust 207 charitable remainder unitrust 209 classify holdings automatically 83 87 manually 83 86 client file creating new 19 25 deleting 24 opening 24 client list 24 client objective notes 148 client presentation 227 client review worksheet 29 client searching for 25 college cost database searching 127 college cost search 127 comprehensive analysis mode 22 create new case 20 credit shelter trust 145 D deferred annuities 90 dependents adding 60 deleting 61 detailed cash flow analysis mode 23 direct income sources 68 disability income needs 135 express mode 134 disability insurance entering 117 distribution order 153 duplicating case 26 E education accounts 96 education goals 125 education preferences 43 employee benefit plans 225 estate 137 estate details 190 estate preferences 46 Profiles Professional User Manual Desktop estate advanced module 188 exercise schedule 107 expense entry 78 expenses 75 77 exporting case 27 express analysis mode 21 F fact finder 14 business 216 family owned business 194 future liability entry 160 G general insurance 119 general preferences 38 gifting and credit details 139 gifting during life 141 gifting of ownership interests 196 granting access 24 grantor retained
29. cases using Express or Comprehensive mode Generally you will not include income from assets already listed on the Assets screen An exception might be rental income from a real estate asset By default real estate assets are not sold to meet income needs but sale dates can be entered Direct income items entered on this screen will not appear in the Cash Flow report If your client is not retired and is currently receiving a direct income such as a pension or rental income list it on both the Direct Income Source and Income screens Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Di rect In co m e So u rce Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Direct Income Source Number 1of5 INCOME amp EXPENSES Type Defined Benefit y Income Client A Name Cole Deferred Compensation Income Client B Direct Income Source Recipient Client A y Taxes Withheld Amount Monthly Except for Lump Sum 1 500 Income Tax Client A Present Value or Future Value Present Value gt Income Tax Client B Present Value y Expenses Annual Increase 3 ASSETS amp LIABILITIES Beginning Retirement y Years 0 Ages 65 61 INSURANCE COVERAGE Ending Retirement y Years 10 Ages 75 71 OBJECTIVES VV Taxable Taxable Portion of Income Source 100 96 ASSET PLANNING Applies only to Survivor Needs exclude from retirement RECOMMENDATIONS Amount in Retirem
30. clients will make annual distributions from Initial Withdrawal Rate this asset equal to a specific percentage of the asset s value Why are some fields disabled a Depending on your selection from the Distribution Strategy menu some fields will become available or disabled as appropriate How do change the Initial Annual Withdrawal Rate m You can modify the percent on the Distribution Strategy Details form for one strategy or you can modify the Initial Annual Withdrawal Rate on the Needs Preference form to change it for all new strategies Where is the Interest amp Dividend portion of return field Is it missing a The Interest amp Dividend portion of return field will be hidden for accounts and holdings where you are able to provide the tax breakdown for the expected return See the Taxation button on the Holding Details screen on page 94 How can protect an asset so no withdrawals are made except for the strategy entered a Clear the Allow account balance to be used to fund other unmet retirement needs field This will prevent additional retirement withdrawals from being made during the Distribution Strategy withdrawal time frame Note Be cautious in clearing this field since it can create a situation where the client has unmet retirement income needs red in the chart but with positive portfolio balance 182 Retirement Scenario Details screen Detailed Cash Flow mode The Retirement Scenario Details screen provide
31. eI rr reser cnl 41 Qualified Pl n Preferences screens 20035 cock Sestak Sa be ce ga een ea eR ee beeen UID DO a a 42 Functional Documentation So esed eee liec i y e Aa gi cz ae aa i iles cil i iuge eeu oiiibig fi 42 Education Preferences Sereen asco tA fete ti Ao cud LU me Le LLL e ad Eo Edd 43 Survivor Preferences Sereen tcc essence ter repito nash aera RIA de ed Ue ete Rea REA 45 Estate Preferences screen occ eee nee sss Rr III eee rrr rrr 46 Business Preferences Screen ios dit ee est ob es PI A oe DP E EDU IE uv p DP ere seeded 47 Profiler Preferences screen o 48 Seting Sh oats ae esc a so pU eA DLL ue CLAMARE DA AAA CLOS CAD I SEA M A E E EA ae US 49 Chapter 5 Setting up client cases 2 2 2 2 occ cee cece ee eee eee ee s cee eeceeeeeseeeeeeeseeseeees 50 Upgrade ClientiCase screen oo ec eee een i ek Le esha te eee eee ree 51 ASSUMPUONS SCREEN Tala dee A Ate a Lie a evant sasha eta anasto 52 Asset Allocation Settings screen ns 53 Tax Rates screen esse cod ee eu Ae lO oe hr AU oe tS lee na uoc Be 54 FunetionaliDocumentation spose eee ene EE RR RI RI odds oi ce 3s ita 55 Chapter 6 Entering client data 20 2 00 02 o oo cece cee cee eee eee cece eee rers rere 56 dsigTonELB Eid eC 57 Client A Gli ntBiDatascreen 25222 o EE eI RI EU T Qr 58 Advisors screen 59 Dependents screen ns 60 Profiles Professional User Manual Desktop Risk Tolerance Profile screen 1 sensszec
32. eee ee eee en 113 Additional Withdrawals screen __ 22200222 e eee eee ee eee e ss eens 114 Chapter 9 Entering insurance coverage policies _ 2 22 22 22 2 eee eee eee cece cece cceceeceeseeeeees 115 Life Insurance screeti uta rs si a 116 Disability Inisurance SEEN DE Iun o and Ele 117 Long Term Care Ins rance screen iuc 2s bo a tai 118 General Insurance Screen 2 csuocuonheie rper tyr A y v ecl S served MIS 119 Chapter 10 Entering planning objectives _ 2 22 22 2 cece cece cece enc cece eceeceececeeceeseeeeees 120 Retirement screen Express mode alaaa 0 2 2 cee cece cece cece cece cece cee ceeecececeeeceeececceeeseeceeecees 121 Retirement screen Comprehensive mode 22 2 02 eee cece cece ccc cecececececeetcecceeeteeceeeceees 122 Retirement screen Detailed Cash Flow mode 22 22 c cece eee e cece cece ceecceecceecceeceeceeecees 124 Education Cio Rede 125 CollegeUniversity Cost Search screen occ 127 Accumulation Goalssere ent icq tradi Li A A ti 129 Survivor Cash Needs screen _ 2 022 222 eee ee eee eee eee eee eee ee 130 Survivor Income Needs screen Express mode 2 2 0 c cece ee cece cece cece ceeccecseectecceecceeeeeeees 131 Survivor Income Needs screen Comprehensive mode 22 222 cece eee cceccecececcceecceeeeeees 132 Survivor Income Needs screen Detailed Cash Flow mode 2 2 2 22 cee aoaaa oaaao oaao anaana 133 F nctional Documentation c
33. employers m Pension statements investment plans and benefits plans from former employers m Pay stubs for the last two pay periods a Life disability and long term care insurance policies a Insurance policy information Most recent investment statements from banks trust companies brokers and investment companies Budget of personal and living expenses Most recent mortgage and loan statements Most recent will and power of attorney documents a Marital agreement s m Severance pay documents a Any other relevant documents Profiles Professional also includes several printable forms that are useful for collecting financial information from your clients How do view printable forms Go to the Forms menu and then select Printable Forms Select the form you want to view The selected form opens in a new window 13 Printable form Profiles Professional Fact Finders Modular Fact Finders Objectives and Assessments Estate Data Sheets and Advanced Estate Data Sheets Other Forms Pre Meeting Questionnaire Authorization to Release Information Chapter 2 Overview of Profiles Professional Description Use the fact finders to collect your clients financial information Each section in the fact finder corresponds to a data entry screen in Profiles Professional Once collected the information can be entered into Profiles Professional A different fact finder is available for each analysis
34. entry you want to edit only the holdings that are part of this account will be available to edit 2 Make the required changes How do delete a holding 1 Use the spin control 4 x gt to navigate to the holding entry you want to delete 2 Click Delete this Holding 94 Chapter 8 Entering assets and liabilities Taxation of Return screen The Taxation of Return screen is used to allocate the returns between ordinary income qualified dividends realized long term capital gains and unrealized capital gains not currently taxed For example a 10 return on an account might be broken down into 2 10 x 20 2 for realized capital gains 6 10 x 60 6 for unrealized capital gains leaving 2 10 x 20 2 for ordinary income Using the percentages shown in this example a 1 000 account earning 10 or 100 growth would be taxed as follows a 20 Ordinary income x ordinary income tax rate a 60 Unrealized capital gains a 20 Realized long term capital gains x realized long term capital gains tax rate Note This screen is only available when the Tax Sensitive option is included in the case QUICKACTIONS v Taxation of Return Tax the Expected Rate of Return using the following breakdown Ordinary Income Qualified Dividends and taxed at the Long term Captial Gains rate Realized Long term Capital Gains and taxed at the Long term Capital Gains rate Unrealized Capital Gains and not currently taxed
35. field Note Be sure to use a keyword for your search Performing a search using only one or two letters may cause a significant delay in generating the search results 3 Depending on the type of search you want to perform select either Begins with this phrase or Contains this phrase and then click Search Any matches appear under Search Results 4 Browse through the search results to find the holding you want If you can not find a specific holding you may need to refine your search criteria or manually classify the holding Once you have found a holding click v beside the holding you want The information under Selected Security updates 5 Click OK The Classify Holding screen closes and the Qualified Account Entry screen updates and displays the details of the holding How do classify all unclassified holdings m First enter the ticker symbol for each holding in the account leave the Holding Name blank Click Classify all Holdings Profiles Financial Planning Application searches the Morningstar Classifier Database for the ticker symbols entered and automatically enters asset allocation classifications for all matches A dialog box displays how many holdings were classified for example 3 of 3 holdings classified If the ticker symbol is not found the Asset Allocation field displays Unclassified and you will need to classify the holding manually Note This option is only available with the purchase of the Morningstar Class
36. interest annuity trust 213 grantor retained interest unitrust 211 H Help accessing 11 12 holdings classifying 83 86 editing 94 move between accounts 81 82 searching 83 l Ibbotson override expected return 53 importing case 27 income comprehensive mode 67 detailed cash flow mode 70 express mode 66 income tax 74 initiate case review 28 insurance preferences 41 interest rate adjustment 112 investment accounts 92 irrevocable life insurance trust 146 K key asset designation 152 key employees entering 219 L liabilities 108 110 deleting 109 entering 108 liability entry 110 life insurance entering 116 living expenses 75 long term care insurance 118 long term care needs 136 Profiles Professional User Manual Desktop M menu commands 8 modules selecting 20 Monte Carlo 230 N needs preferences 40 notes 11 O owner key employee 219 P personal data 57 personal property 100 planning preferences 37 43 45 48 business preferences 47 education preferences 43 general preferences 38 46 insurance preferences 41 needs preferences 40 profiler preferences 48 qualified plan preferences 42 survivor preferences 45 tax preferences 39 portfolio reallocations with asset allocation 174 without asset allocation 176 portfolio returns 164 portfolios 163 presentation adding reports 228 applying templates 228 creating templates 228 generating 229 printable forms 13 profiler preferences 48
37. located on the spin control 4 x gt 193 Chapter 13 Creating estate scenarios Family owned Business screen On the Family owned Business screen you can enter family owned businesses FOBs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module Note Only business assets can be used to fund a Family owned Business If no assets are available in the Assets to Transfer menu go to the Assets screen and select Add for Business Assets then complete the Business Asset Entry QUICKACTIONS w Family owned Business Estate Plan FOB Number 4 X Sd FOB Details Entity Type s amp nose El Discount for Lack of Marketability Growth Rate 0 Discount for Minority Interest Income Distribution Amount i Future Distribution Increase Funding Information Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn 0 0 0 Amount Transferred Total Ownership Information Name Type Percent Delete lt Choose gt y lt Choose gt y 0 x B ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Family owned Business Family owned Business screen How do add a FOB 1 Click y from the spin control KEJ beside FOB Number 2 Enter a name for
38. mode Use the modular fact finders to collect information that is specific to your clients objectives or assessments such as their retirement strategy Each section of the fact finder corresponds to a data entry screen in Profiles Professional making it quicker to enter your clients details Use the estate data sheets to collect information that is specific to your clients estate such as gifting and charitable bequests Note The advanced estate data sheets are only available if you have purchased the Advanced Estate module Please contanct your Zywave sales representative to purchase this module Similar to the fact finder the Pre Meeting Questionnaire is designed to be completed by new clients to help them gather and prepare their financial information Use this checklist to keep track of which documents your clients have provided and which documents are still needed Having your clients complete this form gives you authorization from your clients to obtain the necessary information you require to prepare financial recommendations for your clients Use this checklist to provide your clients with a list of documents you will need to properly study analyze and prepare a personal plan for them Use this checklist to indicate where changes have occurred or are expected to occur For example the clients expect to get married in the near future as well as purchase their first home Use this worksheet to calculate your cl
39. percentage of required expenses the clients need to achieve their retirement goal appears How do solve for the desired expenses Beside the desired expenses percentage click E Solve The percentage of desired expenses the clients need 183 to achieve their retirement goal appears How do add information for a retirement scenario tool a Click p next to the appropriate retirement scenario tool A data entry screen associated with the selected retirement scenario tool opens The various data entry screens allow you to enter detailed information applicable to each retirement scenario tool How do recalculate scenario results Click Recalculate The Scenario Results graph updates How do delete a retirement scenario 1 Click y from the spin control any rae un Fe beside Scenario Number to navigate to the scenario you want to delete 2 Click Delete this Scenario 184 Retirement Expenses screen On the Retirement Expenses screen you can modify any of the expenses entered in the case or add any additional expenses that may occur during the retirement period Note This screen only appears for cases using Detailed Cash Flow mode QUICKACTIONS w Retirement Ex penses Retire later Reallocate and Spend Less In addition to any percentage adjustments add new expenses or enter changes to existing expenses for this scenario Monthly Modify Name Amount or Annual Beginning Year Ending Year Req d r
40. results Click Recalculate The Scenario Results graph updates 180 Distribution Strategy Details The Distribution Strategy Details screen allows you to specify the type of distribution strategy you wish to use for each asset QUICKACTIONS w Distribution Strategy Details Retire Later and Spend Less Bank of SD Checking Current Market Value Distribution Strategy As Needed Specified Dollar Amount per month Initial Annual Withdrawal Rate o Beginning Retirement Ending End of Plan Allow account balance to be used to fund other unmet retirement needs Scenario Results 10096 of goal achieved 717 326 ending portfolio RECALCULATE Asset Planning category Distribution Strategies Distribution Strategy Details What types of distribution strategies are available What are the effects of each In the following table the Strategy column shows the available selections from the Distribution Strategy menu while the Effect column explains the significance of each selection Strategy Effect Your clients can make distributions from this asset As Needed default default on an as needed basis during retirement Your clients will take distributions equal to the Interest amp Dividends interest and dividends generated by the asset during retirement 181 Strategy Effect Your clients will make monthly distributions from Specified Amount ze this asset equal to a specific amount Your
41. sets the recognized standard for personal financial planning Part of this standard is a well accepted six step process The final step in this process is monitoring client recommendations which includes running periodic case reviews Profiles Financial Planning Application s case review feature makes updating an existing plan for an annual or periodic review much easier Running periodic case reviews helps you maintain confidence and trust by offering solutions based on the most up to date client information The case review feature is a time saver because it helps you become more efficient at running periodic reviews Scheduling case reviews on a regular basis provides a way for you to anticipate your clients financial planning needs and increase their planning related activity Q Initiate Case Review x The selected case will be copied and saved as a new file This will allow you to update client information while protecting data in the original case To assistin this case review you will have the opportunity to build a customized Client Review Worksheet to help obtain updated information New Case Name october 2012 Case Review Plan Date fi 0 4 2012 CANCEL Existing Clients category Client List screen Open button Case Details screen Case Review button Initiate Case Review dialog box How do initiate a case review 1 On the Case Details screen select the client case you want to review and
42. the Client Data category Dependents screen You can add additional goals or delete any of the automatically created goals If you later edit the data on the Dependents screen there is no automatic transfer of data to the Education Goals screen and you must enter any corresponding changes manually Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Ed u cati Oo n G oa Is Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA INCOME amp EXPENSES Education Goal Item Number LEA Of ASSETS amp LIABILITIES Name INSURANCE COVERAGE School OBJECTIVES Amount Needed Per Year 0 Retirement 1 COLLEGE COST SEARCH Education Goals Survivor Cash Needs Inflate Need 6 Survivor Inc Needs Years Until Needed Long Term Care Needs Client Objective Notes Number Years Needed ASSET PLANNING Fund at Gordon s Death RECOMMENDATIONS Fund at Brenda s Death CLIENT PRESENTATION Fund Deficit from cash flow PLANNING PREFERENCES Objectives category Education Goals screen How do add an education goal 1 Click beside Education Goal Item Number 2 Enter the remaining details for the education goal Note To find tuition information about a particular school click College Cost Search to open the College Cost Search screen How do I find and select an educational institution for the education goal 125 Chapter 10 Entering planning objectives 1 Click Col
43. x gt beside Number 2 Enter aname for the personal property and then press the Enter or Tab key The data entry fields below become accessible 3 Enter the remaining details for the new personal property How do change the details of a personal property asset 1 Use the spin control E BE a 4 beside Number to navigate to the personal property asset entry you want to edit 2 Make the required changes How do enter a new liability 100 Chapter 8 Entering assets and liabilities Click the Add Edit Liability button Click 4 from the spin control 4 x gt beside Number Select a category for the new liability The Secured by list becomes accessible 2 dw IM Select the previously entered asset that will be used to secure the liability The data entry fields below become accessible 5 Enter the remaining details for the new liability and then click Close How do edit an existing linked liability 1 Click the Add Edit Liability button 2 Use the spin control 4 x gt beside Number to navigate to the liability you want to edit 3 Make the required changes and then click Close How do delete a personal property asset 1 Click y from the spin control 4 x gt beside Number 2 Click Delete this Asset 101 Chapter 8 Entering assets and liabilities Business Asset Entry screen The Business Asset Entry screen is used to enter the clients business assets If the client owns a busine
44. you later return to the Dependents screen and add or delete a dependent you have to manually edit the Education Goals data if changes are required You can enter the following dependents a Children if they are unmarried and under age 18 under age 19 and in an elementary or secondary school as a full time student or age 18 or older and severely disabled the disability must have started before age 22 m Parents if they are dependent on the client for at least half of their support Note Do not enter children who are not yet born on the Dependents screen To illustrate education goals for future dependents use the Objectives category Education Goals screen Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP De pe n d e nts Active Case Sample 2 Comprehensive Sample Case Dependent Dependent of Social Security CLIENT DATA Personal Data Dependents First Name Date of Birth Client A Client B Until Age Risk Tolerance Profile Melissa 1 1 1998 iv v Notes Neal 2 2 2008 Iv v INCOME amp EXPENSES r r ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Client Data category Dependents screen How do add a dependent a Ina blank data entry row enter the dependent applicable information 60 Chapter 6 Entering client data How do delete a dependent m Click
45. you want to transfer from the Life Insurance Available to Transfer list The rest of the information will appear automatically How do model a policy to fund the ILIT 146 Chapter 10 Entering planning objectives 1 Under Policy Details from the Funding Options list select Model a Policy 2 To have the gift amount be equal to the maximum federal gift tax exclusion for the year of the gift select the Gift equals annual exclusion option 3 If you did not select the Gift equals annual exclusion option enter the gift amount 4 Enter the remaining details under Policy Details How do add a beneficiary to the ILIT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do remove a beneficiary from the ILIT m Click x on the grid beside the remainder beneficiary you want to remove from the ILIT If a beneficiary is deleted from the Beneficiaries form the deleted beneficiary will not be available for any estate planning tool How do change the details of a ILIT 1 Use the spin control 4 x gt beside ILIT Numberto navigate to the ILIT entry you want to edit 2 Make the required changes How do delete an ILIT 1 Use the spin control 4 x gt beside ILIT Numberto navigate to the ILIT you want to delete 2 Click Delete this ILIT 147 Chapter 10 Entering planning objectives Client Objective Notes screen On the Client Objective Notes scre
46. your clients cash gifts to qualified charities at death QUICKACTIONS v Charitable Bequest Details Cash Gifts to qualified charities at death Gordon Dies Brenda Dies First to Die Second to Die Objectives category Estate screen Charitable Bequest Details button Charitable Bequest Details screen How do enter cash gifts to qualified charities at death w Enter the clients charitable request details in the applicable fields and then click Close 140 Chapter 10 Entering planning objectives Gifting During Life screen On the Gifting During Life screen you can enter gifting during life strategies Gifting During Life Estate Plan Gift Number 4 X gt o6 Gift Name Include in Analysis Gift Details Donor lt Choose gt Gift Splitting Begin Year Gift equals annual exclusion y Amount 13 000 Duration Source Fund from Cash Flow Assets Available Amount Available Transfer to Transfer at Plan Date i Expense 0 Beneficiary Information Beneficiary Choose X ADD BENEFICIARY Objectives category Estate screen Select button for Gifting During Life Gifting During Life screen How do add a gifting during life strategy 1 Click 4 from the spin control ESE beside Gift Number 2 Enter a name for the gift The data entry fields below become accessible 3 Toinclude the gift as part of your client case select the Include in
47. 1 Use the spin control 4 x gt beside Number to navigate to the account you want to delete 2 Click yg 85 Qualified Account Entry screen Chapter 8 Entering assets and liabilities The Qualified Account Entry screen allows you to enter the clients qualified retirement accounts and classify holdings either manually or automatically The manual classification method allows you to choose the appropriate asset class breakdown for a chosen holding The auto classification method uses the Morningstar Classifier Database to classify the holding for you Qualified Account Entry Number 1 of 4 Account Type Account Name Investment Style Owner Beneficiary Account Held in Living Trust Manage Underlying Holdings Independently Tax Status Ticker Symbol Holding Market Name Value VIGRX VBMFX VIVAX Account Values 66 000 65 000 67 000 198 000 Vanguard Growth Index Inv Vanguard Total Bond Market Index Inv Vaneuard Value Index Inv CONTRIBUTIONS CLASSIFY ALL HOLDINGS QUICKACTIONS v 40109 y Gordon s 401 k Self directed Client A y Client Spouse r r Tax Deferred Deductible Allocate Asset Contribution Allocation Classify ROR Delete 33 33 lt Mixed J 797 X t x il 33 33 lt Mixed gt y 2 89 3333 lt Mixed gt l 9 58 x 100 0096 6 8596 DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Qual
48. 8 net Acre Bote Ne D A TER T e tUe hae LPO Aa st UT EE TEE 158 Sell AssetiDetailsscreem coneccion caco ici ias 159 Future Liability Entry screeni ett sica siria ceca da 160 Asset Allocation screen 2 1 6 ere sde ed des to ea o a EP oo ed a db og 161 Functional Documentation A NN Sen VY Ue pepe yr Scy VR AER 162 Portfolios screen Ec eens 163 Porttolio Retuirnsscreeni zz Sy se olde Sod es A en Eu 164 Functional Documentation 20222 deve zerrena oo sa RE ee EDD Une ds c puilfiEez cl E iPCrnDlerle 165 Chapter 12 Creating retirement scenarios _ 2 22 22 cece cece ce cece cece cece eceeceeeeseeseeees 166 Retirement ScerarloSSCreelr arco RI I ARS eS MEdafn aa ais 167 Retirement Scenario Details screen l a 2 2222 22 es se e es se clle 169 Retirement Needs screen useielceiic elici dedo 171 Retirement Income screen 172 Profiles Professional User Manual Desktop Retirement Income Details screem 2 222 cnc cusde cosietacbecnsee cas eee Sense ua roedor ces 173 Portfolio Reallocations with Asset Allocation option screen _ 2 2 2 e cece cece eee ceecceeceeeees 174 Portfolio Reallocations without Asset Allocation option screen 2 2 22 e eee eee eee eee ec eee cece 176 Tax Deferred Contributions screen cc 177 Taxable Savings screen eles ot verses idee eR Die pede oie ees es a ee bee ek De Sees 178 SGIILASSCTS SCREEN i us c cp tht dd et da e tote At 1d la cd es 179 Distrib tion Strat
49. A Client B Year Age Year Estate Tax Assumptions Hypothetical Age of Death 79 2027 2033 INCOME amp EXPENSES ASSETS amp LIABILITIES Federal Estate Tax Law to Apply Extend Legislation Family Business Deduction 0 INSURANCE COVERAGE State Death Tax Law to Apply Federal Pick up OBJECTIVES Expenses Retirement Final Survivor Cash Needs Survivor Inc Needs Tyonnis Long Term Care Needs Administration Estate Administration percent Client Objective Notes ASSET PLANNING Estate Tool GIFTING AND CREDIT DETAILS RECOMMENDATIONS Gifting During Life CLIENT PRESENTATION m CHARITABLE BEQUEST DETAILS Revocable Living Trust PLANNING PREFERENCES eR ATE Irrevocable Life Insurance Trust Objectives category Estate screen How do I enter estate details m Enter the estate details in the applicable fields How do add information for an estate planning tool m Click y next to the appropriate estate planning tool A data entry screen associated with the selected estate planning tool opens The various data entry screens allow you to enter detailed information applicable to each estate planning tool How do enter gifting and credit details 137 Chapter 10 Entering planning objectives 1 Click Gifting and Credit Details 2 Enter the clients gifting and credit details in the applicable fields and then click Close How do enter cash gifts to qualified charities at death 1 Click Charitable Bequest Detai
50. Advicent Solutions LP provides several resources to help you use Profiles Professional In addition to telephone support you can access resources from within Profiles Professional and from the Advicent Solutions LP website The following table shows some of the resources available and where to find them Advicent Solutions Description and location resources The quickest way to get information about any command screen or item within Help Profiles Professional is to use the Help provided in the application To access the Help click the Help button at the top of the Profiles Professional window The Learning Center allows you to take full advantage of Profiles Financial Planning Application by providing a combination of learning materials in a centralized location Accessed directly from within the application the Learning Center is easy to navigate allowing you to learn when where and how you want Whether you are a new or veteran user you will find value in these complementary materials You will find the following materials on the Advicent Solutions Learning Center Training Videos Learning Center Take Action Webinar Sign ups a The Advicent Solutions Training Catalog User Manuals m Quick Reference Guides QRGs a Integration Guides a Functional Documents Release Notes Chapter 2 Overview of Profiles Professional Chapter 2 Overview of Profiles Professional This chapter provides a general ove
51. Alternatively you can double click the Profiles Professional icon on your desktop Chapter 2 Overview of Profiles Professional Working in Profiles Professional This page contains an explanation of the basics for working in Profiles Professional How do navigate in Profiles Professional After opening a case use the Next button at the bottom of the screen to move through the data entry process use the Back button to retrace your steps Clicking a category on the navigation bar will navigate to that screen How do use menu commands Most Profiles Professional commands are accessible from the menu File Menu File Create New Client Begins the process of creating a new client file Existing Clients 0 Dieplays alitaf dE o GuanRevikeCllen Dehnecdveorpermicdonstortheavecienttle 58 JDpanssMblecue _Openiongol the providedsampl eses SeGe A els tC A PA edes o Aljwegoutosenddhedphvedsedewsemdh SS Deletecase peewee oo dose Case ooo o eam deme DE PP External Data Sources Update your case using external information Manage integrations with third party applications due a ExitProflesProfessional Edit Menu Chapter 2 Overview of Profiles Professional Edit Restore Default Input Menu Input Upgrade Case Slide Presentation Reclassify All Holdings Output Menu Profiles Professional populates som
52. Analysis option 4 Under Gift Details enter the remaining details for the new gifting during life strategy How do set up a gift to be funded from an asset or group of assets 1 Under Assets Available to Transfer select an asset you want to use to fund the gift 2 In the of Gift field enter the percentage of the asset that will be used to fund the gift If multiple assets are selected Profiles Financial Planning Application assumes the gift should be funded equally by all selected assets However you can override this assumption and assign any portion of the gift to be funded from any asset Note The percentage of the assets that fund the gift must total 10096 If you are using more than one asset to fund the gift adjust the 96 of Gift value accordingly 141 Chapter 10 Entering planning objectives 3 Inthe Transfer Expense field enter the amount of any costs that will be incurred when the gift is transferred If a gift is not being fully funded make sure there are sufficient assets available in the identified holdings to fund the gifts If necessary select Manage Underlying Holdings Independently to ensure that rebalancing and reallocations do not adversely effect the future of the holding s How do ensure that a gift is fully funded From the Source menu select Fund from Cash Flow this will allow the gift to be funded from all available income sources and assets How do remove an asset from the gifting d
