The following process allows the Advisor to generate a proposal for a client using goals-based planning. This process can only be done on the Platform side.
The process can be interrupted at any point and progress will be saved. Simply click the Investments Status line on the Opportunity row to resume.
Beginning a New Proposal
A Proposal must be attached to an Opportunity. If you do not yet have an Opportunity created for the proposal, see Creating a New Opportunity.
- Navigate to Grow Practice > Dashboard.
- Locate the Opportunity you want to create a Proposal for (Opportunities in the list are automatically sorted by newest first).
- Click + Proposal > Goals-Based Proposal under Investments Status for the Opportunity.
- The overall progress indicator for the proposal.
- The workflow of steps. Click any previous step to go back. To proceed forward, use the buttons in the bottom right.
- Badges that indicate the current entries in each section. Some rounding may occur in the displayed numbers. Click any badge to return to that entry.
1: Risk Tolerance
Select the approximate Risk Tolerance level for your client, Conservative, Moderate, Aggressive. The Risk profile selection will affect your plan’s probability and suggested models over the tenure of your plan.
2: Adding Goals
Based on your client’s needs, add one or more financial goals as appropriate. The following goal types are available:
- Retirement 1
- Future Purchase
1 Only one Retirement goal may be set per proposal. The life expectancy used for Retirement calculations are set under Run Business > Firm Profile > Proposal.
Once at least one goal has been added, use the Continue to Funding control to advance.
Three potential funding options are available for planning. Note that this is for planning only, no funds are being allocated during this process. You may use any combination of the following:
- Existing Assets 2: Select from any open, held accounts for your client on the platform. You will also be able to designate any planned annual contributions.
- Initial Cash Contribution: Specify a cash amount the client will use to fund the account.
- Held Away Assets: Specify assets the client has that are not currently listed on the platform that will be used to fund the account, including planned annual contributions. You may add as many of this type as appropriate.
2 For