53. BJECTIVES RECOMMENDATIONS Other Taxes 20 000 39 851 CLIENT PRESENTATION TOTAL EXPENSES 2 466 000 4 913 659 PLANNING PREFEREN SS LANNING PREFERENCES Pre Tax Income 430 000 6 802 276 less Depreciation and Amortization 1 10 000 219 182 Taxable Income 320 000 6 583 094 less Income Tax 108 050 215 296 NET INCOME 211 950 6 367 797 Income amp Expenses category Business Expenses screen How do enter business expenses m Enter the details for the clients business expense sources Note You only need to enter data under Current Year Profiles Financial Planning Application uses the value you enter in the Expense Increase field and the year you specify in the Projection Year field to calculate the Projection Year column automatically To override the rate for a particular expense item enter the desired future dollar amount in the Projection Year column 221 Chapter 14 Entering business data Business Assets screen Use the Business Assets screen to enter the clients business assets Most businesses have financial statements prepared at least once a year and some as often as quarterly or monthly A copy of the balance sheet can usually be obtained from the clients so you do not have to ask for each item individually Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIO
54. Back Go To Next and Finish buttons appear at the bottom of the slide allowing you to navigate through the presentation m Click the Next and Back buttons to move forward and backward one slide at a time Click the Go To button to choose the specific slide to view a Click the Finish button to close the presentation and return to the launch slide How do close a presentation m Atthe end of the presentation or at any point during the presentation click the Finish button at the bottom of the slide You will be returned to the launch slide Functional Documentation a This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Presentation Module 35 Chapter 4 Setting the planning preferences Chapter 4 Setting the planning preferences This chapter includes the following topics to help you set your planning preferences Planning preferences rre 37 General Preferences screen es 38 Tax Preferences screen oo cece eee eee eee ne eee eee ee bene eben eee e bene eben eeeeeees 39 Needs Preferences screenm iei liM esd ol seed ibo ppl Pre ce A quere conve adh asi 40 Insurance Preferences screen e 41 Qualified Plan Preferences screen nes 42 Functional Documentation 22cc a2 2 ccenucacscacauenendeaanendeaaiccaeeeeneseeaakeecaatechaecunnateasanmennetad 42 Education Preferences screen iui eee eee cee e
55. CIARY CLOSE Recommendations category Estate screen Edit button Edit button for Qualified Personal Residence Trust Qualified Personal Residence Trust screen How do add a QPRT 1 Click 4 from the spin control 4 x beside QPRT Number 2 Entera name for the QPRT 3 Toinclude the QPRT in the analysis select the Include in Analysis option How do add a beneficiary to the QPRT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a QPRT 1 Use the spin control 4 x gt beside QPRT Number to navigate to the QPRT entry you want to edit 197 Chapter 13 Creating estate scenarios 2 Make the required changes How do delete a QPRT 1 Use the spin control EK E 2 44 3 beside QPRT Number to navigate to the QPRT you want to delete 2 Click y from the spin control 4 x gt 198 Chapter 13 Creating estate scenarios Qualified Terminable Interest Property Trust screen On the Qualified Terminable Interest Property Trust screen you can enter qualified terminable interest property trusts QTIPs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS v Qualified Terminable Interest Property Trust
56. Client Objective Notes Phase 4 ASSET PLANNING Long T Care Needs ig Term Care Nee Phase 3 m 0 0 Phase 5 RECOMMENDATIONS CLIENT PRESENTATION Increase Need by PLANNING PREFERENCES Objectives category Retirement screen How do enter retirement objectives Under Retirement Information enter the details for the clients retirement objectives in the applicable data entry fields How do enter retirement expenses 1 Under Retirement Expenses enter the age for a specific retirement phase and the monthly needs in the applicable data entry fields Note Generally you should not include loan payments insurance premiums or income taxes since those will be accounted for based on other inputs in the plan An exception is made for non tax sensitive plans in 122 Chapter 10 Entering planning objectives which case you will enter a retirement need that will be sufficient to cover the client s expenses and any additional costs related to income taxes 2 Enter a percentage to increase the monthly income needed in future years 123 Chapter 10 Entering planning objectives Retirement screen Detailed Cash Flow mode On the Retirement screen you can enter the clients retirement objectives You can also view the clients expenses for certain time periods within retirement Note This topic only applies to cases using Detailed Cash Flow mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS
57. D Checking Bank of SD Savings CA Tax Free Muni Bond Fund Invesc rter A Money Market Fund Retirement Retirement Retirement Retirement Retirement antage Divers Inc Scenario Results 5596 of goal achieved 0 ending portfolio RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Taxable Savings Taxable Savings screen How do edit taxable savings 1 Select the Modify option beside the taxable savings you want to edit Several fields become editable 2 Make the required changes How do recalculate scenario results a Click Recalculate The Scenario Results graph updates 178 Chapter 12 Creating retirement scenarios Sell Assets screen On the Sell Assets screen you can adjust the timing of the sale of assets to help your clients achieve their retirement goal QUICKACTIONS w Sell Assets Retire Later Reallocate amp Save More Market Value Disposition Furnishing Scenario Results 55 of goal achieved 0 ending portfolio RECALCULATE CLOSE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Asset Sales Sell Assets screen How do edit an existing asset sale strategy 1 Select the Modify option beside the asset you want to edit The Edit button becomes accessible 2 Click p beside the contribution yo
58. Flexibility Profiles Professional allows you to evaluate client needs both on a modular basis and as a whole Clients who know what they want can be advised on specific matters such as saving enough money to fund college costs or making sure their family is adequately covered in case of a death or disability Simplicity Profiles Professional is simple to use With its easy to understand questions and simple user interface you will be proficient in no time m Speed Profiles Professional performs calculations quickly and efficiently for either a point of sale demonstration or the traditional fact finding two interview process a Graphics Profiles Professional incorporates high quality presentation graphics which are easy to understand Chapter 2 Overview of Profiles Professional Installing Profiles Professional Profiles Professional must be installed on your computer s hard drive Before you install close all other programs actively running on your computer Note For detailed installation instructions visit the online support Web site at http support eisi com professional How do download and install Profiles Professional 1 Go to the Profiles Professional support site at http support eisi com support us profiles premium updates upgrade html Under How to install click the Download link A message screen appears On the File Download Security Warning message screen click Save Br
59. Insurance screen On the Life Insurance screen you can enter an unlimited number of personal and group life insurance policies held by your clients Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Life Insurance Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Policy Record Number INSURANCE COVERAGE Insurance Policy Name Gordon s Insurance Life Insurance Insured ClientA Disability Insurance LTC Insurance Owner Client A y General Insurance Beneficiary insureds Estate y OBJECTIVES Net Death Benefit 360 000 ASSET PLANNING Arnal Presi 4 000 Number of Premiums Remaining C 3 Net Current Cash Value 0 RECOMMENDATIONS CLIENT PRESENTATION PLANNING RES Net Death Benefit at Mortality 0 Insurance Coverage category Life Insurance screen How do add a life insurance policy 1 Click 4 from the spin control 4 x gt beside Policy Record Number 2 Enter the details for the new life insurance policy Note Some of the fields will be inaccessible until you enter data in the first four data entry fields How do change the details of a life insurance policy 1 Use the spin control KEZI beside Policy Record Number to navigate to the policy entry you want to edit 2 Make the required changes 116 Chapter 9 Entering insurance coverage policies Disability Insurance
60. NING Ensure that Marilyn and the children are financially solvent in the event of Tom s death RECOMMENDATIONS Ensure that Tom and the children are financially solvent in the event of Marilyn s death CLIENT PRESENTATION PLANNING PREFERENCES Desired Cash Flow Objective Objectives category Client Objective Notes screen 148 Chapter 11 Entering asset planning strategies Chapter 11 Entering asset planning strategies In the Asset Planning category you can enter strategies for your clients These strategies can include assigning liquid assets to objectives designating key assets selling assets changing the liquidation order for assets and reallocating asset groupings to a different Ibbotson asset allocation portfolio or to a user defined asset allocation model This chapter includes the following topics Asset Assignment screen ns Key Asset Designation screen nes Distribution Order screen es 149 Chapter 11 Entering asset planning strategies Asset Assignment screen On the Asset Assignment screen you can distribute all the assets entered in the plan Liquid assets can be assigned to goals and to particular events An account or holding can be assigned to multiple events and a single goal For example you could choose to make a stock account available for retirement and also reserve it for an education goal The stock account would be used exclusively for education until the end of the education goal any remain
61. NS v CASE SETUP B u S i n ess Assets Active Case Sample 4 Business Sample Case CLIENT DATA Statement Date 12 31 2011 2021 Projection Year INCOME amp EXPENSES Current Year 5 Asset Increase 96 Current Assets ASSETS amp LIABILITIES Cash 50 000 81 445 Business Assets Marketable Securities 25 000 40 722 Business Liabilities Accounts Receivable 110 000 179 178 Business Valuation less Allowance For Bad Debts 12 000 19 547 Employee Ben Plans Notes Receivable 25 000 40 722 CLIENT PRESENTATION Inventory 20 000 32 578 PLANNING PREFERENCES Prepaid Expenses 10 000 16 289 Total Current Assets 228 000 371 388 Fixed Assets Land and Buildings 225 000 366 501 Equipment 85 000 138 456 Total Fixed Assets 310 000 504 957 Other Assets Investments 80 000 130 312 Goodwill and Other Intangibles 100 000 162 889 TOTAL ASSETS 718 000 1 169 546 Assets amp Liabilities category Business Assets screen How do enter business assets 1 Enter a date in the Statement Date field for the income statement 2 Enter the remaining details for the clients business assets in the applicable fields Note You only need to enter data under Current Year Profiles Financial Planning Application uses the values you enter for Asset Increase 96 and the year you specify for Projection Year to calculate the values under Projection Year If you wish to override the value for a particular projected income item enter th
62. OBJECTIVES TOTAL INCOME 112 200 ASSET PLANNING Income Taxes Taxes Withheld RECOMMENDATIONS Monthly Annual 0 CLIENT PRESENTATION Annual Total 36 420 PLANNING PREFERENCES Income amp Expenses category Income screen How do enter income and income tax details 1 Under ncome enter the details for each client s income sources Under Income is a Monthly and an Annual column but it is not necessary to enter amounts in both columns If you know the monthly income amount enter it in the Monthly column If the income source occurs only once per year enter it in the Annual column Note To calculate the total annual income Profiles Financial Planning Application multiplies entries in the Monthly column by 12 and then adds the sum to the entries in the Annual column 2 Under Income Taxes enter the dollar amount of income taxes paid by the clients 66 Chapter 7 Entering income and expenses Income Client A B screen Comprehensive mode In Comprehensive mode you can use the Income screen to enter the clients income details The incomes entered are for the current plan year Note Income tax details are entered on the Income Tax Client A B screen Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS vw CASE SETUP Income Client A Active Casu Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES Income Monthly Annual Annual Total No
63. On the Tax Deferred Contributions screen you can adjust the contributions made by the clients the clients employers as well as the start and end dates to help your clients achieve their retirement goal Tax Deferred Contributions Contributions Monthly Modify Account Name Pre tax After tax Employer Solve or Annual Scenario Results 100 of goal achieved 717 326 ending portfolio RECALCULATE QUICKACTIONS w Retire Later and Spend Less Annual Increase Edit Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Tax Deferred Contributions Tax Deferred Contributions screen How do edit an existing contribution 1 Select the Modify option beside the contribution you want to edit Several fields become editable 2 Make the required changes How do recalculate scenario results a Click Recalculate The Scenario Results graph updates 177 Chapter 12 Creating retirement scenarios Taxable Savings screen On the Taxable Savings screen you can modify your clients taxable savings to view the effect on their retirement goal QUICKACTIONS v Taxable Savings Retire Later Reallocate amp Save More Changes made to assets assigned to accumulation goals will not be applied until after the goal is complete Monthly Annual Modify Name Savings Solve Increase Beginning Ending r Bank of S
64. Page Net Worth Retirement Goal Coverage Education Goals Coverage Survivor Needs Coverage 3323232 Progress Report Details Existing Clients category Client List screen Progress Report button Progress Report screen How do view a case s properties 1 Under Available Cases for Progress Reporting click o beside the applicable case 2 When you are finished viewing the case properties click Close How do I view a case s final report a Under Available Cases for Progress Reporting click beside the applicable case How do generate a progress report 31 Chapter 3 Managing client data Under Available Cases for Progress Reporting select the cases you want to include in the progress report Note You can select a maximum of five cases Under Progress Reports select the reports you want to include in the progress report Select a method for generating the reports a Print Allows you to print the reports based on your selections under Select Reports a PDF Click PDF to Allows you to create a portable document format PDF file using the selections under Select Reports a Display Allows you to view the reports based on your selections under Select Reports 32 Chapter 3 Managing client data Open Sample Case screen Profiles Professional includes sample cases you can use to work with in the application These cases do not represent actual clients instead these cases exist so you ca
65. Property Taxes 5 000 Annual Today 0 2012 End of Plan Uti 50 Monthly Today 0 2012 End of Plan Monthly Today O 2012 End of Plan Monthly Retirement 0 End of Plan Monthly Today Early Retirement Monthly Retirement 0 Retirement Late Retirement Monthly Retirement 15 End of Plan Charirahla Contributio 5 nnn Annual Todas n 2012 End nf Dian Scenario Results 9836 of goal achieved 0 ending portfolio RECALCULATE ADD SCENARIO EXPENSE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Retirement Expenses Retirement Expenses screen How do add a retirement expense 1 Click Add Scenario Expense 2 Enter the details for the new retirement expense and then click Close How do edit an existing retirement expense 1 Select the Modify option beside the expense you want to edit Several fields become editable 2 Make the required changes How do recalculate scenario results Click Recalculate The Scenario Results graph updates 185 Retirement Expense Details screen On the Retirement Expense Details screen you can edit retirement expenses for the scenario that were entered in the case Note This screen only appears for cases using Detailed Cash Flow mode QUICKACTIONS w Reti rement Expense Details Retire later Reallocate and Spend Less Enter changes to the expense for this scenario Type of Expense Hous
66. T selection a The Held in RLT column cannot be edited here It will show a selection for each account that has the Held in Living Trust option selected on the Account Entry forms How do delete a revocable living trust a Click Delete 144 Chapter 10 Entering planning objectives Credit Shelter Trust screen On the Credit Shelter Trust screen you can enter the details for a credit shelter trust Note Credit shelter trusts are only available for married couples Credit Shelter Trust Estate Plan Include in Analysis CST Name CST Details Annual Income Payout Trust Rate of Return Trust Tax Rate Funding Information Gordon Dies First Brenda Dies First CST Funding Objective Use Full Federal Credit Use Full Federal Credit w User Entered CST DELETE Objectives category Estate screen Select button for Credit Shelter Trust Credit Shelter Trust screen How do I add a credit shelter trust 1 To include the trust as part of your client case select the Include in Analysis option 2 Entera name for the credit shelter trust 3 Under CST Details and Funding Information enter the remaining details for the credit shelter trust How do delete a credit shelter trust Click Delete this CST 145 Chapter 10 Entering planning objectives Irrevocable Life Insurance Trust screen On the Irrevocable Life Insurance Trust screen you can enter irrevocable life insurance trusts An irrevo
67. TA INCOME amp EXPENSES 4 SCAM Ge m 020 Grant Name Owner ClientA y Exercise Price 0 00 ASSETS amp LIABILITIES Option Number Assets Underlying Stock Stock Options Liabilities INSURANCE COVERAGE OBJECTIVES Grant Date ASSET PLANNING Expiration Date RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Total Shares Granted Available at Gordon s Death Available at Brenda s Death Available at Retirement Assets amp Liabilities category Stock Options screen How do add a stock option 1 Click 4 from the spin control 4 x gt beside Option Number 2 Select the underlying stock and then enter the remaining details for the stock option How do change the details of a stock option 1 Use the spin control E E aie 4 3 beside Option Number to navigate to the stock option entry you want to 104 Chapter 8 Entering assets and liabilities edit 2 Make the required changes How do add an underlying stock 1 Click Add 2 Click 4 from the spin control 4 x gt beside Stock Number 3 Enter the remaining details for the new stock and then click Close You will now be able to select this underlying stock or any others you have entered for any option entered on the Stock Options screen How do edit an underlying stock 1 Click Add 2 Use the spin control 4 x gt beside Stock Number to navigate to the stock you want to edit 3 Make the required chan
68. The list of associated reports appears under Edit Template Add remove or rearrange the reports in the list When you are finished editing the template click Save Note Default presentations cannot be modified however custom presentations can be modified How do delete a presentation template 1 2 3 Click the Template Library tab to display all templates available Click x beside the template you want to delete A confirmation message appears Click OK to confirm the deletion Note Default presentations cannot be deleted however custom presentations can be deleted How do generate a presentation report T Ze Under Client Presentation select the reports you want to include in the final report To print all reports listed next to Create PDF select All Reports To print only the reports with a option selected next to Create PDF select Only Selected Reports Select a method for generating the reports a Display Allows you to view the reports based on your selections next to Print Options a Print Allows you to print the reports based on your selections next to Print Options PDF Allows you to create a portable document format PDF file containing the reports listed under Your Presentation using the selection next to Print Options How do remove the Draft Presentation watermark from my report Le 2 3 Select all of the reports that you want to include in the presentation you will delive
69. The sales results will be deposited into INCOME amp EXPENSES the designated Lump Sum Asset and will be available to meet a client s need For Residences you may downsize and deposit the difference by electing to replace the asset with a new smaller one ASSETS amp LIABILITIES Name Market Value Disposition Sell Strategy INSURANCE COVERAGE Bl Oceanside Rental House Investment Property 425 000 Hold P d OBJECTIVES Carlsbad Home 600 000 Sell ASSET PLANNING Coin Collection 7 000 Hold Asset Assignment Tom s BMW 60 000 Hold Key Asset Designation Marilyn s Jeep 40 000 Hold Distribution Order Furnishings 55 000 Hold Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Asset Planning category Asset Sales screen How do enter the sale of an asset 1 Click p beside the asset you want to sell 2 Enter the sale details such as timing and sales expenses and then click Close 158 Sell Asset Details screen On the Sell Asset Details screen you can modify the timing of the sale of an asset and enter any costs associated with the sale QUICKACTIONS v Sell Asset Details Name of Asset to Sell Oceanside Rental House Investment Property Current Market Value 425 000 Current Liability No liability entered Timing of Sale Specified Year y i o Year 0 Sales Expense Future Dollar Amount e g closing costs 0 Percent of Market Value e g commissions 0 Sell at De
70. VENDS SNIJ Profiles Professional User Manual lI ADVICENT User s Guide Desktop Version 12 0 Copyright 2012 2013 Advicent Solutions The information contained herein including its attachments contains proprietary and confidential information Any distribution of these materials to third parties is strictly prohibited Profiles Professional User Manual Desktop Contents Chapter 1 Profiles Professional User Manual _ 2 022 2022 cc cece cee eee ce cece cece cc cceeeeeeee 1 CONVENTIONS 2 56 view eet oes A A A ees aod 2 Profiles Professional resources 1 1 2 cece cece cece cece cece cece cece e Re eee ee ee e esses e esee aser 3 Chapter 2 Overview of Profiles Professional _ 02 22 0222 cc eee c cece cee eee ce cece cee e ec ceeeeeeeee 4 About Profiles Professional _ 22 2 2 22 0222 coon cee ocres 5 Installing Profiles Professional 2 2 02 22 2 e cece cece nn 6 Starting Profiles Professional Loc annan nannnnanannnnnnna 7 Working in Profiles Professional 22 22 2222 02202 cece cece cece rre 8 Field specific Help oct ecg So ee Seber MMC 12 als em an 23715 nos cas ORE 12 E P ICONS 7 foc dean A A O EA 12 Collecting financial information ssisussusssusslsslssllls sss cece DDALL DLLD DALL aLa 13 Chapter 3 Managing client data 2 2 02 22 oo cco ccc cece cece IRR eee cecseeeeceesereee 15 uice A IA 16 Functional DOCUMENTAI N cc oe poe
71. a entry fields Note The default values can be restored by highlighting the value and then pressing the F6 key or by going to the Edit menu and then selecting Restore Default 134 Disability Income Needs screen Chapter 10 Entering planning objectives On the Disability Income Needs screen you can enter the total income that the clients would need should either of them become disabled Profiles Financial Planning Application uses a default percentage of the clients combined income in the event of a disability This percentage is set on the Needs Preferences screen and can be changed to any amount needed by your clients Note This topic only applies to cases using Comprehensive or Detailed Cash Flow mode Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES Retirement Survivor Cash Needs Survivor Inc Needs Disability Inc Needs Long Term Care Needs Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES Disability Income Needs Include Social Security Benefits Gordon s Disability O Age Non Disabled Client Receives Social Security 62 Beginning After 30 Days After 90 Days After 1 Year After 2 Years After 5 Years After Age 65 Gordon s Monthly Need 13 067 13 067 13 067 13 067 13 067 13 067 Brenda s Gord
72. ailable if the Accumulation Goals module is included in the case Note Do not enter retirement or education as accumulation goals Use the Retirement screen to illustrate retirement goals and the Education Goals screen to illustrate education goals Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP Active Case Sample 3 Detailed Cash Flow Sample Case Accumulation Goals CLIENT DATA INCOME amp EXPENSES Accumulation Goal Item Number 4 X 1 01 ASSETS amp LIABILITIES Accumulation Goal INSURANCE COVERAGE Consumable Goal OBJECTIVES Amount Needed Per Year Retirement Inflate Need Education Goals Accumulation Goals Survivor Cash Needs Survivor Inc Needs Disability Inc Needs Years Until Needed Number Years Needed Fund at Gordon s Death Long Term Care Nec Fund at Brenda s Death Client Objective Notes Fund Deficit from cash flow ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Accumulation Goals screen How do add an accumulation goal 1 Click 4 from the spin control 4 x gt beside Accumulation Goal Item Number 2 Enter information for the accumulation goal How do change the details of an accumulation goal 1 Use the spin control EE a 4 2M beside Accumulation Goal Item Numberto navigate to the accumulation goal you want to edit 2 Make the required changes 129 Chapter
73. ails screen The Client Review Worksheet also includes a number of soft questions and space for taking notes to help keep the review meeting on track Client Review Worksheet Choose which sections to include in the Client Review Worksheet Data from the previous case will be presented along with space for updated client information Any revisions to the case will be used to populate the worksheet and save your client time You may return to this screen by selecting the Case Review icon on the toolbar RESET SELECTIONS Case Data Case Objectives Additional Items Personal Data Retirement B Financial Priorities 4 Dependents Education Goals Action Items Income Accumulation Goals Recommendation Notes Expenses Survivor Needs Documents Needed El Accounts Disability Account Holdings Long Term Care Hard Assets Estate SI XI SI XII XIX SI Stock Options Risk Tolerance Liabilities Insurance B t r Tax Rate Assumptions zi Existing Clients category Client List screen Open button Case Details screen Case Review button Initiate Case Review screen Client Review Worksheet screen 29 Chapter 3 Managing client data How do generate the Client Review Worksheet 1 Under Case Data Case Objectives and Additional Items select the sections you want to include in the Client Review Worksheet By default data and sections from the original case are automatically selected 2 Select amet
74. an be obtained from the Business Data section of the Business Assessment Fact Finder 218 Chapter 14 Entering business data Owner Key Employee screen The Owner Key Employee screen is used to enter business owner or key employee data Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA Personal Data Dependents Risk Tolerance Profile Business Data Owner Key Employee Notes INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v Own e r Key E m pl oyee Active Case Sample 3 Detailed Cash Flow Sample Case Owner Key Employee EEES Bia Last Name First Name Age Business Ownership Buy Sell Life Insurance Buy Sell Disability Insurance Key Employee Annual Salary Years to Protect Sales Contribution Profit Contributed Replacement Cost Inducement Cost Training Cost Opportunity Cost Key Employee Life Insurance Business Overhead Insurance Client Data category Owner Key Employee screen How do enter a new owner or key employee 1 Use the spin control to select the appropriate owner or key employee number 2 Enter the owner s or key employee s information in the applicable fields Note This data can be obtained from the Owner Key Employee sectio
75. ance coverage policies On the General Insurance screen you can enter information about the clients current liability insurance as well as any homeowner medical and auto insurance policies Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE Life Insurance Disability Insurance LTC Insurance General Insurance OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES General Insurance Policy Type Liability Homeowner s Medical Total Value 100 000 Policy Name Merit Property amp Casualty Health Insurance Policy Merit Auto Insurance Insurance Coverage category General Insurance screen How do add a general insurance policy QUICKACTIONS w Active Case Sample 3 Detailed Cash Flow Sample Case Policy Benefit 0 600 000 1 000 000 100 000 Annual Premium 0 a Enter the details for the new general insurance policy in the applicable data entry fields Note Multiples of the same type of policy can be combined 119 Chapter 10 Entering planning objectives Chapter 10 Entering planning objectives This chapter includes the following topics to help you enter your clients planning objectives in Profiles Professional Retirement screen Express mode __ 2 22 22 eee eee eee ee cee ccc cece rn 121 Retirement s
76. and any specific allocations entered on the Assets screens Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP gt Assets Summa ry View Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA Show Detail View o INCOME amp EXPENSES Asset Category Total Market Value Add ASSETS amp LIABILITIES Assets Bank Accounts 15 000 Stock Options Qualified Retirement Accounts 447 200 Liabilities Deferred Annuity Accounts 65 000 INSURANCE COVERAGE Investment Accounts 127 800 Education Investment Accounts 0 OBJECTIVES Real Estate Property 880 000 ASSET PLANNING Personal Property 55 000 RECOMMENDATIONS Business Assets 0 CLIENT PRESENTATION PLANNING PREFERENCES Total Market Value 1 590 000 Assets amp Liabilities category Assets Summary View screen How do view more details for all accounts and holdings Click Show Detail View The Assets Detail View screen opens Note To return to the Assets Summary View screen click Show Summary View How do add an asset 80 Chapter 8 Entering assets and liabilities 1 From the Assets Summary View screen click y beside the appropriate asset category 2 A data entry screens allows you to enter detailed information applicable to the asset Note You can enter an unlimited number of assets in Profiles Financial Planning Application How do edit an existin
77. assified If the ticker symbol is not found the Asset Allocation field displays Unclassified and you will need to classify the holding manually Note This option is only available with the purchase of the Morningstar Classifier Database option How do delete a holding 1 Click x beside the holding you want to delete How do delete an investment account 1 Use the spin control 4 x gt beside Number to navigate to the account you want to delete 2 Click y 93 Chapter 8 Entering assets and liabilities Holding Details screen The Holding Details screen is used to edit the details for each holding Note This screen can be accessed from either the Investment Account Entry screen or the Education Account Entry screen QUICKACTIONS v Holding Details Brokerage Account Holding Number 1 of 4 Holding Type Holding Name Market Value 25 800 Cost Basis 25 800 Monthly Savings 0 increasing at o Beginning l Today y Years 0 Ages 64 64 Ending Retirement gt Years 0 Ages 65 65 Asset Allocation CLASSIFY HOLDING Cash y Expected Return TAXATION 1 02 6 Tax Status Federal and State Taxable DELETE THIS HOLDING Assets amp Liabilities category Assets Summary View screen Edit button for Investment Accounts Investment Account Entry screen Edit button Holding Details screen How do edit the details of a holding 1 Use the spin control 4 x to navigate to the holding
78. ath in Survivor Needs Analysis Tom s Death Marilyn s Death DELETE SALE Asset Planning category Asset Sales screen Sell Strategy button Sell Asset Details screen How do enter the sale of an asset a Enter the sale details such as timing and sales expenses and then click Close How do enter a future liability 1 Click Add Edit Future Loan Note This button only appears if Residence is selected as the property type on the Real Estate Property Entry screen for the current asset and you have selected to purchase a replacement residence downsizing as part of the asset sale 2 Enter the mortgage details for the new residence and then click Close How do delete a sale strategy m Click Delete Sale 159 Future Liability Entry screen On the Future Liability Entry screen you can enter the mortgage details for a new residence to model downsizing from an existing home QUICKACTIONS v Future Liability Entry Enter the mortgage details for the new residence to be purchased when downsizing from an existing residence Residence to Downsize Carlsbad Home Year Liability Begins 2036 Name of Liability Future Loan for Carlsbad Home Amount to Borrow Term years Interest Rate DELETE FUTURE LIABILITY Asset Planning category Asset Sales screen Sell Strategy button Sell Asset Details screen Add Edit Future Loan button Future Liability Entry screen How do enter a
79. ation goal you want to edit 2 Make the required changes 126 Chapter 10 Entering planning objectives CollegeUniversity Cost Search screen More than 2 200 institutions are included in the College Cost Database Expenses are based on data compiled by the College Entrance Examination Board for the current school year Costs are comprised of tuition either in state or out of state and other costs such as room and board books and supplies QUICKACTIONS v College Cost Search To search please Institution Name i In State Out of State Select select the category you would like to search 0 0 v El lt Choose gt y Please type in the specific item to search for separate multiple items with commas and or Search on Tuition lt Choose gt y Source Annual Survey of Colleges 2011 Copyright O 2011 The College Board This material may not be copied published rewritten or redistributed without permission Between 0 and 0 Education Goal Tuition amp Required Fees Other Costs In State 0 Room Only 0 C Out of State 0 C Room amp Board 0 Exclude Tuition Exclude Housing Books amp Supplies 0 CANCEL Objectives category Education Goals Education Goals screen College Cost Search button College Cost Search screen How do find tuition information for a particular school 1 From the search list select the category you would like to search The options are Name of Scho
80. by clicking the buttons on the toolbar The following commands are accessible from the toolbar Create New Client Creates a new client and initial case Help Opens Profiles Professional Help Client Data category Personal Data section with the Quick Actions toolbar opened How do I use the View Current Results Feature Profiles Professional allows you to get a snapshot of your clients progress towards their goals their net worth information as well as an overall summary of their situation while you plan without having to generate client reports 11 Chapter 2 Overview of Profiles Professional To access this summary data select the View Current Results option from the Quick Actions menu You will be prompted with a series of tabs containing information about the plan in which you are currently working The information represented here is current as of the data you have entered Use the View Current Results option to audit your clients plan as you create it The insights this feature provides can help you to better understand your clients current situation and therefore make better recommendations in your client reports How do exit Profiles Professional When you re ready to exit Profiles Professional go to the File menu and then select Exit Perform one of the following actions m Click Yes to save the case and exit a Click No to exit without saving m Click Cancel to return to Profiles
81. cable life insurance trust ILIT is a trust that owns life insurance and collects and holds life insurance proceeds for distribution to beneficiaries ILITs cannot be revoked or amended once established Irrevocable Life Insurance Trust Estate Plan ILIT Number 1of1 ILIT Name Include In Analysis ILIT Details Grantor Trust Rate of Return Gift Splitting El Trust Tax Rate Policy Details Funding Options Transfer Policies v TRANSFER ALL Life Insurance Available to Transfer Insured Owner Beneficiary Death Benefit Cash Value Choose v Choose lt Choose gt lt Choose gt Beneficiary Information Remainder Beneficiary lt Choose gt ADD BENEFICIARY Objectives category Estate screen Select button for Irrevocable Life Insurance Trust Irrevocable Life Insurance Trust screen How do add an ILIT 1 Click 4 from the spin control KEZI beside ILIT Number 2 Enter a name for the ILIT 3 To include the ILIT as part of your client case select the Include in Analysis option 4 Enter the remaining details for the new ILIT How do transfer existing policies to fund the ILIT 1 Under Policy Details from the Funding Options list select Transfer Policies 2 Totransfer to the ILIT all policies owned by Client A Client B Joint and Community click Transfer All The screen updates and the applicable policies appear in the table 3 Totransfer only specific policies select the policies
82. cify assumptions relating to estate taxes and expenses Profiles Professional HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Estate Preferences Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Federal Estate Tax Law to Apply Current Law INSURANCE COVERAGE State Death Tax Lew to Apply Federal Pick up State Freeze Year OBJECTIVES State Death Taxes at 1st Death ASSET PLANNING State Death Taxes at 2nd Death RECOMMENDATIONS Exclusion Index Rate CLIENT PRESENTATION Include Reverse order Death Analysis PLANNING PREFERENCES IRC Section 7520 Rates General Preferences LINK TO RATES Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Mem SAVE TO MY DEFAULT PREFERENCES Estate Preferences Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Estate Preferences screen To modify the estate planning preferences enter your changes in the applicable fields How do modify estate preferences Enter your changes in the applicable fields 46 Chapter 4 Setting the planning preferences Business Preferences screen The Business Preferences screen is used to enter business preferences such as sick pay and employee benefits Note This screen is only available in cases with one or more business module s
83. classify a holding manually 83 Chapter 8 Entering assets and liabilities 1 Select the holding to be classified by selecting the holding in the table directly under Search Results 2 Select the Manual Classification option and then enter the appropriate allocation percentages under 84 Bank Account Entry screen Chapter 8 Entering assets and liabilities The Bank Account Entry screen allows you to enter detailed information about the clients bank accounts Bank Account Entry Number 1 of 1 Account Name Owner Account Type Disposition at Death Held in Living Trust Market Value Monthly Savings Goal Beginning QUICKACTIONS v Middleton Bank Joint Checking y zChoose r 15 000 0 Increasing at 0 Today M Years 0 Ages 64 64 Ending Retirement M Years 0 Ages 65 65 Interest Rate f DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Bank Accounts Bank Account Entry screen How do add a bank account 1 Click 4 from the spin control 4 x gt next to Number 2 Enter a name for the account The data entry fields below become accessible 3 Enter the details for the new bank account including owner How do change the details of a bank account 1 Use the spin control KEZI beside Number to navigate to the bank account entry you want to edit 2 Make the required changes How do I delete a bank account
84. click Case Review 2 If applicable enter anew Case Name and Plan Date for the case and then click OK Note To ensure that data in the original case is saved Profiles Professional automatically creates a copy of the original case using a different name 28 Chapter 3 Managing client data Client Review Worksheet screen Use the Client Review Worksheet to capture and track the most up to date client information The worksheet is designed to show your clients personal data in two columns The first column As of lt date gt is prepopulated with client data based on when the original case was last saved The second column Current is where you can enter client information that requires updating In some instances prepopulated information may also appear in the Current column This occurs if you have made updates to the case data on your own or if you have updated account data in the case through one of our integration partners optional add on feature before generating the Client Review Worksheet The ability to easily generate a custom Client Review Worksheet on the Client Review Worksheet screen gives you a better way to analyze and update your client data in preparation for upcoming review meetings This worksheet has been designed with the client in mind and can be sent either on its own or included as part of an existing review packet Note This screen is only available after a case review has been initiated from the Case Det
85. clients assets may not have converted to the proper account types The Move Holdings screen makes this cleanup quick and easy Move Holdings Holding to Move To this Account Vanguard Value Index Inv gt Brokerage Account y Account Type 401 k Account Type Investment Account Account Name Gordon s 401 k Account Name Brokerage Account Account Owner Client A Account Owner Client A Assets amp Liabilities category Assets Detail View screen Move Holdings between Accounts button Move Holdings screen How do transfer holdings from one account to another 1 Under Holding to Move select the holding to be moved 2 Under To this Account select the account to which the holding is being transferred QUICKACTIONS v 3 Click Move to transfer the holding to the specified account The screen updates with the transfer information 82 Chapter 8 Entering assets and liabilities Classify Holding screen The Classify Holding screen provides classification information that you can apply to a holding You can classify a holding either manually or automatically The manual classification method is always available in Profiles Professional and allows you to choose the appropriate asset class breakdown for a chosen holding The auto classification method uses the Morningstar Classifier Database which is a returns based asset classification methodology Note This feature is only available with the purchase of th
86. commended retirement scenario in place m Each section contains a presentation page an audit page and a disclosure page While there are no Monte Carlo specific data entry screens or fields in Profiles Professional Client A s date of birth and at least one asset with an allocation class other than Unclassified need to be entered for the Monte Carlo simulation to work If either of these items is not entered you will be prompted to enter the applicable information mentioned earlier a Torun the simulation in the Report Library column select any required Monte Carlo output pages and then generate the presentation How do generate a presentation report on the previous page 230 Index A accumulation goals 129 additional expenses 76 additional payments 113 additional withdrawals 114 advisor details 59 alerts 17 analysis modes 20 comprehensive 22 detailed cash flow 23 express 21 asset allocation questionnaire 161 asset allocation settings 53 asset assignment 150 asset sales 158 assets 80 deleting 81 entering 80 assumptions 52 B bank accounts 85 business asset entry 102 222 business data 218 business expenses 221 business income 220 business liabilities 223 Profiles Professional User Manual Desktop business owners entering 219 business preferences 47 business valuation 224 C case creating 20 26 deleting 27 duplicating 26 exporting 27 importing 27 opening 26 renaming 26
87. cover prospective clients financial issues based on the needs of their business It consists of a sample interview suggestions for your approach and a Business Assessment Fact Finder which are all tools you can use to motivate prospects in the first interview and then advance the conversation into a multiple needs analysis The Business Assessment Fact Finder is designed to be used in your initial interview with a client both as a presentation tool and for data gathering The first page is the presentation for your approach Use it as a visual aid during your interview The remaining pages include supplemental questions you can ask to help you get the data you need Completing this Fact Finder provides you with enough information to do a multiple needs analysis for your clients Four business profiles We can identify four distinct periods in the life of every business survival growth maturity and transfer Each time period has a different set of priorities and concerns a During the survival years you need to establish good financial disciplines and set the stage for future success and growth During the growth years you focus on maximizing the company s revenues Employee benefits can significantly affect total compensation and employee morale During the maturity years growth rates level off increasing at a more modest pace You concentrate more on maximizing the health and value of your business putting your house in ord
88. creen How do add an additional expense a Ina blank data entry row enter the details for the additional expense and then click Close The Expenses screen updates the Additional Expenses totals 76 Expenses screen Detailed Cash Flow mode On the Expenses screen you can enter detailed expense information Note This screen only appears for cases using Detailed Cash Flow mode Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES Income Expenses ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT Expenses Expense Type Housing Child Care Transportation Food and Beverages Clothing Furnishings Personal Care and Cash Medical Dental Rx Education Self Improvement Entertainment Vacations and Holidays Charitable Contributions Expense Totals ADD EXPENSE FORMS TOOLS PREFERENCES CE Pre Retirement During Retirement 11 000 0 0 0 0 0 0 0 12 000 0 95 200 Income amp Expenses category Expenses screen How do add an expense 1 Click Add Expense 2 Addthe expense on the Expense Entry screen How do I change the details of an expense 1 Click beside the appropriate expense 2 Make the appropriate changes HELP Chapter 7 Entering income and expenses QUICKACTIONS v Active Case Sample 3 Detailed Cash Flow Sample Case Age Gor
89. creen Comprehensive mode _ 2 22 22 e ee cee ccc cece cc cecccecececceceteeceeeceeeceeees 122 Retirement screen Detailed Cash Flow mode 2 2 ccc cece cece cece ccc ccecceccccccecccecccecceuceneees 124 Education Goals screen occ nn nn 125 CollegeUniversity Cost Search screen ne 127 Accumulation Goals screen iuLLuuuuuuuuiuuuuuuiulllllllllllllllllss ee eee eee 129 Survivor Cash Needs Screen ee eee eee eee eee eee eee eee eens 130 Survivor Income Needs screen Express mode _ 22 22 22 2 eee ee cece cece cece cece cecececceeeceeceeeseees 131 Survivor Income Needs screen Comprehensive mode 2222 20222 ce eee ce cece cece ccceeeeeeeeee 132 Survivor Income Needs screen Detailed Cash Flow mode 2 2 2 ee eee eee cece cece cceecceeeseeees 133 Functional Documentation sc coe ocei ce Ree gene cnsecles agtawsestseanodsadead sees teed r ES EESE dennis 133 Disability Income Needs screen Express mode ___ 2 2 2 2 2 eee eee cece cece cee cece ceecceeceeeceeeeeetees 134 Disability Income Needs screen _ 2 2 22 2 cece eee cece eee cece cee cece eee e cee ceeceeeeeeeeeeseesesceseeeees 135 Long Term Care Needs screen nas 136 Estate screen Basic ecce hope ac 137 Gifting and Credit Details screen 2 2 oie eee cece eee ce cece cece cece cee c eee ceecceecteeceeeseeeeeeeees 139 Charitable Bequest Details screen 2 22 22 ce cece nce n
90. ct Income Source screen _ 22 ee eee cee cee cee cee cence enc eecceecceecececeueceeeeeueceuceeeceeereeeeeens Income screen Detailed Cash Flow mode 2 22 22 2 2 cee ee ccc e ccc e ccc cceecceecceeceeceeectececeeseerees Income Entry screen Taxes Withheld screen _ 2 20 0 002 ooo cece cece eee ee cee eee eee eee eee eee eee e cc ee cece aoaaa Income Tax Client A B screen _ 2 0 22 eee ccccce cece ns Expenses screen Express and Comprehensive modes 222 20022 cce eee cee ccc ceeeecceeeccceeeeee Additional Expenses screen nes Expenses screen Detailed Cash Flow mode 2 222 0202 e ccc e ccc ce cece ce conc cece cece ccc naranai Expense Entry screen ol c eee eee cece ee ee cee cece ee cee ce m e eem mt eI mtt tel 65 Chapter 7 Entering income and expenses Income screen Express mode In Express mode the Income screen is simplified and includes income taxes Use this screen to enter the clients income and income tax details Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Income Active Case Sample 1 Express Sample Case CLIENT DATA Brian s Monthly Annual Annual Total INCOME amp EXPENSES Income Direct Income Source Salary Self Employment Other Income 73 800 0 0 Expenses Amy s 3er 38 400 Self Employment 0 ASSETS amp LIABILITIES INSURANCE COVERAGE Other Income 0
91. d Expenses Long T Care Need ong cm Desired Expenses Desired Expenses Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Long Term Care Needs screen How do enter long term care needs a Enter the applicable information for both clients once for Client A s assumptions and again for Client B s assumptions 136 Chapter 10 Entering planning objectives Estate screen Basic On the Estate screen you can enter the clients estate details such as expenses and tax assumptions This screen only appears if the Advanced Estate module is not included in your subscription of Profiles Professional and you are using the Basic Estate module The Basic Estate module is designed to help advisors provide simple explanations for difficult estate planning concepts The Advanced Estate module is designed for advisors looking to do in depth estate planning with their clients In addition to the five planning tools included with the Basic Estate module the Advanced Estate module contains 11 more estate planning tools Note The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP Estate Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA Client
92. de essc DU ee sacks Fe o EE DIUI C DI e bel acede reeds ti 34 Functional Documentation 35 15 Chapter 3 Managing client data Home screen The first screen that appears when Profiles Professional opens is the Home screen Functional Documentation a This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Presentation Module 16 Chapter 3 Managing client data Alerts screen The Alerts screen displays alerts notifying you of new leads for you to review The options available on the Alerts screen differ from user to user See your Profiles Financial Planning Application administrator for additional help on this topic For Profiles Professional retail users new alerts are generated when a consumer submits their information using the Consumer Facing Application CFA Retail users have the option to either create a new client file and case or delete the lead For Profiles Professional mid market users new alerts are generated when a lead manager assigns an alert to an advisor Mid market users have the option to either create a new client file and case or reject the lead How do promote a lead into a client file and case 1 Click m for the lead you want to promote Note The lead alert will still appear on the Alerts screen until itis deleted How do view a Retirement Assessment report
93. der annuity trusts CRATs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Charitable Remainder Annuity Trust ee CRAT Number ESSI CRAT Name Include in Analysis r CRAT Details Grantor Choose gt y Income Payment Type Fixed percent y Trust Termination Event lt Choose gt y Annual Income Payout 0 Trust Rate of Return 0 IRC Section 7520 rate 0 Trust Tax Rate 0 LINK TO RATES Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 0 x Amount Transferred Total 0 Beneficiary Information Income Beneficiary Percent Delete Remainder Beneficiary Percent Delete Choose gt y 0 x a Choose gt y ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Charitable Remainder Annuity Trust Charitable Remainder Annuity Trust screen How do add a CRAT 1 Click 4 from the spin control L 4 x gt beside CRAT Number 2 Enter a name for the CRAT 3 To include the CRAT in the analysis select the Include in Analysis option How do add a beneficiary to the CRAT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How
94. do change the details of a CRAT 207 Chapter 13 Creating estate scenarios 1 Use the spin control i 4 x gt beside CRAT Number to navigate to the CRAT entry you want to edit 2 Make the required changes How do delete a CRAT 1 Use the spin control 14 x gt beside CRAT Number to navigate to the CRAT you want to delete 2 Click from the spin control EEXXA 208 Chapter 13 Creating estate scenarios Charitable Remainder Unitrust screen On the Charitable Remainder Unitrust screen you can enter charitable lead annuity trusts CRUTs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Charitable Remainder Unitrust Estate Plan CRUT Number 4 X gt HRS CRUT Details Grantor Choose gt y Income Payment Type Fixed percent y Trust Termination Event lt Choose gt y Annual Income Payout 0 Trust Rate of Return 0 IRC Section 7520 rate 0 96 Trust Tax Rate 0 96 LINK TO RATES Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn 0 0 Amount Transferred Total 0 Beneficiary Information Income Beneficiary Percent Delete Remainder Beneficiary Percent Delete Choose gt y 0 x a Choose gt y ADD BENEFICIARY Recomme
95. don Brenda 64 64 Survivor 67 120 0 0 0 0 0 0 0 6 000 0 5000 67 120 m a a Y YN NN NN NY 17 Chapter 7 Entering income and expenses Expense Entry screen The Expense Entry screen lets you enter detailed information for each expense item Note This screen only appears for cases using Detailed Cash Flow mode QUICKACTIONS w Expense Entry Expense 13 of 13 Type Housing El Beginning Today y Name Property Taxes Years 0 Year 2012 Ages 64 64 Amount 6 000 Monthly Present Value Ending End of Plan C Annual C Future Value Years 0 Year 2038 Ages Annual Increase 3 96 Required Expense iv Applies only to Survivor Needs exclude from retirement Amount in Pre Retirement During Retirement 6 000 Amount in Survivor Needs Analysis Gordon Dies 6 000 Y Required Expense Amount in Survivor Needs Analysis Brenda Dies 6 000 V Required Expense CLOSE Income amp Expenses category Expenses screen Add Expense button Expense Entry screen How do add an additional expense 1 Click 4 from the spin control KEZI beside Expense 2 From the Type list select the type of expense The other data entry fields become accessible If you selected Edit for one of the expense categories then you can only add expenses of that type If you want to add a different type of expense close the Expense Entry form and select Add Expense 3 Enter the rema
96. e amp Save More M Modify the existing asset allocation plan for this scenario SORT Asset Allocation for Retirement Portfolio Group Reallocate to Portfolio Beginning At Years Year Delete Retirement Accounts Medium to High risk return y Today 0 Retirement Accounts y Low to Medium risk return y Retirement y 5 Retirement Accounts y Low risk return y Retirement gt 10 lt Choose gt yl lt Choose lt Choose gt 0 Available Portfolios Name Expected Return Low risk return 3 83 Low to Medium risk return 5 29 Sccnatlo Bazalte Medium risk return 6 92 85 of goal achieved Medium to High risk return 8 31 0 ending portfolio High risk return 9 49 RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Portfolio Reallocation Portfolio Reallocations screen How do reallocate assets 1 Select the Modify the existing asset allocation plan for this scenario option The data entry fields become accessible Under Group select the asset group you want to reallocate Under Reallocate to Portfolio select the portfolio you want to use Under Beginning At select an event trigger for the start of the asset allocation WP IN If applicable under Years enter or and the number of years to specify that the asset allocation should start a few years before or after the event selected under Beginni
97. e 140 Gifting During Life screen l 22 2 l llc eee eee eee e ccc ee cece cece cece cece eeeseeeceesteeseeeeeeeseeesees 141 O cat ahaa he ieee ata A c 143 Revocable Living Trust screen nes 144 Credit Shelter Trust screen __ 2 222 222 eee eee eee ee eee eee eee eee eee 145 Irrevocable Life Insurance Trust screen _ 2 2 22 22 eee eee eee eee eee 146 Client Objective Notes screen _ 2 0 21 2 eee c eee e eee cee cee cece ccec cee ceeeceeecensceeccencceceeenteeceeeres 148 120 Chapter 10 Entering planning objectives Retirement screen Express mode On the Retirement screen you can enter the clients retirement objectives including their monthly income needs during retirement The rate of return used for assets allocated to retirement can be changed on the Asset Planning category Portfolio Returns screen Note This topic only applies to cases using Express mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP CASE SETUP Reti re m e nt Active Case Sample 1 Express Sample Case CLIENT DATA q Retirement Information INCOME amp EXPENSES ASSETS amp LIABILITIES Retirement Begins at Age 65 63 INSURANCE COVERAGE Include Social Security Benefits Vv Vv OBJECTIVES Age to Begin System Calculated Social Security Benefits C 85 e Retirement Education Goals Survivor Cash Needs Retirement Income Needs Survivor Inc Needs Monthly Need Client Objective Notes in today s dollar
98. e Asset Allocation module QUICKACTIONS v Classify Holding Search By po Ticker Symbol or Holding Name Vanguard Growth Index Inv nE SEARCH c R Search Results Contains this phrase Ticker Selected Security Asset Class Selected Ticker VIGRX Large Cap Growth Stocks Selected Security Vanguard Growth Index Inv Large Cap Value Stocks Mid Cap Stocks Small Cap Stocks REITs Manual Classification International Stocks gt 100 00 o CES Assets amp Liabilities category Assets Summary Detail View screen Edit button Classify button Classify Holding screen How do search for a specific holding 1 Enter a ticker symbol or a holding name in the appropriate field Note Be sure to use a keyword for your search Performing a search using only one or two letters may cause a significant delay in generating the search results 2 Depending on the type of search you want to perform select either Begins with this phrase or Contains this phrase and then click Search Any matches appear under Search Results 3 Browse through the search results to find the holding you want If you can not find a specific holding you may need to refine your search criteria Once you have found a holding click v beside the holding you want The information under Selected Security updates Note Funds that are less than three years old are not included in the Morningstar Classifier Database How do I
99. e Plan iv iv P Ta x ASSET PLANNING RECOMMENDATIONS Retirement Scenarios Estate Recommendation Notes CLIENT PRESENTATION PLANNING PREFERENCES ADD SCENARIO Recommendations category Estate screen How do add an estate scenario 1 Click Add Scenario 2 Enter the details in the applicable fields and then click Close How do include the scenario in reports Select the Include in Output option next to the appropriate estate scenario Note A maximum of four scenarios can be included in reports How do edit an existing estate scenario 188 Chapter 13 Creating estate scenarios 1 Click next to the appropriate estate scenario 2 Make the required changes and then click Close How do copy an existing estate scenario m Click ig next to the estate scenario you want to copy The scenario is created with the same name but it starts with Copy of How do delete an existing estate scenario m Click x Next to the estate scenario you want to delete 189 Chapter 13 Creating estate scenarios Estate Details screen The Estate Details screen provides an overview of the selected estate plan It is also the gateway to all the estate planning tools in the Advanced Estate module Note The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Estate Details Scenario Informati
100. e aeons A eta ULLA uen Ae DE RUE ad LL E 82 Classity Holditig Sereefz ose retten temo irr NU Reuben etu AIO MANT I ain a tah ay 83 Bank Account Entry screen Lt Leclerc ly me ice el ee 85 Qualified AccountEntryscreehn iia c Re a lau e ERR dt 86 Qualified Account Contributions screen coc 89 Deferred Annuity Entry screen LLL ZE III c foe I ANIMO iftis DAD RESI nue 90 Investment Account Entry screer oec DIA E MD NEUEN NIE SOUS 92 Holding DetailsSCL Gel costat ia E Aa E 94 Taxation of Retur m creen sicario moitetic se kicT a aA iu ueteri sd ect an 95 Education Accourit Entry Screen seco ul E eic 96 Real Estate Property Entry screen x iss la 98 Personal Property Entry screen ns 100 Profiles Professional User Manual Desktop B siness Asset Entry Sereen coccion corr pace sonas teeesisee 102 Stock Options SOl Tha cee ett esed or tah Piet ee dalle Lu ebur od it cert pt a bel ttl 104 Underlying Stock Information screen 0 2 2 2 22 cece eee enc cece cee cee ceccecceceeceececeeseesees 106 Vesting Exercise Schedule screen _ 22 2 2 2 eee c cece cece ccc aaa aaa LaLa ALALLA LLALA LALA DaDa Lannan 107 Liabilities screen 22 desk ost LL Sele ee eho as SSeS av ge Seed Soe eid nd Roa EE 108 Liability Entry screghusso err AltA te hoe c Ate iE eer creo eund ld eno le Licet 110 Interest Rate Adjustment screen 222 22 ciis elei herbie a 112 Additional Payments SCEeert z cs cnnnce cresta nta ace aes Ne totes Meee oes MANI RARO eee
101. e desired future dollar amount in the Project Year column 222 Chapter 14 Entering business data Business Liabilities screen Use the Business Liabilities screen to enter the clients business liabilities A copy of the balance sheet can usually be obtained from the clients so you do not have to ask for each item individually Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP B u S i n ess Lia bi ities Active Case Sample 4 Business Sample Case CLIENT DATA INCOME amp EXPENSES 2021 Projection Year Current Year 2 50 Liability Increase 96 ASSETS amp LIABILITIES Current Liabilities Business Assets Accounts Payable 100 000 128 008 Business Liabilities Estimated Tax Liability 25 000 32 002 Business Valuation Accrued Expenses Payable 10 000 12 801 Deferred Income 12 500 16 001 CLIENT PRESENTATION iie 50 Ed PLANNING PREFERENCES Total Current Liabilities 147 500 188 812 Long Term Liabilities Employee Ben Plans Mortgages Payable 160 000 204 814 Other 0 0 Total Long Term Liabilities 160 000 204 814 TOTAL LIABILITIES 307 500 393 626 410 500 775 920 Assets amp Liabilities category Business Liabilities screen How do I enter business liabilities m Enter the details for the clients business liabilities in the applicable fields No
102. e eee e eee eect e cece cece eee eee eeeeeeeeeeeeeees 102 Stock Options screehi Loo oc es cee tes ane dente ieee peck cine bereit Eidet Tase Paia Aa e asas sss dis 104 Underlying Stock Information screen 12 2 2 cece ec cee cece cececccecccccecceceecccceececececceseeeccecececeeeees 106 Vesting Exercise Schedule screen _ 2 2 2 oe eee cece cece nn 107 Liabilities AAA 108 Liability Entry Scree iascsancid atrio ed ri teta 110 Interest Rate Adjustment Scree n ccdc2cccccccadscscetcc ceceeaaee aiii dadas 112 Additional Payments screen nes 113 Additional Withdrawals screen _ 2 22222 0 222 e cece eee eee eee 114 79 Chapter 8 Entering assets and liabilities Assets Summary and Detail View screen On the Assets screens you can add or edit accounts property or business assets The Assets screen is available in two views Summary and Detail On the Assets Summary View screen you can see the total market value of each asset category at a glance On the Assets Detail View screen you can see the individual holdings within the accounts and you can specify how assets are currently invested This screen displays the asset type owner holding name market value and rate of return Note For cases that include Asset Allocation Profiles Financial Planning Application calculates the rate of return for the asset based on the default rates entered for that asset class on the Asset Planning category Asset Allocation screen
103. e fields for you clicking this button will revert those fields to their default value Launches the Upgrade Client Case screen This command scans the file for holdings that have been automatically classified and updates the asset class mix based on the latest returns based asset allocation data provided by Morningstar Note You will need the Morningstar Classifier Database to use this feature Contact your Advicent Solutions LP Relationship Manager for purchasing information Output Client Presentation Launches the Client Presentation screen Regenerate Presentation Re creates the most recently generated presentation Forms Menu Forms Printable Forms Case Review Tools Menu Tools Opens alist of printable forms for your clients Launches the Initiate Case Review dialog box use this feature to begin reviewing your clients case Note This option is only available if you have created the case using the Case Review button on the Case Details form Validate All Data Preferences Menu Preferences Personalization My Default Preferences Help Menu Help Help Contents and Search Release Overview Send Case to Support Third Party Disclosure Chapter 2 Overview of Profiles Professional Reviews the data entered for the case to for missing or invalid data Launches the Personalization category this category includes a several sub screens enabling you to make changes to a variety of features
104. e report title for each report you want to include in your presentation and then drag one of the selected reports under Client Presentation The reports appear under Client Presentation Note Dragging an unselected report only adds that report even if there are other reports selected a Click the green arrow located beside a report title to add the report to Client Presentation Click a gold arrow beside a report category to add all the reports within that category How do remove reports from a presentation There are several ways to remove reports from your presentation Under Client Presentation select the report title for each report you want to remove from your presentation and then click Remove Selected Reports m Select the report title for each report you want to remove from your presentation and then drag one of the selected reports under Report Library Note Dragging an unselected report only removes that report even if there are other reports selected a Click the green arrow located beside a report title under Client Presentation Toremove all reports select all reports using the stand alone option located at the top of the Client Presentation list and then click Remove Selected Reports or drag the selected reports under Report Library How do reorganize reports in a presentation To move asingle report select the report title for the report you want to reorganize and then drag the report to the new loca
105. e required changes How do delete a SNT 1 Use the spin control E E 39 44 3 beside SNT Number to navigate to the SNT you want to delete 2 Click y from the spin control 4 x gt 202 Chapter 13 Creating estate scenarios Charitable Lead Annuity Trust screen On the Charitable Lead Annuity Trust screen you can enter charitable lead annuity trusts CLATs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Charitable Lead Annuity Trust Estate Plan CLAT Number 4 gt EEE CLAT Name Include in Analysis O CLAT Details Grantor lt Choose gt y Income Payment Type Fixed percent y Trust Termination Event lt Choose gt y Annual Income Payout 0 Trust Rate of Return 0 IRC Section 7520 rate 0 Trust Tax Rate 01 LINK TO RATES Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 0 x a Amount Transferred Total Beneficiary Information Income Beneficiary Percent Delete Remainder Beneficiary Percent Delete lt Choose gt y 0 x a Choose gt y 0 x ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Charitable Lead Annuity Trust Charitable Lead Annuity Trust screen H
106. e sure to use a keyword for your search Performing a search using only one or two letters may cause a significant delay in generating the search results 3 Depending on the type of search you want to perform select either Begins with this phrase or Contains this phrase and then click Search Any matches appear under Search Results 4 Browse through the search results to find the holding you want If you can not find a specific holding you may need to refine your search criteria or manually classify the holding Once you have found a holding click beside the holding you want The information under Selected Security updates 5 Click OK How do change the details of a deferred annuity 1 Use the spin control KEZI beside Numberto navigate to the deferred annuity entry you want to edit 2 Make the required changes How do I delete a deferred annuity 1 Use the spin control KEZI beside Number to navigate to the annuity entry you want to delete 2 Click Delete this Annuity 91 Chapter 8 Entering assets and liabilities Investment Account Entry screen The Investment Account Entry screen allows you to enter the clients non qualified investment accounts including mutual funds stocks bonds government securities tax free bonds limited partnerships speculative assets and certificates of deposit CDs QUICKACTIONS v Investment Account Entry Number 1 of 1 Account Name Owner Client A y Disposition at Deat
107. earnings by 26 divide by 12 and then enter the result in the Monthly column Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS PREFERENCES QUICK CASE SETUP Ta xes With h el d Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES Tom Monthly Annual Total Income ClientA Federal 612 7 344 Income Client B State and Local 313 3 756 Direct Income Source Taxes Withheld Self Employment 0 0 OASDI i 390 i 0 4 680 Income Tax ClientA N Medicare 97 1 164 Income Tax Client B Marilyn Federal 598 7 176 State and Local 259 3 108 INSURANCE COVERAGE Self Employment 0 0 OASDI 372 4 464 Medicare 93 1 116 Expenses ASSETS amp LIABILITIES OBJECTIVES ASSET PLANNING TOTAL TAXES 32 808 RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Income amp Expenses category Taxes Withheld screen How do I enter taxes withheld a Inthe applicable fields enter the amount of taxes withheld for each client on a monthly or annual basis 73 Income Tax Client A B screen Chapter 7 Entering income and expenses The Income Tax screen is used to enter the information required to estimate the clients federal income taxes for the upcoming year Note This screen only appears for cases using Comprehensive or Detailed Cash Flow mode with the Income Tax Analysis assessment selected You will not need to collect information for Client A and Cl
108. ee eee eee eee eee ee e esr rcc 43 Survivor Preferences screen _ 22 2222 eee eee eens 45 Estate Preferences screen vosotras a HeLa teeta aks ete eee it 46 Business Preferences screen tee 47 Profiler Preferences screen _ 1 2 2 2 elec cece eee eee eee ee sss eee eee eee cece EIEE orren 48 rad SNR ERROREM 49 36 Chapter 4 Setting the planning preferences Planning preferences Planning preferences define many key planning assumption in Profiles Financial Planning Application including taxation calculations etc Planning Preferences are organized conveniently into one category so that you can make changes to all future plans at once saving you time Because these features are fundamental to how Profiles Financial Planning Application works it is always recommended that you review these preferences before you begin planning These preferences are not found in the Fact Finders because they often remain constant from client to client They contain information that may vary from state to state or according to the particular planner s preferences and recommendations You have the option of making changes to the planning preferences for just the current case or for the current case and all future cases by establishing new global settings If desired you can revert the global settings to the original set of default planning preferences that came with the application Modify the planning preferences for the current case 1
109. eeseeeeees 196 Qualified Personal Residence Trust screen _ 2 22 222 eee eee eee 197 Qualified Terminable Interest Property Trust screen __ 2 22 2 e eee nc 199 Special Needs Trust Screens tia ic to 201 Charitable Lead Annuity Trust screen ns 203 Charitable Lead Unitrust screen _ _ 2 222 2 222 lle eee ee ee eee eee eee 205 Charitable Remainder Annuity Trust screen nn 207 Charitable Remainder Unitrust screen 22 2 0 coe e ec c cee eee eee cece eee eee ee cece III e nr emere 209 Grantor Retained Interest Unitrust screen occ 211 Grantor Retained Interest Annuity Trust screen occ cc 213 187 Chapter 13 Creating estate scenarios Estate screen Advanced Estate module On the Estate screen you can create multiple estate scenarios to see the effect of different estate planning strategies You can also use this screen to incorporate an alternative estate scenario into the other modules within the clients financial plan Note The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Esta te Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA INCOME amp EXPENSES Pato Scenarios ASSETS amp LIABILITIES Include in Active INSURANCE COVERAGE Scenario Name Output Scenario Edit Copy Delete oc Estat
110. eficiary to the GRAT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a GRAT 1 Use the spin control 213 Chapter 13 Creating estate scenarios LEX beside GRAT Number to navigate to the GRAT entry you want to edit 2 Make the required changes How do delete a GRAT 1 Use the spin control KE beside GRAT Number to navigate to the GRAT you want to delete 2 Click from the spin control i 4 x gt 214 Chapter 14 Entering business data Chapter 14 Entering business data This chapter includes the following topics to help you gather and enter your clients business data The Business Approach 22 2 2 22 22 cece cece cece cece nce e cece cece cece cece cee ceceeseeseeceeceeeeseeeees Business Assessment eee eee eee ee cece eee lll cece eee c eee cece cece aaao aaao Business Data screen es Owner Key Employee screen _ 2 2 2 22 cece rre Business Income screen _ 2 2 02 2 22 e cece cece eee eee cee eee esses eee eee eee eee aaaea eaaa Business Expenses screen l ll auaa 2 222 eee eee eee cee cee eee eee eee ee ete ee eee eee cece aaao Business Assets screen l l eee cee cece cee cee cee cece ceecececceesceeceenceecceecceeceeeceeeceeeee 215 Chapter 14 Entering business data The Business Approach The Profiles Financial Planning Application business approach is designed to help you dis
111. egies screen x2 eee sereno tartas cones 179 Distribution Strategy Details sszem ttr oet DENIS tee ncaa dare NNNM ALIO cdas 181 Retirement Scenario Details screen Detailed Cash Flow mode 2 22 2c eee eee ec eee ceeeeeees 183 Retirement Expenses screen oe cose cede a Eveil i eee AA AS UD 185 Retirement Expense Details screen _ 2 02 2 econ cnc nc 186 Chapter 13 Creating estate scenarios __ 2 2 2 2 2 2 cece ce cece cece eee e cee ceceeceeceeseeeeseeseees 187 Estate screen Advanced Estate module 2 22 2 occ e cece e ec cece cece eee cececeecceecceeseeceeeeeees 188 Estate Details SCreene rca rotatoria UEM CO 190 Wealth Replacement Trust screen ns 192 Family owned Business screen nn 194 Gifting of Ownership Interests screen _ 22 2 occ cece cece cee e cence cece cee ceeseeeeseeseeseeeerees 196 Qualified Personal Residence Trust screen 2 222 222 eee eee eee eee ees 197 Qualified Terminable Interest Property Trust screen _ 2 2 22 2 cece cece eee ence ee ceceeceeceeeees 199 Special Needs Trust screen n Leo e A ee ee it 201 Charitable Lead Annuity Trust screen _ 2 2 22 occ eee rre 203 Charitable Lead Unitrust screen o 205 Charitable Remainder Annuity Trust screen 2 2 22 2 2 2 eee cece ence cece cece ceceeceeeeeseeseeees 207 Charitable Remainder Unitrust screen coccion 209 Grantor Retained Interest Unitrust screen __ 1222 22 2 2 eee eee eee 211 Grantor Retained Interest Annu
112. elected Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES General Preferences Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Survivor Preferences Estate Preferences Business Preferences Profiler Preferences INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v Business Preferences Active Case Sample 3 Detailed Cash Flow Sample Case Business Valuation Weighting Factor Book Value Weighting Factor Book Value Goodwill Weighting Factor Book Value Capitalization of Excess Earnings Weighting Factor Capitalization of Earnings Capitalization Rate for Earnings Sick Pay Plan 96 to Insure Employee Benefits Time Off 96 of Payroll SAVE TO MY DEFAULT PREFERENCES RESTORE MY DEFAULT PREFERENCES Planning Preferences category Business Preferences screen To modify the business planning preferences enter your changes in the applicable fields 47 Chapter 4 Setting the planning preferences Profiler Preferences screen The Profiler Preferences screen is used to customize your profile This information will appear on select concept reports using Profiles Financial Planning Application allowing you to create complete and professional reports without manually entering your in
113. en you can enter details about your clients objectives Use this screen to remind your clients about their specific financial goals the available resources they have to achieve those goals as well as any other ideas that are important to your clients financial strategies The information you enter on this screen will appear in the Client Objectives report Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS w CASE SETUP 3 Client Objective Notes Active Case Sample 2 Comprehensive Sample Case cu Client Objective Notes INCOME amp EXPENSES This presentation seeks to provide guidance to Tom and Marilyn Jones as to whether they are on track to achieving several objectives There are currently three accumulation ASSETS amp LIABILITIES objectives and three risk management objectives and a cash flow objective INSURANCE COVERAGE OBJECTIVES Desired Accumulation Objectives Retirement Retire on 9096 of their current income at Tom s age 65 and Marilyn s age 61 Education Goals Accumulation Goal Provide for Melissa to acquire a 4 year degree at San Diego State University Survivor Cash Needs Provide for Neal to acquire a 4 year degree at the University of California at San Diego Survivor Inc Needs Disability Inc Needs Desired Risk Management Objectives Long Term Care Needs i E Cento Maintain at least 10 000 dollars in the savings account for emergencies ASSET PLAN
114. en click Delete Warning Once a client case is deleted the deletion cannot be undone How do Import a client case J 2 3 4 Click Import Click Browse Browse to the file you wish to import and then click Open In the New Case Name field enter a new name for the case and then click OK How do I export a client case alg 2 Select the case you want to export and then click Export Browse to the location where you want to save the case and then click Save How do l initiate a case review 1 2 Select the client case you want to review and then click Case Review Chapter 3 Managing client data If applicable enter a new Case Name and Plan Date for the case and then click OK For more information Client Review Worksheet screen on page 29 How do promote a case to final workflow status Go to the Workflow tab and then click Finalize The case is promoted to a Final workflow status Note This procedure only applies for Enterprise users For retail users a case can be promoted to a final workflow status in the Client Presentation dialog box Functional Documentation m This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Basic Workflow 27 Chapter 3 Managing client data Initiate Case Review dialog box The Certified Financial Planner Board of Standards
115. ent CLIENT PRESENTATION Amount in Survivor Needs Analysis Tom Dies PLANNING PREFERENCES Amount in Survivor Needs Analysis Marilyn Dies Income amp Expenses category Direct Income Source screen How do add a direct income source 1 Click g on the spin control beside Direct Income Source Number 2 From the Type list select the type of income The data entry fields below become accessible 3 Enter the remaining details for the new direct income source How do change the details of a direct income source 68 Chapter 7 Entering income and expenses 1 Use the spin control arrows EK Iib ale 9823 beside Direct Income Source Number to navigate to the direct income source you want to edit 2 Make the appropriate changes 69 Chapter 7 Entering income and expenses Income screen Detailed Cash Flow mode In Detailed Cash Flow mode you can use the Income screen to control the timing for all income sources the Income and Direct Income Source screens available in Express and Comprehensive modes are consolidated into one screen What are the advantages of Detailed Cash Flow mode In many ways the Detailed Cash Flow mode is easier and more intuitive For instance the Income Client A B and Direct Income Source screens are combined to allow you to enter all the clients income sources in a single location both those occurring today and in the future On the Expenses screen the same categories are available i
116. ent During Retirement 10 000 Amount in Survivor Needs Analysis Gordon Dies 0 0 Amount in Survivor Needs Analysis Brenda Dies 100 10 000 Income amp Expenses category Income screen Detailed Cash Flow mode Add Income button Income Entry screen How dol add an additional income source T Click 4 beside the income source number 2 From the Type list select the type of income The other data entry fields become accessible If you selected Edit for one of the income categories then you can only add Incomes of that type If you want to add a different type of income close the ncome Entry form and select Add Income 3 Enter the remaining details for the new income source How do I change the details of an income source 1 Use the spin control arrows E E i 4 Y to navigate to the income source you want to edit 2 Make the required changes and then click Close 72 Chapter 7 Entering income and expenses Taxes Withheld screen On the Taxes Withheld screen you can enter the monthly and or annual amount of taxes withheld for each client Note This screen only appears for cases using Comprehensive mode The best source to obtain the taxes withheld information is the pay stubs for Client A and Client B If the client is paid twice a month double the amount withheld from their earnings and enter it in the monthly column If the client is paid every two weeks multiply the amount withheld from his or her
117. ent B 2 To enter additional information such as the clients employment and additional contact information click Extended Client A B Data 3 Enter the additional information in the applicable fields and then click Close How do I enter advisor information 1 Click Advisor Data 2 Enter the information in the applicable fields and then click Close 57 Chapter 6 Entering client data Client A Client B Data screen The Client A B screen is used to enter additional client information such as a middle name nickname occupational job title employer and additional contact information You can access this screen by clicking Extended Client A B Data on the Personal Data screen The First Name and Last Name fields are populated with information entered on the Personal Data screen QUICKACTIONS w Client A Data Extended Data First Name Last Name Clark Middle Name Nickname Gender Citizenship Randall Tom M Jus Citizen y Occupation Job Title Employer Warehouse Manager Atlas Computers Inc Address 3234 Avenida del Alba City State Zip Carlsbad CA 92009 E Mail Phone Fax thomas clark atlas com 760 555 3333 760 555 4444 CLOSE Client Data category Personal Data screen Extended Client A B Data button Client A B Data screen How do I enter the client s additional information w Enter the additional information in the applicable fields and then click Close 58 Chapter 6 Enter
118. entation This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Qualified Plan Preferences and Plan Limits 42 Chapter 4 Setting the planning preferences Education Preferences screen The Education Preferences screen is used to specify assumptions relating to education goals For example use this screen to have Profiles Financial Planning Application automatically redirect excess education funds to your clients other goals retirement and survivor needs Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS 4 CASE SETUP Active Case Sample 2 Comprehensive Sample Case Education Preferences CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES General Preferences Education Cost Education Cost COLLEGE COST SEARCH Education Cost Inflation Rate Fund At 1st Death Education Goals Funding Alternative Rate 529 Plan and Coverdell Education Accounts Use surplus account balances to fund Retirement and Survivor Needs Penalty for non qualified withdrawals Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Survivor Preferences SAVE TO MY DEFAULT PREFERENCES Estate Preferences
119. enter the clients real estate property assets Note By default the clients residence is not used to calculate available assets at retirement or for survivor needs QUICKACTIONS w Real Estate Property Entry Number 1 of 2 Type Description Vacation Property Owner clienta y Disposition at Death lt choose gt y Asset Held in Living Trust r Market Value 330 000 Current Liability ADD EDIT LIABILITY No liability entered Cost Basis purchase price and improvements 60 000 Growth Rate Oo DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Real Estate Property Real Estate Property Entry screen How do add a real estate property asset 1 Click 4 from the spin control 4 x gt beside Number 2 Select a property type from the Type list The data entry fields below become accessible 3 Enter the remaining details for the new real estate property How do change the details of a real estate property asset 1 Use the spin control 4 x gt beside Number to navigate to the real estate property you want to edit 2 Make the required changes How do enter a new liability 1 Click the Add Edit Liability button 2 Click y from the spin control 4 x gt beside Number 3 Select a category for the new liability The Secured by list becomes accessible 98 Chapter 8 Entering assets and liabilities 4 Select the previously entered asset
120. er and considering whether you are prepared for a business transfer should it become necessary a Inthe event of the owner s death disability or retirement a business transfer of some sort will be necessary Do you have a business continuation plan The transfer of your business depends on answers to questions like these o Will you sell the business Would a buyer be readily available Will that buyer have adequate funds How will you get your asking price o Will you retain the business for your heirs or key employees What plans and funds are in place to provide for a smooth transfer of ownership o Will you liquidate the business What can you realistically expect from a discounted sale of your assets Data gathering wm Profiles Financial Planning Application provides the Business Assessment Fact Finder in your data gathering interview which mirrors the data entry forms in Profiles Professional For more information about Fact Finders Collecting financial information on page 13 216 Chapter 14 Entering business data Business Assessment Including all the business assessments in the client case gives you access to all the business data entry screens which lets you determine the clients complete financial business profile so you can recommend multiple financial solutions a The four modules included in the Business Assessment are o Business Financial Statements o Business Valuation o KeyEmployee Valuatio
121. er 14 Entering business data The Employee Benefit Plans screen is used to enter data regarding employee benefit plans Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Business Assets Business Liabilities Business Valuation Employee Ben Plans CLIENT PRESENTATION PLANNING PREFERENCES Assets amp Liabilities category Employee Benefit Plans screen INPUT OUTPUT FORMS TOOLS PREFERENCES Employee Benefit Plans Number of Employees Time Off Average Number of Days Per Year Vacations Holidays Sick Pay Group Insurance Medical Dental Life Long Term Disability Long Term Care Retirement Plans 401 K SEP IRA Profit Sharing Defined Benefit Selective Benefits Deferred Compensation Executive Bonus Split Dollar How do enter data for employee benefit plans m Enter the data for employee benefit plans in the applicable fields HELP QUICKACTIONS v Active Case Sample 4 Business Sample Case 35 5 101 000 8 500 4 000 12 500 0 0 75 000 0 25 000 0 0 10 000 5 000 5 000 0 225 Chapter 15 Generating client presentations Chapter 15 Generating client presentations After you have verified and reviewed your clients financial information you can prepare and generate presentations Profiles Professional
122. ercanos desen acts sededoesieslrweetenies wousee oun etd ole cce SN 133 Disability Income Needs screen Express mode 22 2 e eee cece eee e ec cecccecceecceeceeeteeeeeeeeees 134 Disability Income Needs screen ica adidas 135 Long Term Care Needs screen nn 136 Profiles Professional User Manual Desktop Estatesscr en Basic coneosdero oa aor cerro comase ranas serenata dee sinh cul shen dis Ag paises anh oe mck nis 137 Gifting and Credit Details screen 22 2 nc 139 Charitable Bequest Details screen a ee oS DU 140 Gifting During Life Screen dd ekibe 141 WII SCKE CL EE Siete See eee 143 Revocable Living Tr stscreen 4 1 4o pt a bis eo tdo dde tra ee AE hd ht fe P 144 Credit Shelter Irust sChe n 4 2 00deseeeg ar a eu a Ro eI IMP ovate ebheredigedode 145 Irrevocable Life Insurance Tr stscreeti 2 e ccc ncoctace senna e een roots ERSADnis 146 Client Objective Notes screen nn 148 Chapter 11 Entering asset planning strategies __ 2 2 2 02 2 occ cece cen eee ec ee cecceeeeseeees 149 Asset Assignment screen coli csni nlt oed TIN END A a 150 Key Asset Designation screen coo A bl Sie teed cR prre red2dt ldcsellt 152 Distribution Order screen adulta t iib ee MAP e een st ELE dado tada e oia a ead dI A 8 153 Functional Documentation 3222s rastrera 154 Distribution Strategies screen cnn 154 Distribution Strategy Details ixi ete fe ee en a ale iar ui CREE en espe 156 AssetSalesscreem 222 82
123. ers of those assets for that education goal are 1 2 and 3 respectively Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP CASE SETUP 2 D stri b uti on O rd er Active Case Sample 2 Comprehensive Sample Case Specify the method in which assets should be ordered Defer Income Taxes y Name Type Owner Market Value CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Bank of SD Checking Checking Joint 4 000 El Bank of SD Savings Savings Joint 15 000 OBJECTIVES 2 Neal s Savings Bonds Bond Other 26 500 Melissa s Savings Bonds Bond Other 26 500 Neal s College Fund UTMA UGMA Other 19 100 ABC Brokerage Investment Account Joint 41 000 Melissa s College Fund UTMA UGMA Other 25 500 Tom s Rollover IRA Roth IRA Client A 112 000 Medical Center 403 b 403 b Client B 75 000 Atlas Retirement Plan 401 k Client A 82 000 aA INSURANCE COVERAGE ASSET PLANNING Asset Assignment Key Asset Designation Distribution Order Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Asset Planning category Distribution Order screen How do select a predefined distribution order m Beside Specify the method in which assets should be ordered select either Defer Income Taxes or Reduce IRD at Death The distribution order updates How do manually set the distribution order 153 Chapter 11 Entering asset planning strategies 1 Beside Spec
124. es 52 Asset Allocation Settings screen 2 22 2 oe cee cece ccc cece ccc ec ce cece eccecceceeceececceccuceecucceccuceececeeeeers 53 Tax Rates Screen it epe Coie eere A p e Gan e di II a 54 Functional Documentation 2 222222 22 ee eee eee eee eee cee eee 55 50 Chapter 5 Setting up client cases Upgrade Client Case screen The Upgrade Client Case screen is used to upgrade the current case to a higher level analysis mode or to add additional objectives options or assessments For example you can upgrade a client case from an Express to Comprehensive or to Detailed Cash Flow analysis mode Or if the case you have open is restricted to a few analysis objectives you can upgrade it by selecting additional objectives options and assessments Note Once a case has been promoted it cannot be demoted to a lower level analysis mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS 4 CASE SETUP Upgrade Client Case Upgrad e Clie nt Case Active Case Sample 2 Comprehensive Sample Case Sele ct mode Assumptions Comprehensive D Asset Allocation Settings Tax Rates Analysis Objectives to add to plan CLIENT DATA V Retirement W Accumulation Goals Disability INCOME amp EXPENSES V Education Goals Survivor Needs Long Term Care V Estate ASSETS amp LIABILITIES INSURANCE COVERAGE Extended Analysis Options to add to plan OBJECTIVES V Asset Allocation IV Tax Sens
125. et Allocation analysis option is included in the case Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP Asset Al ocati Oo n Setti n S Active Case Sample 2 Comprehensive Sample Case Asset Allocation Management Separate Allocation for each Objective Y Rebalance Managed Accounts Iv QUICK ACTIONS v CASE SETUP Upgrade Client Case Assumptions Asset Allocation Settings Tax Rates CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Use Ibbotson Capital Market Assumptions Eh iv Asset Class Large Cap Growth Stocks Large Cap Value Stocks Mid Cap Stocks Small Cap Stocks REITs International Stocks Emerging Market Stocks Long Term Bonds Intermediate Term Bonds Short Term Bonds High Yield Bonds International Bonds Cash Ibbotson Expected Return Client Expected Return 8 9 64 10 63 10 78 7 82 931 14 19 325 2 24 1 45 7 33 2 83 1 02 Case Setup category Asset Allocation Settings screen How do override the Ibbotson expected return 1 Clear the Use Ibbotson Capital Market Assumptions option 2 Under Client Expected Return enter a new value for the applicable asset class Note If you override the Ibbotson Expected Returns then standard deviation calculations will not be included in the Asset Allocation reports 53 Chapter 5 Setting up cl
126. f items on the screen are italicized and bolded The names of items that you are directed to select click or enter appear in bold Tohelp you navigate through the application locations are separated by dashes rofiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS wv CASE SETUP Sg Pe rsona Data Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Client A Information Personal Data First Name Last Name Date of Birth Dependents Tom Clark 1 10 1969 Age 42 Risk Tolerance Profile Social Security Benefits Earnings Based X EXTENDED CLIENT A DATA GD INCOME amp Pxrrm Client B Information First Name Last Name Date of Birth Marilyn Clark 1 10 1973 Age 38 INSURANCE COVERAGE Social Security Benefits Earnings Based EXTENDED CLIENT B DATA ASSETS amp LIABILITIES OBJECTIVES Additional Client Information ASSET PLANNING Name to Appear on Reports RECOMMENDATIONS Tom and Marilyn Clark ADVISOR DATA Address 1 Address 2 123 Main Street PLANNING PREFERENCES City State Zip Carlsbad CA 92008 E Mail Phone tclark tomsmail com 760 555 1111 CLIENT PRESENTATION Client Data category Personal Data screen Note The screenshots in this guide are taken from Profiles Professional web Your version may have a different style however the instructions are still accurate and valuable Chapter 1 Profiles Professional User Manual Profiles Professional resources
127. fault override background color and the scenario override background color You can also enable the basic workflow feature How do change the default override background color 1 Under Default Override Background Color select a new color from the list The background color behind Sample displays the new color 2 Click Back to Data Any changes you made are saved and you are returned to either the Home screen or the Personal Information screen depending on whether you have a case open How do change the scenario override background color 1 Under Scenario Override Background Color select a new color from the list The background color behind Sample displays the new color 2 Click Back to Data Any changes you made are saved and you are returned to either the Home screen or the Personal Information screen depending on whether you have a case open How do I enable basic workflow Under Basic Workflow select the Enable Workflow and Store Final PDF Presentations option Note The basic workflow feature is enabled by default in Profiles Financial Planning Application 49 Chapter 5 Setting up client cases Chapter 5 Setting up client cases This chapter includes the following topics to help you set up your client cases in Profiles Professional Upgrade Client Case screen nes 51 Assumptions screen __ 2 2 2 2 2 22 c eee eee cece ccc ccc cece eee e cence ec ee cece ee eeceecee cee seececeeseececeeseseee
128. ference form to change it for all new strategies Where is the Interest amp Dividend portion of return field Is it missing a The Interest amp Dividend portion of return field will be hidden for accounts and holdings where you are able to provide the tax breakdown for the expected return See the Taxation button on the Holding Details screen on page 94 How can protect an asset so no withdrawals are made except for the strategy entered a Clear the Allow account balance to be used to fund other unmet retirement needs field This will prevent additional retirement withdrawals from being made during the Distribution Strategy withdrawal time frame Note Be cautious in clearing this field since it can create a situation where the client has unmet retirement income needs red in the chart but with positive portfolio balance 157 Asset Sales screen On the Asset Sales screen you can specify whether to distribute all the hard assets entered in the plan Hard assets can be sold or held By default Profiles Financial Planning Application will have a disposition for hard assets Note This screen is only available in Comprehensive and Detailed Cash Flow modes Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS vw CASE SETUP Asset Sa es Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Enter a sell strategy for any hard assets which will be liquidated now or in the future
129. formation each time Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK CASE SETUP Profiler Preferences Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA INCOME amp EXPENSES My Credentials Customize this message on the Profiler Preferences screen ASSETS amp LIABILITIES INSURANCE COVERAGE My Company Name Customize this message on the Profiler Preferences screen i i P 3 OBJECTIVES About My Company Customize this message on the Profiler Preferences screen ASSET PLANNING Quote Title Customize this message on the Profiler Preferences screen RECOMMENDATIONS Quote Customize this message on the Profiler Preferences screen CLIENT PRESENTATION PLANNING PREFERENCES How I Get Paid Customize this message on the Profiler Preferences screen General Preferences Tax Preferences Testimonials Customize this message on the Profiler Preferences screen Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Survivor Preferences SAVE TO MY DEFAULT PREFERENCES Estate Preferences Business Preferences RESTORE MY DEFAULT PREFERENCES Profiler Preferences Planning Preferences category Profiler Preferences screen To modify the profiler preferences enter your changes in the applicable fields 48 Chapter 4 Setting the planning preferences Settings The Settings screen is used to change the de
130. future liability m Enter the mortgage details for the new residence and then click Close How do delete a future liability a Click Delete Future Liability 160 Asset Allocation screen On the Asset Allocation screen which is only available if the Asset Allocation option is selected in the case you can change asset allocation settings for various asset groupings to any of the model portfolios from Ibbotson or you can create your own user defined asset allocation models You can set the timing of these reallocations based on a specific year or a specific event trigger such as retirement Note An account and all its underlying holdings can be excluded from reallocation and rebalancing calculations by selecting the Manage Underlying Holdings Independently option on the applicable account entry screen Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING Asset Assignment Key Asset Designation Distribution Order Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP Asset Allocation Asset Allocation Plan Enter the client s current asset allocation plans for their portfolio in the table below To recommend reallocation to the client use Retirement Scenarios or create a new case o Group Portfolio Beginning At Years Ret
131. g asset 1 From the Assets Summary View screen click p beside the appropriate category Note On the Assets Detail View screen you can edit the Market Value and Cost Basis fields if applicable 2 Usethe spin control arrows n O to navigate to the appropriate asset 3 Make the required changes and then click Close How do I move holdings between accounts 1 From the Assets Detail View screen click Move Holdings between Accounts 2 Under Holding to Move select the holding to be moved 3 Under To this Account select the account to which you want to transfer the holding 4 Click Move to transfer the holding to the specified account The screen updates with the transfer information How do I delete an asset m From the Assets Detail View screen click x Next to the asset you want to delete If this is an account with holdings selecting Delete from the Assets Detail View form will only delete the holding not the entire account To delete an account and all of it s holdings it is recommended that you select Edit for the asset category navigate to the applicable account and click Delete this Account 81 Chapter 8 Entering assets and liabilities Move Holdings screen The Move Holdings screen is used to transfer holdings from one account to another Note If you upgraded from an earlier version of Profiles Financial Planning Application during the initial data conversion there is a possibility that some of the
132. ges and then click Close How do delete an underlying stock 1 Click Add 2 Use the spin control 4 x gt beside Stock Number to navigate to the stock entry you want to delete 3 Click Delete How do enter vesting schedule data 1 Click Schedule 2 Enter the vesting schedule data and then click Close 105 Chapter 8 Entering assets and liabilities Underlying Stock Information screen On the Underlying Stock Information screen you can enter details of the underlying stock QUICKACTIONS w Underlying Stock Information Stock Number 4 X gt ME Ticker Name Market Price Rate of Return Growth Portion Dividend Portion Total Allocation Class Unclassified y Assets amp Liabilities category Stock Options screen Add button Underlying Stock Information screen How do add an underlying stock 1 Click 4 from the spin control 4 x gt beside Stock Number 2 Enter the remaining details for the new stock You will now be able to select this underlying stock or any others you have entered for any option entered on the Stock Options screen How do edit an underlying stock 1 Use the spin control E BE aie 44 3 beside Stock Number to navigate to the stock entry you want to edit 2 Make the required changes How do delete an underlying stock Click x from the spin control 4 x gt beside Stock Number 106 Chapter 8 Entering assets and liabilities Vesting E
133. h Choose y Account Held in Living Trust r Manage Underlying Holdings Independently r Holding Ticker Holding Market Asset Type Symbol Name Value Allocation CD Ne CDs 25 800 Cash y Mutual Fund y Dreyfus Appreciation 46 000 lt Mixed gt y Mutual Fund y Vanguard Short Tern 22 000 Mixed y Stock y Microsoft 34 000 Large Cap Growth Stocks l Account Values 127 800 CLASSIFY ALL HOLDINGS DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Investment Accounts Investment Account Entry screen How do add an investment account 1 Click 4 from the spin control 4 x gt beside Number 2 Enter aname for the investment account The data entry fields below become accessible 3 Enter the remaining details for the new investment account How do I classify a holding manually 1 Click q next to the holding you want to classify Note An asset name or ticker symbol must be entered for to become accessible 2 Ensure the Manual Classification option is selected and then enter the appropriate percentages in the fields The total must equal 100 3 Once all the classification data is entered click OK How do classify a holding automatically 92 Chapter 8 Entering assets and liabilities 1 Click q next to the holding you want to classify Note An asset holding name or ticker symbol must be entered for to become accessible
134. help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Adjusting Portfolio Returns 165 Chapter 12 Creating retirement scenarios Chapter 12 Creating retirement scenarios This chapter includes the following topics to help you create and recommend retirement scenarios for your clients in Profiles Professional Retirement Scenarios screen 2 20 2 2 2 o eee cece eee eee eee eee Rss Il eee cece cece eee ceeeeeeceeeeee 167 Retirement Scenario Details screen 2 2 2 2 ec cee eee ce ee ss cee cece aLaaa aoaaa 169 Retirement Needs screen siepe me Ed RI DIR heed eee ote it ia 171 Retirement Income screen _ oo eee ce ee cee cee ce ce cee cere nce cence cence cence cencencercesentencences 172 Retirement Income Details screen ooo 173 Portfolio Reallocations with Asset Allocation option screen 2 222 222 eee eee eee eee eee cece cece eee 174 Portfolio Reallocations without Asset Allocation option screen 2 22 22 e eee eee cee cece ec eecceeceeeees 176 Tax Deferred Contributions screen 0 eee cece eee cece nn 177 Waxable Savings screen 2 2 22 ee i ea eel ede oce hc eb ee ayia ee die ee Meee 178 SANS SCNE CIN 0 o 6 once sn ees eee eee eee ees a ere T LL mA eeeee Se 179 Distribution Strategies screen ns 179 166 Chapter 12 Creating retirement scenarios Retirement Scenarios screen On the Reti
135. hert eri eteeececsecuede nec sescbedesce cesetescentagesaces 62 Questionnaire screen uu cos eee ee usted d ee RA e t res A 63 Notes sereelisoooood oio rte seers iru tU A e A DUE E E A UE PAM Mt aaa 64 Chapter 7 Entering income and expenses rre 65 Income screen Express mode mili eee niic RI Ro i DP SERMDSINIC Q2 EG EE 66 Income Client A B screen Comprehensive mode 022 cceeecccecccccececceeeeceeeeseseeesesees 67 Birectincome SOURCE Screen ati dotado da 68 Income screen Detailed Cash Flow mode 0 222 0022 c cece ccc cece cece cece cece s Ill RI EEG 70 Income Bntrysereent c 2 ers A es a Seat ed el crudus de les AEB TURN Suerte EE 72 Taxes WIN elder NOT tee Be tee TENES RE 73 Income Tax Client A B screen onoono aaao aaao oaao aaa LALALALA LLDD LLDD DLLD aLaaa 74 Expenses screen Express and Comprehensive modes 22 222 cee cceececcceccceecceeceeeseeeeees 75 AdditionalsExpenses screen traera et ee bdo ome c A bd ado a nda CE LE 76 Expenses screen Detailed Cash Flow mode 2 22 22 c cece cece e ccc cececcceccceeseecteeeseceeeeseeeee 77 Expense Entry screen suuelsllllllllllslsssss sls ee ee ee ee ee ee ee ee ee ee eee eee cece eeeeee 78 Chapter 8 Entering assets and liabilities 20 00220000 ole ceeceec eee serene 79 Assets Summary and Detail View screen 2 2 22 2 eee eee ccc ec eee cece cece ceecceesceeceeceeeceeeceeeees 80 Move Holdings Screen 22 226 o O ee
136. hod for generating the worksheet a Print Allows you to print a hard copy of the Client Review Worksheet based on the sections you selected a PDF Allows you to create a portable document format PDF file containing the Client Review Worksheet based on the sections you selected a Display Allows you to view the Client Review Worksheet on the screen based on the sections you selected 30 Chapter 3 Managing client data Progress Report screen The Progress Report screen is used to create and print customized progress reports according to your clients needs Progress reports can help your clients visualize how their financial situation is progressing over time They can also help your clients understand how they can improve their financial situation Progress reporting requires that the selected client must have at least one case with a Final workflow status For enterprise users the selected client must have at least one case with a Delivered workflow status Note This screen is only available if Basic Workflow is enabled on the Settings screen and when the selected client has at least one case with a Final workflow status A case can be promoted to a final workflow status on the Client Presentation dialog box QUICK ACTIONS v Progress Report Dixon Jim Available Cases for Progress Reporting o Case Name Plan Date Properties Final Report M Analysis 10 4 2012 73 Progress Reports Select Reports Cover
137. iciary Gifted this Gift Amount Duration Delete lt Choos y lt Choose gt y lt Choose gt y rH 13 000 0 x ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Family owned Business Gift Ownership Interest button Gifting of Ownership Interests screen How do enter the business ownership interests gifted to a beneficiary a Enter the details in the applicable fields and then click Close 196 Chapter 13 Creating estate scenarios Qualified Personal Residence Trust screen On the Qualified Personal Residence Trust screen you can enter qualified personal residence trusts QPRTs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Qualified Personal Residence Trust Estate Plan QPRT Number 4 X gt of QPRT Name Include in Analysis O QPRT Details Grantor lt Choose gt y Reversion Option Retained Gift Splitting r IRC Section 7520 rate Trust Term years 0 LINK TO RATES Growth Rate 0 Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 0 0 x E Beneficiary Information Amount Transferred Total Remainder Beneficiary Percent Delete lt Choose gt y 0 x a ADD BENEFI
138. ient B separately unless they are not married or are married but are filing separately Refer to their tax return from the previous year and make any necessary adjustments when estimating the current year amounts Ask each client if he or she expects the amounts to increase decrease or remain the same Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS CASE SETUP Income Tax Client A CLIENT DATA Filing Status Married Joint X INCOME amp EXPENSES Number of Exemptions 4 Income Client A Income Client B Federal Taxes Annual Direct Income Source Depreciation Taxes Withheld Other Adjustments To Income Income Tax Client A 1 Income Tax GlentB Total Itemized Deductions Expenses Short Term Capital Gains Loss Net Long Term Gain Loss 2896 Rate Capital Gain Loss ASSETS amp LIABILITIES INSURANCE COVERAGE Gain Included in Investment Income OBJECTIVES Amount Included in Investment Income Unrecaptured Capital Gain ASSET PLANNING Taxable Social Security RECOMMENDATIONS Total Federal Tax Credits CLIENT PRESENTATION Other Taxes PLANNING PREFERENCES PREFERENCES HELP 0 0 21 500 0 0 0 0 0 0 0 0 0 Income amp Expenses category Income Tax Client A B screen How do I enter income tax details a Inthe applicable fields enter the income tax details QUICKACTIONS v Active Case Sample 2 Comprehensive Sample Case Alternative Minimum Tax P
139. ient Details SLIDE PRESENTATIONS First Name 941 Middle Name Last Name Client Description Initial Case Details Case Name Analysis Create New Client category Create New Client and Initial Case screen How do enter a new client s information 1 Goto the Create New Client category Create New Client and Initial Case screen 2 Under New Client Details enter the client s information 3 Under Initial Case Details enter a case name and then click Next to continue 19 Chapter 3 Managing client data Create New Case screen The Create New Case screen is used to select the analysis mode to be used for the new case The available input screens and reports in Profiles Professional depend on the analysis mode selected You can create a case using only the planning modules and or the assessments that your clients want For example if clients are not interested in a full financial planning analysis but want to know how much life insurance they need create an Express case and select only the Survivor Needs analysis Cases created in lower level analysis modes can be upgraded to higher level analysis modes at any time while you are working in an existing client file by going to the Case Setup category Upgrade Client Case screen on the navigation bar on the left side of the screen You can add additional modules or assessments when upgrading the case Note Once a case has been upgraded it can t be demoted
140. ient case 51 V vesting schedule 107 vesting exercise schedule 107 Ww wealth replacement trust 192 will 143 workflow enabling 49 promoting case 27 Profiles Professional User Manual Desktop
141. ient cases Tax Rates screen The Tax Rates screen is used to adjust the tax rate values for new or existing client cases Note This screen only appears for Detailed Cash Flow analyses and also for Comprehensive analyses when the Tax Sensitive option is selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Active Case Sample 2 Comprehensive Sample Case Upgrade Client Case Tax Rates Assumptions Average Income Tax Rates Capital Gains Tax Rates Asset Allocation Settings Combined Combined Tax Rates Federal State Rate Federal State Rate CLIENT DATA Pre Retirement 20 5 25 00 15 2 17 00 INCOME amp EXPENSES During Retirement 15 96 3 18 00 75 21 17 00 ASSETS amp LIABILITIES Education Plan Beneficiary 0 0 0 00 0 0 0 00 INSURANCE COVERAGE Tom s Death Disability 15 3 18 00 Z 17 00 OBJECTIVES Marilyn s Death Disability 15 3 18 00 Z 17 00 ASSET PLANNING RECOMMENDATIONS Marilyn CLIENT PRESENTATION PLANNING PREFERENCES Client currently pays Social Security taxes Vv Client currently pays Medicare taxes lv Taxable portion of Social Security Benefits Case Setup category Tax Rates screen How do adjust the average income and capital gains tax rates 1 Under Average Income Tax Rates and Capital Gains Tax Rates enter the desired default federal and state tax rates for the following options m Pre Retirement
142. ients monthly and or annual cash flow surplus deficit Use this worksheet to calculate your clients monthly and or annual cash flow surplus deficit Note These files can be viewed or printed from Adobe Reader which can be downloaded at no charge from Adobe s Web site 14 Chapter 3 Managing client data Chapter 3 Managing client data This chapter includes the following topics to help you manage your client data Home SONG GIN soe sce DD rau it A cdi ew irr rE e reu EU 16 Functional Documentation 16 DIRE CMM EM 17 FeadiDetalls ice Reo ee cee poesia ase une LT e E P 18 Create New Client and Initial Case screen _ 2 222 cee eee eee erre 19 Create New Case screen occ rms 20 Express Scree NE ERREUR RRRERRRERMeem 21 Comprehensive screen _ 2 2 22 cece cece cece cee cece cence eee e cece eee ee cece D DLLD Laaa aaa 22 Detailed Cash FOU Sere en E hte ees thee ee ae tee oe aes ee dtes LL LU Medea ee 23 erudi gee o 24 Case Details screen l l nunuuneaunuruenuurnereenerrnerrerenrrnrnerrrernruerrerenererreerueruerrnrreenrernen 26 Functional Documentation sssr eae dei Dae a ues esas 27 Initiate Case Review dialog box 2 2 2 2 occ eee cece nn 28 Client Review Worksheet screen 2 22 2 22 eee ee eee eens 29 Progress Reportscreelh 22220522 oci se e tbare ba 31 Open Sample Case screen ns 33 Presentation Module eo
143. ients who wish to manage their finances closely Create New Client category Create New Case screen How do select an analysis mode Under Select Analysis Mode select the analysis mode required and then click Next to continue If you select Express Comprehensive or Detailed Cash Flow another screen opens where you can select the analysis objectives options and assessments Asset Allocation Education Accumulation Survivor Needs Monte Carlo Analysis Financial Statements Disability Needs Long Term Care Additional Features in Comprehensive Income Tax Analysis Tax Sensitive Option Estate Analysis Stock Options e Business Continuation Cash Flow Analysis Available for e Retirement e Survivor Needs e Long Term Care e Estate Analysis Note In order to proceed to the next screen you must select at least one module Chapter 3 Managing client data Express screen The Express analysis mode does not contain all the expanded features of the Comprehensive or Detailed Cash Flow analysis modes The Express mode provides a goal based non tax sensitive analysis for each module selected including Retirement Education Goals Accumulation Goals Survivor Needs Disability and Long Term Care Asset Allocation and Monte Carlo analyses are available as extended analysis options Express mode also provides assessments for financial statements and risk tolerance Express mode i
144. ified Retirement Accounts Qualified Account Entry screen How do add a qualified retirement account 1 Click y from the spin control 4 x gt beside Number 2 Select an account type The data entry fields below become accessible 3 Enter the remaining details for the new qualified retirement account How do enter a SARSEP 1 Select the SEP account type 2 Select the SARSEP option 3 You will now be able to include employee contributions for the account How do classify a holding manually 86 Chapter 8 Entering assets and liabilities 1 Do one of the following m If you selected Fixed Annuity from the Investment Style list click Classify Holding m If you selected Self directed from the Investment Style list click q next to the holding you want to classify Note An asset name or ticker symbol must be entered for qa to become accessible 2 Ensure the Manual Classification option is selected and then enter the appropriate percentages in the fields The total must equal 100 How do classify a holding automatically 1 Do one of the following m f you selected Fixed Annuity from the Investment Style list click Classify Holding a If you selected Self directed from the Investment Style list click q next to the holding you want to classify Note An asset name or ticker symbol must be entered for to become accessible 2 Under Search By enter a ticker symbol or a holding name in the appropriate
145. ifier Database option How do enter qualified account contributions 1 Click Contributions 2 Enter the qualified account contribution information in the applicable fields and then click Close How do change the details of a qualified retirement account 87 Chapter 8 Entering assets and liabilities 1 Use the spin control Wwe beside Number to select the qualified retirement account you want to edit 2 Make the required changes How do delete a qualified retirement account 1 Usethe spin control 4 x gt beside Number to navigate to the account you want to delete 2 Click y 88 Chapter 8 Entering assets and liabilities Qualified Account Contributions screen The Qualified Account Contributions screen allows you to enter the qualified account contributions QUICKACTIONS v Qualified Account Contributions Atlas Retirement Plan This is a self employed owner s account Contribution Frequency Monthly i Beginning Today 7 Years O Ages 42 39 Ending Retirement y Years O Ages 65 62 Employee Contribution Annual contribution limited to 17 500 in 2013 adjusted for inflation in future years Monthly Pre tax Amount Monthly After tax Amount 0 Prior non deductible contributions total cost basis 0 Annual Increase 5 96 Employer Contribution Total employer employee contributions limited to 51 000 in 2013 adjusted for inflation in future years Monthly Amount increasing at above
146. ify the method in which assets should be ordered select Custom Order and then enter the order in which each asset will be liquidated for use towards monthly needs and annual goals with 1 being the first asset or group of assets to be spent Note Assigning the same distribution order number to multiple assets will group those assets together for collective use at the appropriate time 2 Click Sort The distribution order updates Functional Documentation m This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic m Asset Assignment and Distribution Order Distribution Strategies screen On the Distribution Strategies screen you can define strategies for the liquidation of specific assets The table on this page displays all assets that you have indicated are available to fund the retirement goal Profiles Professional displays summary information as well as the currently selected distribution strategy for each asset shown in the table As Needed will be selected for each asset by default Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP CLIENT DATA Distribution Strategies Specify a distribution strategy for the assets listed below Distributions will be applied to the remaining retirement INCOME amp EXPENSES need after income sources are applied ASSETS
147. ils ABC Brokerage Account Current Market Value 41 000 Distribution Strategy As Needed x Specified Dollar Amount per month Initial Annual Withdrawal Rate Y Asset Planning category Distribution Strategies Distribution Strategy Details What types of distribution strategies are available What are the effects of each In the following table the Strategy column shows the available selections from the Distribution Strategy menu while the Effect column explains the significance of each selection Strategy Effect Your clients can make distributions from this asset As Needed default dejan on an as needed basis during retirement Your clients will take distributions equal to the Interest amp Dividends interest and dividends generated by the asset during retirement 156 Strategy Effect Your clients will make monthly distributions from Specified Amount ze this asset equal to a specific amount Your clients will make annual distributions from Initial Withdrawal Rate this asset equal to a specific percentage of the asset s value Why are some fields disabled a Depending on your selection from the Distribution Strategy menu some fields will become available or disabled as appropriate How do change the Initial Annual Withdrawal Rate m You can modify the percent on the Distribution Strategy Details form for one strategy or you can modify the Initial Annual Withdrawal Rate on the Needs Pre
148. ing Beginning Today y Name Property Taxes Years 0 Year 2012 Ages 64 64 Amount 5 000 Monthly Present Value Ending End of Plan y Annual Future Value Years o Year 2038 Ages Annual Increase 2 Required Expense Vv Scenario Results 98 of goal achieved 0 ending portfolio RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Retirement Expenses Retirement Expenses screen Detailed Cash Flow mode How do edit a retirement expense m Edit the details for the retirement expense in the applicable fields How do recalculate scenario results a Click Recalculate The Scenario Results graph updates 186 Chapter 13 Creating estate scenarios Chapter 13 Creating estate scenarios This chapter includes the following topics to help you create and recommend estate scenarios for your clients in Profiles Professional Estate screen Advanced Estate module __ 2 22 22 so eee cece e ee cece cee cece cee ceecceeceeeseeeceeeees 188 Estate Details screen 1 cues Lee I e v uro uc tits cove uesdsiedseecccgex gee esecededsdevetes 190 Wealth Replacement Trust screen nes 192 Family owned Business screen 2 2 ieee cece eee eee eee eee eee ee eee ee eee eee eee eee eee e eee eens 194 Gifting of Ownership Interests screen _ 2 2 eee eee eee cee cece cee ccc sr eeeceeeceeceeeceeese
149. ing client data Advisors screen The Advisors screen is used to enter the information regarding the clients professional advisors By default your name is entered as the first advisor You can override this data if you wish This screen must be filled out separately for each advisor Use the spin control arrows E lE aie 9 3 to navigate to different advisor input screens Note This screen is only available in Comprehensive and Detailed Cash Flow analysis modes QUICKACTIONS w Advisors Advisor Record Number 1 of 1 Advisor Classification Financial Advisor gt Advisor s Name David Sullivan CFP Firm Name Sullivan amp Associates P C Address City State E Mail Client Data category Personal Data screen Advisor Data button Advisors screen How do enter the clients personal information w Enter the clients advisor information in the applicable fields and then click Close How do delete an advisor wm Using the spin control navigate to the advisor you want to delete and then click x 59 Chapter 6 Entering client data Dependents screen The Dependents screen is used to enter information about the clients dependents You can enter an unlimited number of dependents in Profiles Financial Planning Application For each dependent entered an education goal is automatically created on the Objectives category Education Goals screen if you have included the Education module If
150. ing portion would then be available for retirement Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK CASE SETUP Ass et As S g n m e n t Active Case Sample 2 Comprehensive Sample Case Select which assets may be used to meet the needs for each analysis event or specific goal e g education Any selections for When Client A B Dies will only apply to the Survivor and Estate analyses Please note that reserving an account for a specific goal will make it unavailable for retirement needs until the completion ofthe goal CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Accounts and Holdings Available for Following Events Reserve Asset for a Goal INSURANCE COVERAGE Account Holding Market At When Client OBJECTIVES ASSET PLANNING Asset Assignment Key Asset Designation Distribution Order Asset Sales Asset Allocation RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Name Bank of SD Checking Bank of SD Savings Atlas Retirement Plan Medical Center 403 b Tom s Rollover IRA ABC Brokerage Melissa s Savings Bonds Neal s Savings Bonds Melissa s College Fund Value 4 000 15 000 82 000 75 000 112 000 41 000 26 500 26 500 25 500 Retirement SI SIS XXX ajaja ADies SX XXX ajaja B Dies SS XXXS ajaja Education Accumulation lt Choose gt Asset Planning category Asset Assignment screen How do reserve an acco
151. ining details for the new expense How do I change the details of an expense 1 Use the spin control arrows KEZI beside Expense to navigate to the desired expense 2 Make the required changes and then click Close 78 Chapter 8 Entering assets and liabilities Chapter 8 Entering assets and liabilities You can enter an unlimited number of assets and liabilities in Profiles Professional This chapter includes the following topics to help you enter your clients assets and liabilities Assets Summary and Detail View screen Lsuuuuuuuuulssssssslsls cece eee ceecceeceeeceeeseeeeees 80 Move Holdings screen ns 82 Classify Holding screen ii add 83 Bank Account Entry Screen 2 eee cece eee eee eee eee ee eee eee eee eee ee eben eee beeeeeeees 85 Qualified Account Entry screen e 86 Qualified Account Contributions screen l a 0000000000000000 eee eee 89 Deferred Annuity Entry screen _ 0 2222 22 oo cece eee nro 90 Investment Account Entry SCreenm 2 0 2 ccccccaccetedccetwcdeiws ce bcddusandpacevedvecens ds 92 Holding Details screen 2 2 2 22 22s eee REEL A n I Rig a 94 Taxation ot Ret hisCKeBlt z isurssocotosc louer onsen teams Geese aa udi op O ES 95 Education Account Entry screen nn 96 Real Estate Property Entry screen _ 0 0 o oo cee c cece ec cee cece cece cece cee cceecceecececeeeteucececceeseuereeeeens 98 Personal Property Entry screen ns 100 Business Asset Entry screen _ 22 202 2 cece ccc ee
152. irement Accounts y Low risk return M Retirement y Survivor Accounts A Dies M Low to Medium risk re M Today y Survivor Accounts B Dies Low to Medium risk re y Today y I lt Choose gt l Cho Available Portfolios Name Expected Return Edit Delete Low risk return 3 83 P d Low to Medium risk return 5 29 Medium risk return 6 92 Medium to High risk return 8 31 High risk return 9 49 Asset Planning category Asset Allocation screen How do reallocate assets 1 Under Group select the asset group you want to reallocate Under Portfolio select the portfolio you want to use 2 3 Under Beginning At select an event trigger for the start of the asset allocation 4 QUICK ACTIONS v Active Case Sample 2 Comprehensive Sample Case SORT Year Delete ADD PORTFOLIO If applicable enter or and the number of years to specify that the asset allocation should start a few years before or after the event selected under Beginning At How do sort the list of asset groupings 161 m Click Sort The list of asset groupings is sorted first by asset group and then by the specified year How do delete a reallocation strategy a Click x Next to the reallocation strategy you want to delete How do change my Asset Allocation Groups Tochange the groupings go to the Asset Allocation Settings screen Case Setup category and select a different Asset Allocation Management group fro
153. itive ASSET PLANNING Iv Monte Carlo RECOMMENDATIONS Assessments to add to plan CLIENT PRESENTATION Personal Business PLANNING PREFERENCES V RiskTolerance Business Valuation Financial Statements Financial Stat ts Key Employee Valuation Employee Benefits V Income Ta UPGRADE CASE CANCEL Case Setup category Upgrade Client Case screen How do upgrade a client case 1 Under Select mode select the analysis mode to which you want to upgrade the case 2 If you want to add any additional objectives options or assessments to the case select the applicable options 3 Click Upgrade Case A dialog box opens to warn you that the objectives and assessments you have selected to include in the case cannot be removed once you upgrade the case 4 Click OK in the dialog box The case is upgraded and the Personal Data screen opens 51 Assumptions screen Chapter 5 Setting up client cases The Assumptions screen is used to set important and underlying assumptions for new or existing client cases Pay careful attention to the Plan Date since Profiles Financial Planning Application uses this date for many key calculations Profiles Premium HOME FILE EDIT CASE SETUP Upgrade Client Case Assumptions Asset Allocation Settings Tax Rates CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES
154. ity Trust screen 2 02 22 2 cece cece cece nn 213 Chapter 14 Entering business data _ 2 2 2 2 o ccc e cece cece cece cence eee eceeceeeeseeceeseeeeees 215 The Business Approach aas ice id Syl nc das Ale agate eco Bee 216 Business Assessment 217 Profiles Professional User Manual Desktop Business Data Scree essers aeta ne AOE SEU INA en 218 Owner Key Employee screen 2 2 0 22 cece ccc e cece nn 219 Business ACOMETER ONO O tad d 220 Business Expenses screen a 221 BUSINESSYASSETS Screens eos eee oce See a eh enna L dur Av e aoe iD 222 Business Liabilities Sere n au tate ition td e SL ess A heh ra e AL ee dea 223 Business Valliatiom SGreen Sca eee a std tes oed aee webu 224 Employee Benefit Plarisscreetm 2 22 vesccncin cis sense ornen senesee cei sentence aces IGI Itin ysebtanreassetdecs 225 Chapter 15 Generating client presentations _ 2 2 22 cece eee cece cece s ee cee ceceeeeeseees 226 GlientPreseritationidialog Dox aee ERIT ce ete ERR VES 227 Monte Carlo simulation 230 Chapter 1 Profiles Professional User Manual Chapter 1 Profiles Professional User Manual The Profiles Professional user manual includes all the instructions you need to use Profiles Professional effectively This chapter includes the following topics to help you use this manual Chapter 1 Profiles Professional User Manual Conventions This user manual uses the following conventions a The names o
155. ity is to be paid off at the client s death If there are insufficient insurance and available assets to cover the liability then a cash flow deficit will be created in the first year of the survivor analysis 130 Survivor Income Needs screen Express mode Chapter 10 Entering planning objectives On the Survivor Income Needs screen you can enter the surviving client s monthly income needs for specific time periods Note This topic only applies to cases using Express mode Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES Retirement Education Goals Survivor Cash Needs Survivor Inc Needs Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP Survivor Income Needs Brian s Death Amy s Age Monthly Need 24 3 200 Amy s Earnings 41 3 200 a s Age to Receive Social Security Retirement Benefit Amy s Death Brian s Age Monthly Need e 6 150 Brian s Earnings 43 6 150 a so Age to Receive Social Security Retirement Benefit 67 Objectives category Survivor Income Needs screen How do I enter survivor income needs QUICK ACTIONS v Active Case Sample 1 Express Sample Case a Under Client A B gt s Death enter the survivor income needs details in the applicable fields 131 Chapter 10 Entering pla
156. l the interest rate adjustment 2 Enter the loan s adjusted interest rate 112 Chapter 8 Entering assets and liabilities Additional Payments screen On the Additional Payments screen you can enter additional monthly or lump sum payments QUICKACTIONS v Additional Payments Additional Monthly Payments Toward Principal C Bid ncreasing at 06 per year Additional Unscheduled Payments 0 nyear 2012 0jnyear 2012 Pay Off Balance by Year 2041 Assets amp Liabilities category Liabilities screen Edit or Add Liability button Liability Entry screen Additional Payments button Additional Payments screen How do add an additional monthly payment Under Additional Monthly Payments Toward Principal enter the additional payment dollar amount and the expected increase percentage if any How do add an additional lump sum payment a Under Additional Unscheduled Payments enter the additional payment dollar amount and the year in which the payment is to be made How do pay off a loan early Under Pay Off Balance by Year enter the year for the final payment 113 Chapter 8 Entering assets and liabilities Additional Withdrawals screen On the Additional Withdrawals screen you can add to the original amount borrowed If the clients indicate that they intend to make additional future withdrawals from a line of credit or credit card enter the additional withdrawal amount and the year of the withdra
157. lan Written medical directives Powers of attorney Objectives category Estate screen Edit button for Will Will screen How do add a will 1 To include an analysis of the clients wills as part of your client case select the Include in Analysis option 2 Under Will Details enter the remaining details for each client s will How do delete a will m Click Delete 143 Chapter 10 Entering planning objectives Revocable Living Trust screen The Revocable Living Trust screen lets you designate which assets will be held in your client s revocable living trust RLT Estate Plan Revocable Living Trust Include in Analysis RLT Details Asset Name Held in RLT Transfer to RLT Middleton Bank Brenda s 401 k Brenda s IRA Gordon s 401 k Gordon s Roth IRA Retirement Annuity Brokerage Account Vacation Property Residence Personal Property DELETE Objectives category Estate screen Edit button for Revocable Living Trust Revocable Living Trust screen How do add a revocable living trust 1 To include the revocable living trust as part of your client case select the Include in Analysis option 2 Under RLT Details enter the remaining details for the revocable living trust How do modify the Held in RL
158. lation goals QUICKACTIONS v Questionnaire Risk Tolerance Question 1 Inflation the rise in prices over time can erode your investment return Long term investors should be aware that if portfolio returns are less than the inflation rate their ability to purchase goods and services in the future might actually decline However portfolios with long term returns that significantly exceed inflation are associated with a higher degree of risk Which ofthe following portfolios is most consistent with your investment philosophy C a Portfolio 1 will most likely exceed long term inflation by a significant margin and has a high degree of risk b Portfolio 2 will most likely exceed long term inflation by a moderate margin and has a high to moderate degree of risk C c Portfolio 3 will most likely exceed long term inflation by a small margin and has a moderate degree of risk C d Portfolio 4 will most likely match long term inflation and has a low degree of risk Client Data category Risk Tolerance Profile screen Complete Questionnaire button Questionnaire screen 63 Chapter 6 Entering client data Notes screen The Notes screen can be used to record key information to remind yourself about your clients specific financial goals the available resources they have to achieve those goals any other ideas that are important elements of your clients financial strategies as well as information relating to your relation
159. lege Cost Search to open the College Cost Search screen 2 From the search list select the category you would like to search The options are Name of School City and State 3 Based on your selection in step 2 above enter a specific item in the search field Note If you select Name of School you cannot enter an acronym for an institution e g UCLA You must enter the school s full name or a keyword e g California 4 For tuition type select In State or Out of State 5 Inthe Between fields enter a tuition range Note The Between fields are optional however if you are searching for schools in states that have numerous institutions such as California or New York and leave these fields blank there may be too many institutions to display Profiles Financial Planning Application will display only the first 100 institutions In this case enter a tuition range to help narrow your search 6 Click Search The results of your search appear alphabetically on the screen 7 Click y for the institution you want to select and then select the options under Tuition amp Required Fees and Other Costs that you want to incorporate into the total The total appears on the right side of the screen 8 Click OK to apply the data to your client case The College Cost Search screen closes How do change the details of an education goal 1 Use the spin control 14 x gt beside Education Goal Item Number to navigate to the educ
160. lick Close How do enter additional monthly or lump sum payments 1 Click Additional Payments 2 Enter the required information and then click Close How do add to the amount borrowed 1 Click Additional Withdrawals Note The Additional Withdrawals button is available only for a Personal Loan liability with the Line of Credit type or for a Credit Card liability 2 Enter the required information and then click Close How do delete a liability Click x from the spin control EEES beside Number 111 Chapter 8 Entering assets and liabilities Interest Rate Adjustment screen The Interest Rate Adjustment screen is used to enter a one time rate adjustment for a adjustable rate loan types QUICKACTIONS v Interest Rate Adjustment For adjustable rate loan types you can enter a one time rate adjustment below The rate on the loan will change at the specified time and payments will be recalculated accordingly This is especially useful for Hybrid ARMs e g 5 1 ARM where a low rate is fixed for a period of time then switches to an adjustable rate for the remainder ofthe loan Current Initial Rate Years Until Adjustment Adjusted Annual Interest Rate Assets amp Liabilities category Liabilities screen Edit or Add Liability button Liability Entry screen Rate Adjustment button Interest Rate Adjustment screen How do enter a one time rate adjustment 1 Enter the number of years unti
161. ls 2 Enter the clients charitable request details in the applicable fields and then click Close Note For advanced estate features see Chapter 13 Creating estate scenarios on page 187 138 Chapter 10 Entering planning objectives Gifting and Credit Details screen On the Gifting and Credit Details screen you can enter the clients gifting and credit details Gifting and Credit Details Taxable gifts made prior to January 1st 1977 Taxable gifts made after December 31st 1976 Total gift taxes already paid on above gifts Portion of gift taxes that were paid in the three years prior to the plan date Ownership of life insurance policies transferred and retained interests relinquished within three years of death Federal gift tax credit already used Generation skipping transfer tax exemption already used Other estate tax credits Objectives category Estate screen Gifting and Credit Details button Gifting and Credit Details screen How do enter gifting and credit details m Enter the clients gifting and credit details in the applicable fields and then click Close Note If a client has made taxable gifts during their lifetime use the Taxable gifts made fields to note the amount of these gifts The federal estate exemption will be adjusted by these amounts 139 Chapter 10 Entering planning objectives Charitable Bequest Details screen On the Charitable Bequest Details screen you can enter
162. lus Minus Adjustments Plus AMT Preferences Foreign Tax Credits State amp Local Taxes Estimated Amount and or 96 of Federal Taxable Income Legally Blind Current Participant in a Qualified Retirement Plan 74 Chapter 7 Entering income and expenses Expenses screen Express and Comprehensive modes On the Expenses screen you can enter basic information about the clients living expenses This information will appear in cash flow reports Note This screen only appears for cases using Express or Comprehensive mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP Ex pe n ses Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Enter the living expenses to be listed on the Cash Flow reports If liabilities contributions and taxes have been entered on the Liabilities Assets and Taxes Withheld screens respectively then do not reflect those cash flow items here INCOME amp EXPENSES Monthly Annual Annual Total Housing 550 6 500 13 100 Child Care 300 0 3 600 Transportation 400 1 200 6 000 Food and Beverages 550 0 6 600 Income ClientA Income Client B Direct Income Source Taxes Withheld Income Tax ClientA Income Tax Client B Ome 250 0 3 000 Furnishings 0 2 500 2 500 Expenses E Personal Care and Cash 600 0 7 200 ASSETS amp LIABILITIES Medical Dental Rx 150 0 1 800 INSURANCE COVERAGE Education Self Impr
163. lysis with the added advantage of a cash flow based analysis of retirement survivor needs long term care and estate planning The cash flow based analysis considers the current and future needs of clients as defined in terms of detailed income and expense information on a year by year basis This style of analysis is intended for clients who are at or near retirement or for clients who are analytical and wish to manage their annual finances closely The Tax Sensitive feature is always included in this mode The Detailed Cash Flow mode takes into account your clients entire financial situation and their lifetime needs goals and priorities When you have a comprehensive understanding of all these factors you are in a position to make recommendations about your clients financial future and help them prioritize what is most important now Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v ALERTS Detailed Cash Flow CREATE NEW CLIENT Select from below to tailor this case to fit your client s needs EXISTING CLIENTS Analysis Objectives OPEN SAMPLE CASE Select All SLIDE PRESENTATIONS Retirement Accumulation Goals Disability Education Goals Survivor Needs Long Term Care Estate Extended Analysis Options AssetAllocation Monte Carlo Assessments Select All Personal Select All Business Risk Tolerance Business Valuation Financial Statements Financial Statement
164. m the menu How do add a custom portfolio 1 Click Add Portfolio 2 Enter a name and description for the portfolio and then enter the asset allocation percentages in the allocation table on the right The total of the allocation values entered must equal 10096 3 Click Close How do edit a custom portfolio 1 Click p beside the portfolio you want to edit Note Only custom portfolios can be edited 2 Make the required changes and then click Close How do delete a custom portfolio 1 Click x beside the custom portfolio you want to delete Note Only custom portfolios can be deleted Functional Documentation w This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Reallocation Options and Output 162 Portfolios screen On the Portfolios screen you can create and edit custom portfolios This allows you to define asset mixes for each portfolio to balance risk and return for each client s preferences QUICKACTIONS w Portfolios Number 6 of 6 mm Allocation Portfolio Name Asset Class Desai Large Cap Growth Stocks Large Cap Value Stocks Mid Cap Stocks Small Cap Stocks REITs International Stocks Emerging Market Stocks Long Term Bonds Intermediate Term Bonds Short Term Bonds Average Expected Portfolio Return e High Yield Bonds International Bonds Cash Asset Plan
165. ma next to the retirement scenario you want to copy The scenario is created with the same name but it begins with Copy of How do delete an existing retirement scenario a Click x Next to the retirement scenario you want to delete 168 Chapter 12 Creating retirement scenarios Retirement Scenario Details screen The Retirement Scenario Details screen provides an overview of the selected retirement scenario It is also the screen from which you can access all the scenario tools Note This topic only applies to cases using Express or Comprehensive mode QUICK ACTIONS v Retirement Scenario Details Scenario Number 1 of 4 Scenario Name Retire Later and Spend Less Additional Scenario Tools Modified Change Retirement Need No Current Scenario Change Retirement Income No Tom s Retirement Age 65 70 B solve Change Portfolio Reallocation No Marilyn s Retirement Age 62 67 Change Tax Deferred Contributions No Monthly Need 11 500 90 96 E solve Change Taxable Savings No Change Asset Sales No a a a a a P d Change Distribution Strategies No Current Results Scenario Results MEN 89 of goal achieved 100 of goal achieved q 0 ending portfolio 717 326 ending portfolio 265 215 first year need 275 301 first year need RECALCULATE DELETE THIS SCENARIO Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen How do add a retirement scenario 1
166. managed securities mutual funds and UTMAs UGMAs accounts Functional Documentation This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic Income Tax Options and Analyses 39 Chapter 4 Setting the planning preferences Needs Preferences screen The Needs Preferences screen is used to specify assumptions relating to income replacement and emergency reserves Profiles Professional HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Needs Preferences Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES Retirement Spend Surplus Income ASSES R Monthly Need as Percent of Total Income INSURANCE COVERAGE Capitalization Rate OBJECTIVES Initial Annual Withdrawal Rate AERE Accumulation Goals RECOMMENDATIONS Funding Alternative Rate CLIENT PRESENTATION Survivor Needs and Estate PLANNING PREFERENCES Emergency Reserves Monthly Income Multiplier General Preferences With Dependents Monthly Income Need Tax Preferences Without Dependents Monthly Income Need Needs Preferences Insurance Preferences Disability Qualified Plan Preferences Monthly Income Need as Percent of Total Income Education Preferences Survivor Preferences Estate Preferences Profiler Preferences SAVE TO MY DEFAULT PREFERENCES RESTORE MY DEFAULT PREFERENCES
167. me Payment Type Fixed percent y Gift Splitting oO Annual Income Payout 0 Trust Term years 0 IRC Section 7520 rate 0 96 Trust Rate of Return 0 LINK TO RATES Trust Tax Rate 0 96 Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 0 x E Beneficiary Information Amount Transferred Total 0 Income Beneficiary Percent Delete Remainder Beneficiary Percent Delete Choose gt 0 x Choose y 0 x a ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Grantor Retained Interest Unitrust Grantor Retained Interest Unitrust screen How do I add a GRUT 1 Click 4 from the spin control i 4 x gt beside GRUT Number 2 Enter aname for the GRUT 3 Toinclude the GRUT in the analysis select the Include in Analysis option How do add a beneficiary to the GRUT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a GRUT 211 Chapter 13 Creating estate scenarios 1 Use the spin control EES ae 4823 beside GRUT Number to navigate to the GRUT entry you want to edit 2 Make the required changes How do delete a GRUT 1 Use the spin control E E 2 4822 beside GRUT Number to navigate to the GRUT you want to delete 2 Click y from the spin control KEZI 212 Chapter 13 Creating estate scenari
168. me Type Client A Client B ADies B Dies Expenses y Salary 140 000 84 000 84 000 140 000 ASSETS amp LIABILITIES Self Employment 0 0 0 0 INSURANCE COVERAGE Social Security 0 0 0 0 Alimony 0 0 0 0 Rental Property Net 0 0 0 0 Defined Benefit 0 0 0 0 RECOMMENDATIONS Annuity 0 0 0 0 OBJECTIVES ASSET PLANNING CLIENT PRESENTATION Lump Sum 0 0 0 0 Other Income 0 0 0 0 PLANNING PREFERENCES Income Totals 140 000 84 000 84 000 140 000 VV VV ADD INCOME Income amp Expenses category Income screen How do add an income source 1 Click Add Income 2 Enter your clients income information on the ncome Entry screen click Close How do change the details of an income source m Click p beside the appropriate income source to make changes 71 Chapter 7 Entering income and expenses Income Entry screen The Income Entry screen lets you enter detailed information for each income source Note This screen only appears for cases using Detailed Cash Flow mode QUICKACTIONS v Income Entry Income 4 X gt oco Type Salary y Beginning Today y Name Salary Years 0 Year 2012 Ages 64 64 Recipient clienta Amount 10 000 Ending Retirement El Monthly Present Value Years 0 Year 2013 Ages 65 65 C Annual Future Value Annual Increase 3 51 Percent Taxable 100 Applies only to Survivor Needs exclude from retirement Amount in Pre Retirem
169. n o Employee Benefits Toenter business data create a client case using the Comprehensive or Detailed Cash Flow analysis mode and then select the business assessments you want to include All the related data entry screens will appear 217 Chapter 14 Entering business data Business Data screen The Business Data screen is used to enter the clients business data If applicable you can complete the Business Assessment Fact Finder Forms menu Printable Forms Fact Finders Business with your clients and then use the information gathered to enter data on this screen Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP CTIONS v CASE SETUP A B u SI n ess Data Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA Plan Date 1 4 2012 Recall Date 1 4 2013 Personal Data Dependents Risk Tolerance Profile Business Name Business Data Year Started Owner Key Employee Notes SIC Code INCOME amp EXPENSES Street ASSETS amp LIABILITIES Chey INSURANCE COVERAGE an Zip OBJECTIVES ASSET PLANNING Fax Form of Business lt Choose gt y RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Client Data category Business Data screen How do enter the clients business data m Enter the clients business information in the applicable fields Note This data c
170. n all modes but in the Detailed Cash Flow mode you can have multiple entries for each category Each category is uniquely named and the expenses are totaled for each category on a year by year basis In Detailed Cash Flow mode the Tax Sensitive option is always selected Projections for income taxes and capital gains taxes are calculated based on the tax rates you enter for your clients It is important to understand how surpluses or deficits are handled in Detailed Cash Flow mode Savings to assets will only occur if the clients cash flow supports those savings When a surplus does exist the savings indicated on the Assets screens will occur and any remaining surplus will be added to the asset designated to receive surpluses or will be assumed to be spent based on the Spend Surplus Income selection on the Needs Preferences screen As a result it is imperative to enter accurate values for the clients incomes and expenses An Express or Comprehensive mode case can be upgraded at a later date to Comprehensive mode with the Tax Sensitive option selected or to Detailed Cash Flow 70 Chapter 7 Entering income and expenses Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK CASE SETUP Inco m e Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA Projection Year CE 2012 m3 Age Gordon Brenda 64 64 INCOME amp EXPENSES Pre Retirement During Retirement Survivor m o E Income Inco
171. n of the Business Assessment Fact Finder 219 Business Income screen Chapter 14 Entering business data Use the Business Income screen to enter the clients business income Most businesses have financial statements prepared at least once a year A copy of the income statement can usually be obtained from the clients Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES CASE SETUP Business Income CLIENT DATA Period Ending INCOME amp EXPENSES Income Expenses Business Income Sales Service Revenue Cash Business Expenses Sales Service Revenue Credit ES less Returns Allowances Discounts INSURANCE COVERAGE Investment Income OBJECTIVES TOTAL INCOME ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES 3 31 2011 Current Year 2 500 000 400 000 25 000 21 000 2 896 000 Income amp Expenses category Business Income screen How do enter business income QUICKACTIONS w Active Case Sample 3 Detailed Cash Flow Sample Case 2021 Projection Year 15 Income Increase 96 10 113 894 1 618 223 101 139 84 957 11 715 935 1 Enter a date in the Period Ending field for the income statement 2 Enter the remaining details for the clients business income sources in the applicable fields Note You only need to enter data under Current Year Profiles
172. n test the features of Profiles Professional without making changes to any of your actual clients information Any changes you make to a sample case will not be saved Therefore you should feel free to make any changes you like to test their effects The sample cases can be found in the Professional Sample Cases folder Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v ALERTS en Sample Case CREATE NEW CLIENT sup a sample case E the list EXISTING CLIENTS Sample Files Open Export OPEN SAMPLE CASE Sample 1 Express fpx SLIDE PRESENTATIONS Sample 2 Comprehensive fpx Sample 3 Detailed Cash Flow fpx Sample 4 Business fpx Sample 5 Advanced Estate fpx Open Sample Case category Open Sample Case screen How do I open a sample case m Click beside the sample case you want to open How do export a sample case 1 Click B beside the sample case you want to open 2 Enter a new file name and click Save Note You can now create a new sample client and import the sample case This will allow you to edit and save changes to the sample case 33 Chapter 3 Managing client data Presentation Module The Presentation Module provides clients with a means to focus on specific aspects of their financial situation The Presentation Module provides pre made client presentations on a range of common goals These presentations help your clients to better understa
173. n the Long Term Care Insurance screen you can enter an unlimited number of long term care policies with benefits payable to either client Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS wv CASE SETUP Active Case Sample 3 Detailed Cash Flow Sample Case Long Term Care Insurance CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE Life Insurance Disability Insurance LTC Insurance General Insurance OBJECTIVES Policy Record Number Insurance Policy Long term care policy Insured Owner Daily Benefit Annual Premium ClientA M Client A y 125 700 ASSET PLANNING Number of Premiums Remaining 26 RECOMMENDATIONS Elimination Period Days 7 CLIENT PRESENTATION Benefit Period Years 5 PLANNING PREFERENCES COLA 35 Insurance Coverage category Long Term Care Insurance screen How do add a long term care insurance policy 1 Click 4 from the spin control 4 x gt beside Policy Record Number 2 Enter the details for the new long term care insurance policy Note Some of the fields will be inaccessible until you enter data in the first four data entry fields How do change the details of a long term care insurance policy 1 Use the spin control EE P 4a beside Policy Record Number to navigate to the policy entry you want to edit 2 Make the required changes 118 General Insurance screen Chapter 9 Entering insur
174. naire 1 Click Complete Questionnaire 2 Selecta response for the question and then click Next 3 Repeat until the questionnaire is complete and then click Close How do print the Risk Tolerance Questionnaire Go to the Forms menu and then select Printable Forms Modular Fact Finders Assessments Risk Tolerance Questionnaire 62 Chapter 6 Entering client data Questionnaire screen The risk tolerance questionnaire consists of six questions and evaluates your clients risk tolerance The total score will help you determine which risk tolerance profile best matches your clients objectives for the future The Questionnaire screen displays a series of questions Click the Next button to advance to the next question Click the Back button to go back to the previous question Once you have answered all the questions the responses you selected are populated in the appropriate fields on the Risk Tolerance Profile screen Based on your clients responses one of the following risk tolerance profiles is suggested Conservative Moderate Conservative a Moderate Moderate Aggressive a Aggressive Note The risk tolerance profile is only half of the overall evaluation needed to select an appropriate portfolio for your client The application will also evaluate the time horizon score and combine the two scores to provide a recommended portfolio for specific objectives such as retirement education goals and accumu
175. nd their financial situation because the presentations are designed to be understood by anyone not just financial professionals The Presentation Module also provides value to you by saving you the time of re creating presentations for each client Once you have entered your clients information into Profiles Financial Planning Application you are ready to get started presenting with no additional data entry Once a case is created the data that was entered is used to present clients with different perspectives for example retirement or education in a slide presentation format Only the information related to the chosen perspective is presented Note The Presentation Module are only available if the Presentation Module has been purchased Profiles Professional presentation Module Welcome back Client Information To begin please create or select a client Open Client Create New Client Presentations Once a client is selected choose from the presentations b Road to Retirement Planning to Protect Planning for your Family s Education Cash Flow Planning Slide Presentations How do open a presentation a To open a presentation a client file and a case must first be opened If either does not exist it must be created Then on the launch slide click the appropriate link to run that presentation 34 Chapter 3 Managing client data How do navigate through a presentation When a presentation is open the
176. ndations category Estate screen Edit button Edit button for Charitable Remainder Unitrust Charitable Remainder Unitrust screen How do add a CRUT 1 Click 4 from the spin control L 4 x gt beside CRUT Number 2 Enter aname for the CRUT 3 To include the CRUT in the analysis select the Include in Analysis option How do add a beneficiary to the CRUT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a CRUT 209 Chapter 13 Creating estate scenarios 1 Use the spin control KEI beside CRUT Number to navigate to the CRUT entry you want to edit 2 Make the required changes How do delete a CRUT 1 Use the spin control AXE beside CRUT Number to navigate to the CRUT you want to delete 2 Click from the spin control EEXXA 210 Chapter 13 Creating estate scenarios Grantor Retained Interest Unitrust screen On the Grantor Retained Interest Unitrust screen you can enter grantor retained unitrusts GRUTs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS v Grantor Retained Interest Unitrust Estate Plan GRUT Number 1 of 1 GRUT Name Include in Analysis r GRUT Details Grantor Choose y Inco
177. ng At 174 Chapter 12 Creating retirement scenarios How do sort the list of asset groupings m Click Sort The list of asset groupings is sorted first by asset group and then by the specified year How do delete a reallocation strategy m Click x Next to the reallocation strategy you want to delete How do add a custom portfolio 1 Click Add Portfolio 2 Enter a name and description for the portfolio and then enter the asset allocation percentages in the allocation table on the right The total of the allocation values entered must equal 10096 3 Click Close How do edit a custom portfolio 1 Click p beside the portfolio you want to edit Note Only custom portfolios can be edited 2 Make the required changes and then click Close How do delete a custom portfolio 1 Click y beside the custom portfolio you want to delete Note Only custom portfolios can be deleted How do I recalculate scenario results a Click Recalculate The Scenario Results graph updates Functional Documentation m This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic a Reallocation Options and Output 175 Chapter 12 Creating retirement scenarios Portfolio Reallocations without Asset Allocation option screen Note This topic only applies if the Asset Allocation option has not been selected f
178. ning category Asset Allocation screen Add Portfolio button Portfolios screen How do add a custom portfolio 1 Use the spin control 4 x gt beside Number to navigate to a blank Portfolio 2 Enter aname and description for the portfolio and then enter the asset allocation percentages in the allocation table on the right Note The allocation values entered must total 100 How do edit a custom portfolio 1 Use the spin control 4 x beside Number to navigate to the portfolio entry you want to edit 2 Make the required changes 163 Portfolio Returns screen On the Portfolio Returns screen you can change the expected rate of return for the assets that are allocated to retirement and or to survivor needs Note This screen is only available if the Asset Allocation option is not selected in the case For the retirement analysis by default the return adjustment occurs at retirement for the survivor analysis by default the adjustment occurs as of today Offsets can be used to further specify the timing of adjustments Different reallocations can also be specified depending on which client dies first Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Po rtfo l Oo Retu rn S Active Case Sample 2 Comprehensive Sample Case For the client s current analysis enter the anticipated return s to reflect a more conservative rate of return at retirement or
179. nings 7 000 E 0 v 1 500 1 803 Desired Expenses Client A Earnings 11 667 El 0 e 1 500 1 803 This help topic has associated functional documentation To access functional documentation see Profiles Resources The following functional documents apply to this topic a Survivor Needs in Detailed Cash Flow a Capitalized Values in the Survivor Analysis 133 Chapter 10 Entering planning objectives Disability Income Needs screen Express mode On the Disability Income Needs screen you can view and override information relating to the clients disability income needs Note This topic only applies to cases using Express mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS 4 CASE SETUP Disability Income Needs Active Cases Sample 1 Express Sample Casu CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES Brian s Amy s Amy s Brian s Monthly Need Earnings Monthly Need Earnings Reneman 6 545 3 200 6 545 6 150 Education Goals Survivor Cash Needs Survivor Inc Needs Disability Inc Needs Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Disability Income Needs screen Profiles Professional automatically calculates the values on this screen You can override the default values by entering a different value in the dat
180. nning objectives Survivor Income Needs screen Comprehensive mode On the Survivor Income Needs screen you can enter the surviving client s monthly income needs for specific time periods Note This topic only applies to cases using Comprehensive mode Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES Retirement Education Goals Accumulation Goals Survivor Cash Needs Survivor Inc Needs Disability Inc Needs Long Term Care Needs Client Objective Notes ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Objectives category Survivor Income Needs screen INPUT OUTPUT FORMS TOOLS PREFERENCES Survivor Income Needs In the Event of Tom s Death Marilyn s Age 38 53 En 0 0 Increase Need By Monthly Need 1 IER o ll Monthly Need 2 HELP QUICKACTIONS v Active Case Sample 2 Comprehensive Sample Case Marilyn s Earnings 6 200 6 200 0 0 0 Minimum Asset Balance 96 Age to Receive Social Security Retirement Benefit In the Event of Marilyn s Death Tom s Age 42 57 0 0 Increase Need By Monthly Need 1 i e 0 96 Monthly Need 2 Age to Receive Social Security Retirement Benefit How do I enter survivor income needs Tom s Earnings 8 500 8 500 0 0 0 Minimum Asset Balance Under In the Event of
181. ntaxable Portion Annual Income Client A Salary 8 500 0 102 000 Income Client B Self Employment 0 0 0 Direct Income Source Taxes Withheld Interest and Nonqualified Dividends 0 1 600 Qualified Dividends 0 0 0 Tax Cli Income Tax Client A Defined Benefit 0 0 so Income Tax Client B Social Security 0 0 0 Expenses Alimony 0 0 0 ASSETS amp LIABILITIES Rental Property Net 0 0 0 INSURANCE COVERAGE Other 0 0 0 OBJECTIVES TOTALINCOME 1 600 103 600 ASSET PLANNING RECOMMENDATIONS Future Earnings Increase CLIENT PRESENTATION PLANNING PREFERENCES Income amp Expenses category Income Client A B screen How do I enter income details m Enter the details for each client s income sources Each income source has a Monthly and an Annual column but it is not necessary to enter amounts in both columns If you know the monthly income amount enter it in the Monthly column If the income source occurs only once per year enter it in the Annual column Note To calculate the total annual income Profiles Financial Planning Application multiplies entries in the Monthly column by 12 and then adds the sum to the entries in the Annual column 67 Chapter 7 Entering income and expenses Direct Income Source screen On the Direct Income Source screen you can enter incomes your clients plan to receive in the future at retirement or in survivorship Note This screen only appears for
182. ol City and State 2 Based on your selection in step 1 enter a specific item to search for in the search field Note If you select Name of School you cannot enter an acronym for an institution e g UCLA You must enter the school s full name or a keyword e g CaliforniaCalgary 3 For tuition type select In State or Out of State 4 Inthe Between fields enter a tuition range Note The Between fields are optional however if you re searching for schools in states that have numerous institutions such as California or New Yorklike Ontario and leave these fields blank there may be too many institutions to display Profiles Professional will display only the first 100 institutions In this case enter a tuition range to help narrow your search 5 Click Search The results of your search appear alphabetically on the screen 127 Chapter 10 Entering planning objectives 6 Click y for the institution you want to select and then select the options under Tuition amp Required Fees and Other Costs you want to incorporate into the total The total appears on the right side of the screen 7 Click OK to apply the data to your client case You can use page 3 of the Profiles Professional Fact Finder to obtain the college funding details 128 Chapter 10 Entering planning objectives Accumulation Goals screen On the Accumulation Goals screen you can enter an unlimited number of accumulation goals This screen is only av
183. on Scenario Number 4 Xx Sd Estate Tool Scenario Name Estate Plan Gifting During Life General Estate Information Guin Brenda Will Hypothetical Age of Death 78 202 Ea 2034 Revocable Living Trust Family Business Deduction 0 Credit Shelter Trust Irrevocable Life Insurance Trust Expenses Wealth Replacement Trust Final Kn Family owned Business Administration dollar Qualified Personal Residence Trust Administration percent Qualified Terminable Interest Property Trust Special Needs Trust Estate Tax Assumptions Charitable Lead Annuity Trust Federal Estate Tax Law to Apply Current Law z State Death tax Ew mo Apply Federal Pick up i Charitable Remainder Annuity Trust 2004 Charitable Lead Unitrust Charitable Remainder Unitrust e Death Tax Amount 1st Death 0 i 0 Grantor Retained Interest Annuity Trust o joio oro oio o oioi o o o o State Death Tax Amount 2nd Death 0 Grantor Retained Interest Unitrust GIFTING AND CREDIT DETAILS CHARITABLE BEQUEST DETAILS Recommendations category Estate screen Edit button Estate Details screen How do add an estate scenario 1 Click the 4 from the spin control 4 x gt beside Scenario Number 2 Enter a name for the scenario and then press the Tab key The data entry fields below become accessible 3 Enter the remaining details for the new scenario How do enter gifting and credit details 1 Click Gifting and Credit Details 2 Enter the clien
184. on s Earnings 7 000 7 000 0 2 0 0 Increase Need By Objectives category Disability Income Needs screen How do enter disability income needs Other Income 0 0 0 0 0 0 Brenda s Monthly Need Brenda s Disability O 62 Gordon s Earnings 13 067 11 667 13 067 11 667 13 067 0 13 067 0 13 067 0 13 067 0 3 Active Case Sample 3 Detailed Cash Flow Sample Case Brenda s Other Income 0 a Enter the applicable information for both clients if both are employed once for Client A s disability and again for Client B s disability 135 Chapter 10 Entering planning objectives Long Term Care Needs screen On the Long Term Care Needs screen you can enter the long term care assumptions and costs that the clients would need to cover should either of them require long term care Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK CASE SETUP Lon g Te rm Care N eed S Active Case Sample 3 Detailed Cash Flow Sample Case CLIENT DATA INCOME EE Gordon s LTC Assumptions Brenda s LTC Assumptions ASSETS amp LIABILITIES Begin at Age Begin at Age INSURANCE COVERAGE Mortality Mortality OBJECTIVES Monthly Costs Monthly Costs Retirement Annual Increase Annual Increase Survivor Cash Needs Survivor Inc Needs Adjust Retirement Need to Eh Adjust Retirement Need to Disability Inc Needs Required Expenses Require
185. onnaire AA 63 A A A E E S E E a e a EEE 64 56 Personal Data screen Chapter 6 Entering client data The Personal Data screen is used to enter the clients personal information Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA Personal Data Dependents Risk Tolerance Profile Notes INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS Personal Data Client A Information First Name Last Name Tom Clark Social Security Benefits Earnings Based Client B Information First Name Last Name Marilyn Clark Social Security Benefits Earnings Based Additional Client Information Name to Appear on Reports Tom and Marilyn Clark Address 1 123 Main Street City State Zip Carlsbad CA 92008 E Mail tclark tomsmail com Address 2 Phone 760 555 1111 Client Data category Personal Data screen How do enter the clients personal information PREFERENCES HELP QUICKACTIONS w Active Case Sample 2 Comprehensive Sample Case Date of Birth 1 10 1969 Age 42 EXTENDED CLIENT A DATA Date of Birth 1 10 1973 Age 38 EXTENDED CLIENT B DATA ADVISOR DATA 1 Enter the clients personal information in the applicable fields Note When entering client data be sure to enter your primary contact as Client A and the secondary contact as Cli
186. or the case On the Portfolio Reallocations screen you can change the expected rate of return for the assets that are allocated to retirement QUICKACTIONS v Portfolio Reallocations Retire Later Reallocate amp Save More Today Current Scenario Change return for each applicable asset of current rate y Adjust rate of return 100 96 Rate of return for applicable assets 0 0096 0 0096 Rate of return for total retirement portfolio assets 0 0096 0 0096 At Retirement Current Scenario Change the rate of return for applicable assets at Retirement Retirement number of years 0 0 Year 2035 2036 Change return for each applicable asset of current rate ofcurentrate gt Adjust rate of return 60 00 60 96 Specify rate to apply 6 Rate of return for applicable assets 0 00 0 00 Rate of return for total retirement portfolio assets 0 00 0 00 Scenario Results 55 of goal achieved 0 ending portfolio UNDO CHANGES RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Portfolio Reallocation Portfolio Reallocations screen How do I enter rates of return at retirement m Enter the expected return rates in the applicable fields How do recalculate scenario results Click Recalculate The Scenario Results graph updates 176 Tax Deferred Contributions screen Chapter 12 Creating retirement scenarios
187. ormation Income Beneficiary Percent Delete Choose gt y 0 x B ADD BENEFICIARY QUICKACTIONS v Estate Plan Include in Analysis o Income Payment Type Fixed percent Annual Income Payout 0 IRC Section 7520 rate 0 LINK TO RATES Amount Transfer Total Transferred Expense Withdrawn Delete 0 0 x 0 Remainder Beneficiary Percent Delete lt Choose gt y Recommendations category Estate screen Edit button Edit button for Charitable Lead Unitrust Charitable Lead Unitrust screen How do add a CLUT 1 Click 4 from the spin control 4 x gt beside CLUT Number 2 Enter a name for the CLUT 3 To include the CLUT in the analysis select the Include in Analysis option How do add a beneficiary to the CLUT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a CLUT 1 Use the spin control 4 x gt beside CLUT Number to navigate to the CLUT entry you want to edit 205 Chapter 13 Creating estate scenarios 2 Make the required changes How do delete a CLUT 1 Use the spin control KW 30 44 3 beside CLUT Number to navigate to the CLUT you want to delete 2 Click y from the spin control 4 x gt 206 Chapter 13 Creating estate scenarios Charitable Remainder Annuity Trust screen On the Charitable Remainder Annuity Trust screen you can enter charitable remain
188. os Grantor Retained Interest Annuity Trust screen On the Grantor Retained Interest Annuity Trust screen you can enter grantor retained annuity trusts GRATs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Grantor Retained Interest Annuity Trust GRAT Number 4 X ot Estate Plan GRAT Name Include in Analysis r GRAT Details Grantor Choose y Income Payment Type Fixed percent y Gift Splitting Annual Income Payout 0 96 Trust Term years 0 IRC Section 7520 rate 0 96 Trust Rate of Return 0 LINKTO RATES Trust Tax Rate 0 Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 o x El 0 0 H Beneficiary Information Amount Transferred Total 0 Income Beneficiary Percent Delete Remainder Beneficiary Percent Delete lt Choose gt y 0 x Choose y 0 x a ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Grantor Retained Interest Annuity Trust Grantor Retained Interest Annuity Trust screen How do add a GRAT 1 Click beside GRAT Number 2 Enter a name for the GRAT 3 Toinclude the GRAT in the analysis select the Include in Analysis option How do add a ben
189. ovement 0 3 000 3 000 OBJECTIVES Entertainment 400 0 4 800 Vacations and Holidays 5 000 5 000 Charitable Contributions 0 1 200 ASSET PLANNING RECOMMENDATIONS ADDITIONAL EXPENSES 200 300 2 700 CLIENT PRESENTATION TOTAL EXPENSES 18 500 60 500 PLANNING PREFERENCES Income amp Expenses category Expenses screen How do enter living expenses a Enter the monthly and or annual amounts spent on each living expense in the applicable fields Note If you entered liabilities contributions and taxes on the Taxes Withheld Liabilities and Assets screens do not enter these items on the Expenses screen How do add an additional expense Click Additional Expenses The Additional Expenses screen opens where you can enter details T9 Chapter 7 Entering income and expenses Additional Expenses screen On the Additional Expenses screen you can enter an unlimited number of separate expenses Additional expenses entered here will appear itemized in cash flow reports Use this screen to model significant expenses that your clients know they will have on an ongoing basis i e transportation or recreational costs Note This screen only appears for cases using Express or Comprehensive mode QUICKACTIONS v Additional Expenses Additional Expenses Annually Delete Care for Parents x Pet Care x iH Income amp Expenses category Expenses screen Additional Expenses button Additional Expenses s
190. ow do I add a CLAT 1 Click 4 from the spin control KEZI beside CLAT Number 2 Enter a name for the CLAT 3 To include the CLAT in the analysis select the Include in Analysis option How do add a beneficiary to the CLAT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do I change the details of a CLAT 1 Use the spin control KEZI beside CLAT Number to navigate to the CLAT entry you want to edit 203 Chapter 13 Creating estate scenarios 2 Make the required changes How do delete a CLAT 1 Use the spin control E E 30 4823 beside CLAT Number to navigate to the CLAT you want to delete 2 Click y from the spin control 4 x gt 204 Charitable Lead Unitrust screen Chapter 13 Creating estate scenarios On the Charitable Lead Unitrust screen you can enter charitable lead unitrusts CLUTs Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module Charitable Lead Unitrust CLUT Number 4 X gt Boal CLUT Name CLUT Details Grantor lt Choose gt Trust Termination Event lt Choose gt y Trust Rate of Return 0 96 Trust Tax Rate 01 Assets Available Amount Available to Transfer at Plan Date A M Amount Transferred Total Beneficiary Inf
191. owse to the location on your computer where you downloaded the file and then double click the file Ur ge og A security warning appears saying The Publisher Could Not Be Verified Click Run The necessary files to begin your installation will be extracted to a temporary folder and the InstallShield Wizard will start up If extraction does not begin immediately click Setup 6 Follow the instructions on your screen How do I install Profiles Professional from a CD Insert the CD into your computer The InstallShield Wizard should run automatically after a few seconds Profiles Professional will install by default into the C FPW directory If the Setup program does not run automatically and you are using Microsoft Windows XP Service Pack 3 Vista or Windows 7 do one of the following wm Click the Start button select Run and then browse to find the Setup program setup exe on the Profiles Professional CD Click the Start button select Run and then type D SETUP where D is the CD ROM drive where the Profiles Professional CD is located Note If your CD ROM drive is labeled with a letter other than D use that letter instead Chapter 2 Overview of Profiles Professional Starting Profiles Professional Once you have installed Profiles Professional onto your computer you can start the program by going to the Start menu and then selecting All Programs Profiles Profiles Professional 10 5
192. quired Fees and Other Costs that you want to incorporate into the total The total appears on the right side of the screen Click OK to apply the data to the Education Cost preference field For more information CollegeUniversity Cost Search screen on page 127 44 Chapter 4 Setting the planning preferences Survivor Preferences screen The Survivor Preferences screen is used to specify assumptions relating to final expenses and survivor savings Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP S u rvivo r P refe re n ces Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES T om ASSETS amp LIABILITIES Final Expenses 10 000 INSURANCE COVERAGE Plus 96 of Probate Assets 4 96 OBJECTIVES Marilyn ASSET PLANNING Final Expenses 10 000 RECOMMENDATIONS Plus 96 of Probate Assets 4 96 CLIENT PRESENTATION PLANNING PREFERENCES General Preferences Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Suo AS SAVE TO MY DEFAULT PREFERENCES Estate Preferences Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Survivor Preferences screen To modify the survivor preferences enter your changes in the applicable fields 45 Chapter 4 Setting the planning preferences Estate Preferences screen The Estate Preferences screen is used to spe
193. r clients in their accumulation years typically ages 35 to 55 where more goal flexibility is needed Note The Tax Sensitive feature is optional and is not available in Express mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v ALERTS Comprehensive CREATE NEW CLIENT Select from below to tailor this case to fit your client s needs EXISTING CLIENTS Analysis Objectives OPEN SAMPLE CASE Select All SLIDE PRESENTATIONS Retirement I Accumulation Goals Disability Education Goals Survivor Needs Long Term Care Estate Extended Analysis Options Asset Allocation Tax Sensitive Monte Carlo Assessments Select All Personal Select All Business Risk Tolerance Business Valuation Financial Statements Financial Statements Key Employee Valuation Employee Benefits I Income Tax Analysis Create New Client category Create New Case screen Comprehensive selected Next button Comprehensive screen How do Collect data for a Comprehensive analysis Go to the Forms menu and then select Printable Forms Fact Finders Comprehensive 22 Chapter 3 Managing client data Detailed Cash Flow screen Due to the level of detail required to take full advantage of this mode s features the Detailed Cash Flow mode is designed for experienced planners The Detailed Cash Flow analysis mode allows you to complete a full Comprehensive ana
194. r to your client Select Save as Final Presentation The presentation will be generated without the draft presentation watermark and will be accessible by selecting the View Final Report link 229 Chapter 15 Generating client presentations Monte Carlo simulation Monte Carlo simulation allows you to demonstrate the probability of success when projecting the clients goals taking into account various risk factors not considered under linear methods Note This feature is optional and is available for an additional charge Please contact your Zywave sales representative to order this feature What is the Monte Carlo simulation Monte Carlo simulation adds considerable value to the financial analysis by varying the rates of return and inflation to simulate the fluctuations that can be experienced in the marketplace Instead of using a single value for each variable in the model e g a rate of return Monte Carlo uses differing values based on historical data m Profiles Professional runs the model repeatedly each time using a different value for each of the variables in the model Each separate run is called a trial After the trials have run the outcomes are tabulated and the forecast is shown not as a single value but as a range of values How does Monte Carlo work in Profiles Professional a Monte Carlo presentation pages can appear in two categories of the output o Retirement o Retirement Scenarios if there is a re
195. rate 250 Assets amp Liabilities category Assets Summary View screen Edit button for Qualified Retirement Accounts Qualified Account Entry screen Contributions button Qualified Account Contributions screen How do enter qualified account contributions a Enter the qualified account contribution information in the applicable fields and then click Close How do enter contributions for a Roth 401 k or 403 b m Enter the Roth portion of the employee contribution as an After tax amount either monthly or annual In addition if the client has previously made Roth contributions enter the total account balance that has accrued for the Roth contributions in the Prior non deductible contributions field Note Employer contributions are never after tax so those should not be included in the total cost basis field 89 Deferred Annuity Entry screen Chapter 8 Entering assets and liabilities The Deferred Annuity Entry screen allows you to enter the clients deferred annuities The fields on the screen vary based on whether you select a variable annuity or a fixed annuity Deferred Annuity Entry Number 1 of 1 Annuity Type Name Owner Beneficiary Annuity Held in Living Trust Cost Basis total premiums paid Monthly Premium Beginning Ending Manage Underlying Holdings Independently Market QUICKACTIONS v Variable Annuity y ClientA y Client Spouse y r 0 Retirement Annuity
196. references screen Chapter 4 Setting the planning preferences The General Preferences screen is used to specify assumptions relating to growth rates mortality and long term care Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES General Preferences Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Survivor Preferences Estate Preferences Profiler Preferences INPUT OUTPUT FORMS TOOLS General Preferences Long Term Inflation Rate PREFERENCES HELP QUICKACTIONS v Active Case Sample 2 Comprehensive Sample Case Social Security Maximum Growth Rate Tom s Mortality Age Marilyn s Mortality Age Illustrate Level L or Inflating I Monthly Savings Long Term Care Begin At Age Monthly Costs SAVE TO MY DEFAULT PREFERENCES RESTORE MY DEFAULT PREFERENCES Planning Preferences category General Preferences screen To modify the general preferences enter your changes in the applicable fields 38 Chapter 4 Setting the planning preferences Tax Preferences screen Profiles Financial Planning Application automatically determines an appropriate level of taxation for areturn ona holding You can override these default values on the Tax Preferences screen In a Comprehensive anal
197. rement Scenarios screen you can create and manage different retirement strategies You can create as many scenarios as you like but only four can be included in your client presentations Only one scenario can be selected as the Recommended scenario HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS Retirement Scenarios Estate Recommendation Notes CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v Reti re m e nt Sce n a ri OS Active Case Sample 2 Comprehensive Sample Case Scenario Name Include in Output Recommended Copy Delete Retire Later iv r Reallocate Save More Retire Later Reallocate amp Save More ADD SCENARIO Recommendations category Retirement Scenarios screen How do add a retirement scenario 1 Click Add Scenario 2 Enter the details in the applicable fields and then click Close How do include the scenario in reports m Select the Include in Output option next to the appropriate retirement scenario Note A maximum of four scenarios can be included in reports How do edit an existing retirement scenario 1 Click p next to the appropriate retirement scenario 2 Make the required changes and then click Close How do copy an existing retirement scenario 167 Chapter 12 Creating retirement scenarios a Click
198. rences Qualified Plan Preferences screen The Qualified Plan Preferences screen is used to specify assumptions relating to the use of retirement plan assets during retirement and survivorship For example use this screen to model clients that intend to begin making withdrawals from their retirement accounts prior to age 59 Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Q ua ifi e d P an P refe rences Active Case Sample 2 Comprehensive Sample Case CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Allow pre 59 1 2 withdrawals from qualified assets when needed INSURANCE COVERAGE Qualified Plan early withdrawal penalty OBJECTIVES Treat contributions to qualified plans as a required expense ASSET PLANNING Spouse will roll over deceased s retirement plans RECOMMENDATIONS CLIENT PRESENTATION Enforce IRS limits on qualified plan contributions Iv PLANNING PREFERENCES Index rate for contribution limits Inflation 0 96 3 0096 General Preferences Tax Preferences Needs Preferences Insurance Preferences Qualified Plan Preferences Education Preferences Survivor Preferences SAVE TO MY DEFAULT PREFERENCES Estate Preferences Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Qualified Plan Preferences screen To modify the qualified plan preferences enter your changes in the applicable fields Functional Docum
199. rties History Workflow Owner Brad Input Mode Comprehensive Created 10 4 2012 7 18 22 AM Input Options Plan Date 10 4 2012 Y Accumulation Goals v Dissbility Y Education Goals Case Review Date 10 4 2013 Y Estate Y Financial Statements Y Income Tax Analysis Last Modi Brad Y Long Term Care Y Retirement Y Risk Tolerance F By Bra Y Survivor Needs v Asset Allocation Y Tax Sensitive Reports No report available Existing Clients category Client List screen Open button Case Details screen How do create a new case m Click New Case How do open a client case m Selectthe client case you want to open and then click Open Note Profiles Professional validates all data in a case when it is opened When Profiles Professional finds invalid data in a case the Validation Results dialog box opens This dialog box provides a summary of the invalid data found within the case How do create a duplicate copy of a client case You can duplicate a case rename it appropriately and then edit it independently of the original case 1 Selectthe case you want to duplicate and then click Duplicate 2 Enter a new name for the duplicate case and then click OK How do rename a client case 26 T 2 Select the case you want to rename and then click Rename In the Case Name field enter a new name for the case and then click Save How do delete a client case m Selectthe case you want to delete and th
200. rview of Profiles Professional and discusses the following topics About Profiles Professional __ 2 22 2 2 oo eee eee eee eect LaLa Installing Profiles Professional _ 2 22 02 2 eee e cece cee eee cece cece cece cece ceeceecceeeceeceeeceeeseeees Starting Profiles Professional l a 2 ccc ccc cece ec cee cee cece cece cece ceeccuuccuucencececceucceecceeceeceeueeees Working in Profiles Professional ___ 22 22 22 2 2 coe eee cee cece cece cece cece ces eee ceecceecceecceccteeceeeeeereees Field specific Help e E A AEI EE AEEA lo o To o AAA RERO RET A RAEE E Collecting financial information uuuuuuuuuuuu uulsslllslssI ss cece cece cecceecceecteeseeeceeeeeeteees Chapter 2 Overview of Profiles Professional About Profiles Professional Profiles Professional allows you to give your clients a comparison of their current financial situation to their financial objectives How does Profiles Professional help me to identify my clients needs wm Profiles Professional provides a simple and efficient way of analyzing your clients financial situation which includes reports that graphically and quantitatively illustrate the strengths and weaknesses of their current financial strategy m Profiles Professional offers a user friendly interface that can be easily mastered and helps you explain the need for financial planning What are the advantages of Profiles Professional a
201. s ASSET PLANNING Phase 1 6 545 Age 65 RECOMMENDATIONS Phase 2 35 CLIENT PRESENTATION Phase 3 PLANNING PREFERENCES Objectives category Retirement screen How do enter retirement objectives m Enter the details for the clients retirement objectives in the applicable data entry fields 121 Chapter 10 Entering planning objectives Retirement screen Comprehensive mode On the Retirement screen you can enter the clients retirement objectives In Comprehensive mode expenses during retirement can be specified for certain time periods within retirement For example clients may want an income of 3 000 month until age 75 After this the income need would be reduced to 2 000 month because the clients plan to travel less Note This topic only applies to cases using Comprehensive mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Reti re m e nt Active Case Sample 2 Comprehensive Sample Case cm Retirement Information INCOME amp EXPENSES Tom Marilyn Retirement Begins at Age 65 61 ASSETS amp LIABILITIES Include Social Security Benefits Vv Age to Begin System Calculated Social Security Benefits 8 Life Expectancy 90 INSURANCE COVERAGE OBJECTIVES Retirement Education Goals Retirement Expenses emer Age Monthly Need Additional Monthly Need Survivor Cash Needs Survivor Inc Needs Phase 1 Disability Inc Needs Phase 2
202. s Current Plan I Financial Statements F e Cash Flow T e Net Worth Summary T e Net Worth Statement I Asset Allocation T e Risk Tolerance Assessment EX Financial Statements E Income Tax E Asset Allocation E Retirement B Retirement Scenarios Education I e Recommended Allocations I e Current Asset Allocation by Stocks Bonds Ca T e Asset Allocation Time Horizon Retirement Ac I Retirement V e Retirement Objective e Retirement Income Sources E Accumulation B Survivor Needs TPA RHA RDA ADA AAD FS Disability a Long Term Care PE E Y y y yy yy oy SAVE AS TEMPLATE B Estate all Reports c Only Selected Reports Client Presentation category Client Presentation dialog box How do filter report types 1 To display the different report types available on the Report Library tab click the Filter by Report Type menu 2 Selectthe report types that you want to show Note To clear all selected report types click Clear How do find a specific report a Entera search term in the Search for a Report field For example if you enter retirement any report that contains retirement in the title is listed 227 Chapter 15 Generating client presentations To clear the search and restore the full list of reports remove all text from the field How do add reports to a presentation There are several ways to add reports to your presentation m Select th
203. s income asset will receive excess income and excess distribution strategy withdrawals including required minimum distributions RMDs after total needs have been met The lump sum asset will receive amounts from life insurance at first death lump sum income sources proceeds from the sale of hard assets and future loans Note If you try to view reports without first selecting an asset under Surplus Income Asset and Lump Sum Asset when at least one of the following modules is included in the case Retirement Survivor Needs Estate or Long Term Care a message appears warning you that the first eligible asset if there is one will be selected for this purpose otherwise a bank account asset named Surplus Account will be created for you Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Key Asset D esi g nation Active Case Sample 2 Comprehensive Sample Case Select key assets from the list below which will be designated to receive excess monies The list contains assets which are available for retirement and at death and have not been reserved for a goal The Surplus Income Asset will receive excess income including RMD after total needs have been met The Lump Sum Asset will receive amounts from insurance proceeds lump sum income sources proceeds from asset sales etc CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE Name ROR Surplus
204. s TT Key Employee Valuation Employee Benefits Income Tax Analysis Create New Client category Create New Case screen Detailed Cash Flow selected Next button Detailed Cash Flow screen How do collect data for a Detailed Cash Flow analysis m Go to the Forms menu and then select Printable Forms Fact Finders Detailed Cash Flow 23 Chapter 3 Managing client data Client List screen The Client List screen is used to manage your existing client files You can access this screen by going to the Existing Clients category from the Home screen Client List Client Last Name Owner Last Name Access Ai y SEARCH CLEAR Client Name Owner Access Last Updated Dixon Jim Friesen Brad Owner 10 4 2012 7 18 24 AM Clark Tom Friesen Brad Owner 10 4 2012 7 18 24 AM Existing Clients category Client List screen How do open a client file m Select the client file you want to open and then click Open How do create a new case m Select the client you want to create a new case for and then click New Case How do grant revoke access m Select the client you want to grant or revoke access and then click Grant Revoke How do delete a client file 1 Select the client file you want to delete and then click Delete You will be asked to confirm the deletion 2 Click OK to delete the client file click Cancel to close the message without deleting the client file Warning Once a clien
205. s an overview of the selected retirement scenario It is also the screen from which you can access all the scenario tools Note This topic only applies to cases using Detailed Cash Flow mode QUICK ACTIONS vw Retirement Scenario Details Scenario Number 1 of 4 Scenario Name Retire Later Additional Scenario Tools Change Retirement Expenses Current Scenario Change Retirement Income Gordon s Retirement Age 65 res E Solve Change Portfolio Reallocation Brenda s Retirement Age 65 68 CEUTSUUDHUPUUU eR Required Expenses Y 93 724 100 a Solve Change Taxable Savings Change Asset Sales Desired Expenses 18 540 100 E Solve Change Distribution Strategies Current Results Scenario Results 8696 of goal achieved 10096 of goal achieved 3 0 ending portfolio 177 778 ending portfolio 143 162 first year need 145 065 first year need RECALCULATE DELETE THIS SCENARIO Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen How do I add a retirement scenario 1 Click 4 from the spin control AE beside Scenario Number 2 Enter the details for the new scenario How do solve for the clients retirement ages a Beside the client s retirement ages click E Solve The required retirement ages of Client A and Client B to achieve their retirement goal appear How do solve for the required expenses m Beside the required expenses percentage click E Solve The
206. s only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICKACTIONS w Special Needs Trust Estate Plan SNT Number 4 X gt Ba SNT Name Include in Analysis O SNT Details Grantor lt Choose gt El Annual Special Needs Payment Amount Gift Splitting r Future Special Needs Payment Increase Trust Rate of Return 0 96 Trust Tax Rate 0 Assets Available Amount Available Amount Transfer Total to Transfer at Plan Date Transferred Expense Withdrawn Delete 0 0 0 x 2E Beneficiary Information Amount Transferred Total Trust Beneficiary Percent Delete lt Choose gt y ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Special Needs Trust Special Needs Trust screen How do I add a SNT 1 Click 4 from the spin control 4 x gt beside SNT Number 2 Enter aname for the SNT 3 To include the SNT in the analysis select the Include in Analysis option How do add a beneficiary to the SNT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a SNT 1 Use the spin control 4 x gt beside SNT Number to navigate to the SNT entry you want to edit 201 Chapter 13 Creating estate scenarios 2 Make th
207. s useful for advisors who may only have a few minutes with clients want to demonstrate value or want to use a simple analysis to probe for additional planning opportunities in the future The Express mode is intended for clients in their foundation years typically ages 20 to 35 Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP ALERTS Express CREATE NEW CLIENT Select from below to tailor this case to fit your client s needs EXISTING CLIENTS Analysis Objectives Select All SLIDE PRESENTATIONS Retirement Accumulation Goals Disability OPEN SAMPLE CASE Education Goals Survivor Needs O Long Term Care Extended Analysis Options Assessments Select All Personal Risk Tolerance Financial Statements Create New Client category Create New Case screen Express selected Next button Express screen How do collect data for an Express analysis Go to the Forms menu and then select Printable Forms Fact Finders Express 21 Chapter 3 Managing client data Comprehensive screen The Comprehensive analysis mode provides a more in depth analysis of the modules included in an Express analysis and also provides estate analysis income tax analysis stock options and business analysis This expanded goal based analysis allows you to collect additional personal and business income data and further refine the clients goals Comprehensive mode is intended fo
208. screen On the Disability Insurance screen you can enter an unlimited number of personal and group disability insurance policies held by your clients Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES INSURANCE COVERAGE Life Insurance Disability Insurance LTC Insurance General Insurance OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v Disabil ity Insurance Active Case Sample 3 Detailed Cash Flow Sample Case Policy Record Number Insurance Policy Employer Policy Insured Client A y Type Group y Monthly Benefit 5 100 Benefitis Taxable Vv Annual Premium 0 Elimination Period Today y Benefit Period lt Choose gt COLA Insurance Coverage category Disability Insurance screen How do add a disability insurance policy 1 Click 4 from spin control 4 x gt beside Policy Record Number 2 Enter the details for the new disability insurance policy Note Some of the fields will be inaccessible until you enter data in the first four data entry fields How do change the details of a disability insurance policy 1 Use the spin control 4 x beside Policy Record Number to navigate to the policy you want to edit 2 Make the required changes 117 Chapter 9 Entering insurance coverage policies Long Term Care Insurance screen O
209. ship with your clients The information you enter on this screen will appear in the Notes report Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP CASE SETUP N otes Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Moses Personal Data heir wedding anniversary is on June 19 Dependents Risk Tolerance Pree Favorite activities are rock climbing and orienteering Notes Marilyn is active in San Diego State Alumni Association Tom went to Oregon State University INCOME amp EXPENSES Cole Industries is Tom s previous employer deferred comp AED Marilyn s inheritance will be from her aunt Betty Thomason who lives in Nevada INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES Client Data category Notes screen 64 Chapter 7 Entering income and expenses Chapter 7 Entering income and expenses In Express and Comprehensive analysis modes income and expenses are entered with the assumption that they begin now and end with retirement In Detailed Cash Flow analysis mode you can specify the duration annual increase and any changes for both incomes and expenses This chapter includes the following topics to help you enter your clients income and expenses Income screen Express mode ed Income Client A B screen Comprehensive mode _ 2222222222cccceeeececcecccceeeecceeeessesees Dire
210. ss asset determine what the business is worth Usually this is the value of assets plus goodwill QUICKACTIONS v Business Asset Entry Number 1 of 1 Description Espresso Bar Owner Disposition at Death Held in Living Trust Market Value 125 000 Current Liability ADD EDIT LIABILITY No liability entered Cost Basis capital invested E 75 000 Growth Rate o DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Business Assets Business Asset Entry screen How do add a business asset 1 Click 4 from the spin control KEZI beside Number 2 Enter a name for the business property and then press the Enter or Tab key The data entry fields below become accessible 3 Enter the remaining details for the new business asset How do I change the details of a business asset 1 Use the spin control 4 x gt beside Number to navigate to the business asset entry you want to edit 2 Make the required changes How do enter a new liability 1 Click the Add Edit Liability button 2 Click 4 from the spin control 4 x gt beside Number 102 Chapter 8 Entering assets and liabilities 3 Select a category for the new liability The Secured by list becomes accessible 4 Select the previously entered asset that will be used to secure the liability The data entry fields below become accessible 5 Enter the remaining details for the new liability and
211. state loans property loans personal loans and credit cards Profiles Professional calculates amortization and payment schedules and tracks loan balances and interest paid An asset can secure more than one liability for example a first and second mortgage ona home The Liabilities screen is available in two views Summary and Detail On the Liabilities Summary View screen you can see the clients total liabilities grouped by categories On the Liabilities Detail View screen you can see details of each loan Profiles Premium HOME FILE EDIT CASE SETUP CLIENT DATA INCOME amp EXPENSES ASSETS amp LIABILITIES Assets Stock Options Liabilities INSURANCE COVERAGE OBJECTIVES ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION PLANNING PREFERENCES INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v Lia bil ities Summa ry View Active Case Sample 3 Detailed Cash Flow Sample Case Show Detail View Category Total Liabilities Real Estate Loan 126 163 Property Loan 0 Personal Loan 0 Credit Card An appropriate asset must be created on the Assets screen in order for a Real Estate Loan or Property Loan to be created ADD LIABILITY Assets amp Liabilities category Liabilities Summary View screen How do view more details for all liabilities m Click Show Detail View Note To return to the Liabilities Summary View screen click Show Summary View How do add a liability
212. t file is deleted the deletion cannot be undone Furthermore this will delete the entire client file including all case files created for it 24 Chapter 3 Managing client data How do edit the client properties 1 Select the client you want to edit and then click Properties 2 Make the required changes and then click Save How do create a new client 1 Click New Client 2 Enter the new client s information and then click Save The new client appears on the Client List screen How do generate a progress report m Select the client you want to create a progress report for and then click Progress Report Note The selected client must have at least one case with a Final workflow status A case can be promoted to a final workflow status in the Client Presentation dialog box How do search for a client a Inthe Client Last Name field enter the last name of the client for whom you are searching Note Search results will automatically appear in the client list as you enter data 25 Chapter 3 Managing client data Case Details screen The Case Details screen is used to display and manage your existing clients cases You can access this screen by going to the Existing Clients category from the Home screen and then opening a client case Case Details Dixon Jim Cases NEW CASE DUPLICATE RENAME DELETE IMPORT EXPORT CASE REVIEW Case Name Access Last Updated Analysis Owner 10 4 2012 7 18 24 AM Prope
213. te You only need to enter data under Current Year Profiles Financial Planning Application uses the values you enter in the Liability Increase 96 field and the year you specify in the Projection Year field on the Business Assets screen to calculate the Projection Year column 223 Chapter 14 Entering business data Business Valuation screen The Business Valuation screen is used to enter business valuation data Note This screen is only available in cases with business assessments selected Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP B u si n ess Va u ati 10 n Active Case Sample 4 Business Sample Case CLIENT DATA INCOME amp EXPENSES Owner s Estimate of Value 1 100 000 ASSETS amp LIABILITIES Average Book Value of Business 3 5 Yrs 450 000 Business Assets Average Net Income From Business 3 5 Yrs 125 000 Business Liabilities Business Valuation Estimated Rate of Return on Investments 11 50 96 Employee Ben Plans Number Of Years Goodwill To Last 3 CLIENT PRESENTATION Salaries Required to Replace Owners 180 000 PLANNING PREFERENCES Estimated Long Term Inflation Rate 4 96 Long Term Average Annual Growth Rate For Your Business 14 Assets amp Liabilities category Business Valuation screen How do I enter business valuation data wm Enter the business valuation data in the applicable fields 224 Employee Benefit Plans screen Chapt
214. that will be used to secure the liability The data entry fields below become accessible 5 Enter the remaining details for the new liability and then click Close How do edit an existing linked liability 1 Click the Add Edit Liability button 2 Click 4 from the spin control 4 x gt beside Number 3 Make the required changes and then click Close How do delete a real estate property asset 1 Click y from the spin control lt 4 x gt beside Number 2 Click Delete this Asset 99 Chapter 8 Entering assets and liabilities Personal Property Entry screen The Personal Property Entry screen is used to enter the clients personal property assets such as collectibles furniture automobiles and recreational property Note Personal property assets are not used to calculate assets available at retirement or for survivor needs and are excluded from asset allocation classifications QUICKACTIONS w Personal Property Entry Number 1 of 1 Description Coin Collection Owner clienta y Disposition at Death lt Choose gt y Held in Living Trust oO Market Value 7 000 Current Liability ADD EDIT LIABILITY 12 750 Cost Basis purchase price 4 000 Growth Rate O DELETE THIS ACCOUNT Assets amp Liabilities category Assets Summary View screen Edit button for Personal Property Personal Property Entry screen How do add a personal property asset 1 Click 4 from the spin control 4
215. the FOB 3 To include the FOB in the analysis select the Include in Analysis option 4 Enter the remaining details for the FOB How do I add to the FOB 1 Click Add Beneficiary 194 Chapter 13 Creating estate scenarios 2 Enter the owner s details in the applicable fields Note Select Other from the Type list to make the name available on the Family owned Business screen 3 Click Close How do enter the business ownership interests gifted to a beneficiary 1 Click Gift Ownership Interest 2 Enter the details in the applicable fields and then click Close How do change the details of an FOB 1 Use the spin control 4 x gt beside FOB Number to navigate to the FOB entry you want to edit 2 Make the required changes How do delete an FOB 1 Use the spin control 4 x gt beside FOB Numberto navigate to the FOB you want to delete 2 Click from the spin control EEXXS 195 Chapter 13 Creating estate scenarios Gifting of Ownership Interests screen On the Gifting of Ownership Interests screen you can enter the business ownership interests gifted to a beneficiary Note This screen is only available if you have purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representative to purchase this module QUICK ACTIONS vw Gifting of Ownership Interests Ownership Optimize Donor Benef
216. then click Close How do edit an existing linked liability 1 Click the Add Edit Liability button 2 Use the spin control 4 x gt beside Number to navigate to the liability you want to edit 3 Make the required changes and then click Close How do delete a business asset 1 Click x beside Number and then select the number for the asset you want to delete 2 Click Delete this Asset 103 Chapter 8 Entering assets and liabilities Stock Options screen If your clients have stock options as part of their portfolio use the Stock Options screen to analyze the effects of those options on your clients financial plans Each grant option should be entered as a separate stock option The information for the underlying stock only needs to be entered once Since the vesting schedule for each grant is unique a vesting schedule must be entered for each grant The total shares entered should match the sum of the shares entered in the vesting schedule Note The underlying stock price must exceed the strike price in order for the options to be exercised Once your clients shares have reached their vesting date and have been exercised Profiles Financial Planning Application lets you specify whether the shares should be held or sold Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICK ACTIONS v CASE SETUP Active Case Sample 3 Detailed Cash Flow Sample Case Stock Options CLIENT DA
217. tion within the presentation The report appears in the new location To move multiple reports select the report title for each report you want to move in your presentation and then drag one of the selected reports to the new location The reports appear in the new location Note Dragging an unselected report only moves that report even if there are other reports selected How do apply a presentation template To quickly generate a group of related reports default presentation templates can be applied to the existing presentation The default presentations cannot be modified or deleted however custom presentations can be modified and deleted 1 Click the Template Library tab to display all templates available 2 Selectthe template you want to apply The reports added to the selected template appear under Client Presentation How do create a new presentation template 228 Chapter 15 Generating client presentations Ensure that all the reports you want to include in the template are listed under Client Presentation Click Save as Template In the Save Template dialog box enter aname for the new template and then click Save All the reports in the list are added to the new template and the new template appears under Template Library How do edit an existing presentation template i 2 3 4 Click the Template Library tab to display all templates available Click p beside the template you want to edit
218. tirement goal Note This screen only appears for cases using Comprehensive mode QUICKACTIONS w Reti rement N eed S Retire Later Reallocate amp Save More In addition to any percentage adjustments enter changes to the retirement need for this scenario Phase Age Monthly Need Additional Monthly Need Current Scenario Current Scenario Current Scenario Phase 1 65 13 410 13 410 1 500 1 500 66 Phase 2 75 76 13 410 13 410 0 0 0 0 Phase 3 85 13 410 13 410 Phase 4 0 0 0 Phase 5 0 0 0 Increase Need By 3 Scenario Results 55 of goal achieved 0 ending portfolio RECALCULATE UNDO CHANGES Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Retirement Need Retirement Needs screen Comprehensive mode How do I enter retirement needs Enter the retirement needs for the scenario in the applicable fields and then click Close How do recalculate scenario results Click Recalculate The Scenario Results graph updates 171 Chapter 12 Creating retirement scenarios Retirement Income screen On the Retirement Income screen you can modify any of the income entered in the case or add any additional income that may occur during the retirement period QUICKACTIONS v Retirement Income Retire Later Reallocate amp Save More Retirement Income Marilyn Include Social Security Benefits Age to Begin
219. to a lower level analysis mode Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP ALERTS Create new case O veces more help Click here Select Analysis Mode CREATE NEW CLIENT EXISTING CLIENTS Modules and Features Retirement OPEN SAMPLE CASE SLIDE PRESENTATIONS Express provides a goal based analysis for each objective It is designed to minimize time and input while still providing meaningful analysis to your clients Choose this mode for younger clients with simple financial situations or as a short introduction to identify needs for additional planning Comprehensive Expanded goal based analysis Like Express mode Comprehensive provides a goal based analysis for each objective In addition this mode allows you to collect more detailed client information as well as to refine your client s goals e g retirement or education Choose this mode for most clients it has been designed to incorporate goal flexibility and assumes clients are cognizant of their resources and goals Detailed Cash Flow Cash flow based analysis for key modules Detailed Cash Flow advances the retirement survivor long term care and estate objectives from a goal based approach to a cash flow based approach The current and future needs of a client are analyzed through the comparison of incomes and expenses on a yearly basis Choose this mode for clients who are near or at retirement or for more analytical cl
220. ts gifting and credit details in the applicable fields and then click Close How do enter cash gifts to qualified charities at death 1 Click Charitable Bequest Details 2 Enter the clients charitable bequest details in the applicable fields and then click Close 190 Chapter 13 Creating estate scenarios How do add information for an estate planning tool Click y next to the appropriate estate planning tool A data entry screen associated with the selected estate planning tool opens The various data entry screens allow you to enter detailed information applicable to each estate planning tool How do delete an estate scenario 1 Use the spin control EE 2 4 M beside Scenario Number and then select the scenario you want to delete 2 Click Delete Scenario Note For help with entering basic estate information Gifting amp Credit Charitable Bequests Wills etc see the Estate screen Basic on page 137 191 Chapter 13 Creating estate scenarios Wealth Replacement Trust screen On the Wealth Replacement Trust screen you can enter wealth replacement trusts WRTs You can also enter the charitable remainder annuity trust CRAT and irrevocable life insurance trust ILIT portions of the WRT Note This screen is only available if you purchased the Advanced Estate module The Advanced Estate module is an optional feature available for an additional charge Please contact your Zywave sales representati
221. u want to edit 3 Make the required changes and then click Close How do I recalculate scenario results a Click Recalculate The Scenario Results graph updates Distribution Strategies screen On the Distribution Strategies screen you can make changes to the selected distribution strategies for your clients retirement assets 179 Chapter 12 Creating retirement scenarios QUICKACTIONS w Distribution Strategies Retire Later and Spend Less Name Type Owner Market Value Strategy Bank of SD Checking Checking Joint 54 000 As Needed Bank of SD Savings Savings Joint 15 000 As Needed Atlas Retirement Plan 401 k Client A 82 000 As Needed Medical Center 403 b 403 b Client B Tom s Rollover IRA Roth IRA Client A 112 000 Specified Amount ABC Brokerage Investment Account Joint 41 000 As Needed Scenario Results 10096 of goal achieved 717 326 ending portfolio RECALCULATE Recommendations category Retirement Scenarios screen Edit button Retirement Scenario Details screen Edit button for Change Tax Deferred Contributions Distribution Strategies screen How do edit an existing distribution strategy 1 Select the Modify option beside the asset whose strategy you want to edit 2 Click 3 Make the required changes Note For more help on making these changes see Distribution Strategy Details on page 156 How do recalculate scenario
222. unt for retirement Under Available for Following Events select At Retirement for the applicable account How do I reserve an account for survivor needs Under Available for Following Events select When Client A B Dies for the applicable account How do assign an account to an education goal Under Reserve Asset for a Goal select a student from the Education list for the applicable account Note Reserving an account for a goal makes the account unavailable for retirement needs until the goal is 150 Chapter 11 Entering asset planning strategies achieved How do assign an account to an accumulation goal Under Reserve Asset for a Goal select a goal from the Accumulation list for the applicable account Note Reserving an account for a goal makes the account unavailable for retirement needs until the goal is achieved Note An exception is made for Distribution Strategy withdrawals which can be made prior to and during the education goal accumulation goal funding time frame 151 Chapter 11 Entering asset planning strategies Key Asset Designation screen On the Key Asset Designation screen you can designate one asset as the surplus income asset and one asset as the lump sum asset Since money can be invested in assets with varying rates of return in either the survivor needs analysis or the retirement analysis an appropriate asset should be designated to receive any surplus of income over need The surplu
223. uring life strategy 1 Click x from the spin control 4 x gt beside the asset you want to remove from the gifting during life strategy How do add another beneficiary to the gift 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a gift 1 Use the spin control 4 x gt beside Gift Number to navigate to the gift entry you want to edit 2 Make the required changes How do delete a gift 1 Click x from the spin control 4 x beside Gift Number 142 Chapter 10 Entering planning objectives Will screen The Will screen works as a checklist for your clients wills By selecting the options associated with each field you can summarize each will s provisions Note The selections made on this screen are included in the Wills report Wi Estate Plan Include in Analysis Will Details Gordon Brenda Does the client have a will Y Indicate if clients Will or RLT have provided for the following items Directives for the executor of the estate Guardianship directives for minor or special needs children Provisions to fund a CST at death Provisions to fund a QTIP at death Provisions to fund a QDOT at death Provisions dealing with generation skipping transfer taxes Indicate if the following documents are part of the clients estate p
224. ve to purchase this module QUICKACTIONS v Wealth Replacement Trust Estate Plan WRT Number 1 of 1 WRT Name Include in Analysis r CRAT and ILIT Details for the WRT Enter details for both a CRAT and an ILIT in order to properly complete data input for the WRT CUP aL Select Include in Analysis or enter a name for WRT to access CRAT and ILIT ILIT portion of the WRT ADD BENEFICIARY Recommendations category Estate screen Edit button Edit button for Wealth Replacement Trust Wealth Replacement Trust screen How do add a WRT 1 Click beside WRT Number 2 Enter a name for the WRT 3 Toinclude the WRT in the analysis select the Include in Analysis option How do enter the CRAT portion of the WRT 1 Click CRAT Details 2 Enter the details for the new CRAT and then click Close How do enter the ILIT portion of the WRT 1 Click ILIT Details 192 Chapter 13 Creating estate scenarios 2 Enter the details for the new ILIT and then click Close How do add a beneficiary to the WRT 1 Click Add Beneficiary 2 Enter the beneficiary s details in the applicable fields and then click Close How do change the details of a WRT 1 Use the spin control KEZI beside WRT Number and then select the WRT entry you want to edit 2 Make the required changes How do I delete a WRT 1 Use the spin control KEZI beside WRT Number and then select the WRT you want to delete 2 Click y
225. wal The principal increases and the withdrawal enters cash flow at the beginning of the year specified For lines of credit these withdrawals only apply during the term remaining when the Open ended no term option is cleared on the Liability Entry screen Note This screen is available only for a Personal Loan liability with the Equity Line of Credit type or for a Credit Card liability QUICKACTIONS v Additional Withdrawals Additional Withdrawals 0 inyear 0 inyear 0 inyear Assets amp Liabilities category Liabilities screen Edit or Add Liability button Liability Entry screen Additional Withdrawals button Additional Withdrawals screen How do I add an additional withdrawal a Under Additional Withdrawals enter the additional withdrawal amount and the year of the withdrawal 114 Chapter 9 Entering insurance coverage policies Chapter 9 Entering insurance coverage policies This chapter includes the following topics to help you enter your clients existing life disability long term care and general insurance policies Life Insurance screen nn 116 Disability Insurance screen ___ 2 22 22 ee ee cece cece sl s lI cece eee e cece cece cee eeseeeeeceeseeeeseeeees 117 Long Term Care Insurance screen ___ 2 22 2 2 eee eee cece cence eee e eee cece eee e cece cee eeeeeeceeeeeeeees 118 General Insurance screen a 119 115 Chapter 9 Entering insurance coverage policies Life
226. withing Profiles Professional Note Changes made here affect the entire application This button launches the Planning Preferences section with the default settings Changes here can be either saved for the active case or you can restore system preferences Launches the Help dialog box use this feature to search for additional information on any topic within Profiles Professional Launches the Release Overview document this document explains the most recent changes made to Profiles Professional Sends the current case file to Advicent Solutions LP Partner Support Note Before sending a case please contact Advicent Solutions LP Partner Support Email support advicentsolutions com Phone 888 692 3474 Displays all relevant legal information for third party providers related to Profiles Professional You can use keyboard shortcuts to access menus All menus and most menu commands contain one underlined letter Each letter acts as a shortcut when combined with the ALT key For example ALT F S opens the File menu and executes the Save Case action Keyboard shortcuts that include a plus sign are pressed simultaneously Those following a comma are pressed after the preceding key or keys In the previous example ALT and F are pressed simultaneously and are followed by pressing S How do use the toolbar 10 Chapter 2 Overview of Profiles Professional Commands that are used more frequently can be accessed
227. x beside the dependent you want to delete 61 Chapter 6 Entering client data Risk Tolerance Profile screen The Risk Tolerance Profile screen is used to access and complete the risk tolerance profile questionnaire Different investors have different risk tolerances However there is a definite relationship between risk and return Investors need to recognize this risk return trade off The risk tolerance questionnaire has been designed to measure an individual s willingness to accept uncertainties in their investments performance The total score recommends which of the five risk profiles is most appropriate for the investor Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES HELP QUICKACTIONS v CASE SETUP Ri S k Tol e ra n ce P rofi e Active Case Sample 2 Comprehensive Sample Case CLIENT DATA Personal Data Dependents Risk Tolerance Risk Tolerance Profile Notes Question 1 b Porrfoio 2 INCOME amp EXPENSES Question 2 Poos ASSETS amp LIABILITIES eno Balance moderate risk rerurns INSURANCE COVERAGE on b Wait at least a year before change y uestion 5 e Portfolio E OBJECTIVES Q c Portfolio C Question 6 Agres ASSET PLANNING RECOMMENDATIONS CLIENT PRESENTATION Risk tolerance profile Moderate Aggressive PLANNING PREFERENCES COMPLETE QUESTIONNAIRE Client Data category Risk Tolerance Profile screen How do view the risk tolerance profile question
228. xercise Schedule screen On the Vesting Exercise Schedule screen you can select the disposition strategy Note The underlying stock price must exceed the strike price in order for the options to be exercised Profiles Financial Planning Application has two disposition strategies available for stock options once they are exercised Hold and Sell For options with a Hold strategy Profiles Professional creates an asset to represent the underlying stock For options with a Sell strategy Profiles Professional sells the underlying stock and adds the proceeds to cash flow in the period sold Any surplus income over the need will be added to the asset designated to receive surplus income QUICKACTIONS v Vesting Exercise Schedule Date Shares Strategy 0 Hold y Assets amp Liabilities category Stock Options screen Schedule button Vesting Exercise Schedule screen How do I enter vesting exercise schedule data 1 In a blank data entry row enter the date corresponding to the vesting schedule for the stock options 2 Enter the number of shares that will be vested at each date 3 Select the disposition strategy upon exercise Hold or Sell How do delete a vesting exercise schedule 1 Click x beside the vesting exercise schedule you want to delete 107 Chapter 8 Entering assets and liabilities Liabilities screen On the Liabilities screen you can model many different kinds of liabilities including real e
229. y fields below become accessible 3 Enter the remaining details for the new education account How do classify a holding manually 1 Click next to the holding you want to classify Note An asset name or ticker symbol must be entered for to become accessible 2 Ensure the Manual Classification option is selected and then enter the appropriate percentages in the fields The total must equal 100 3 Once all the classification data is entered click OK How do classify a holding automatically 96 Chapter 8 Entering assets and liabilities 1 Click q next to the holding you want to classify Note An asset holding name or ticker symbol must be entered for to become accessible 2 Under Search By enter a ticker symbol or a holding name in the appropriate field Note Be sure to use a keyword for your search Performing a search using only one or two letters may cause a significant delay in generating the search results 3 Depending on the type of search you want to perform select either Begins with this phrase or Contains this phrase and then click Search Any matches appear under Search Results 4 Browse through the search results to find the holding you want If you can not find a specific holding you may need to refine your search criteria or manually classify the holding Once you have found a holding click beside the holding you want The information under Selected Security updates 5 Click OK
230. ysis the Tax Preferences screen is only available when the Tax Sensitive module is selected in the case on the Case Setup category Upgrade Client Case screen The Tax Preferences screen is used to specify assumptions that are used to calculate default values for the taxation of returns Profiles Premium HOME FILE EDIT INPUT OUTPUT FORMS TOOLS PREFERENCES CASE SETUP Tax P refe re n ces Active Case Sample 2 Comprehensive Sample Case Taxation of Return CLIENT DATA INCOME amp EXPENSES Individual Stock and Bond Securities E ASSETS amp LIABILITIES Realized Unrealized INSURANCE COVERAGE Ordinary Qualified Long term Long term Income Dividends Gains Gains OBJECTIVES 0 40 036 60 ASSET PLANNING om 5 0 RECOMMENDATIONS CLIENT PRESENTATION Managed Securities Mutual Funds and UTMA UGMAs PLANNING PREFERENCES General Preferences Realized Unrealized Ordinary Qualified Long term Long term Tax Preferences Income Dividends Gains Gains Needs Preferences Stock Portion 036 20 80 0 Insurance Preferences Qualified Plan Preferences Bond Portion o 0 0 Education Preferences SD SAVE TO MY DEFAULT PREFERENCES Estate Preferences Profiler Preferences RESTORE MY DEFAULT PREFERENCES Planning Preferences category Tax Preferences screen How do modify tax preferences m Enter the different rates of return to be used for tax calculations for the stock and bond holdings in an investment account or for

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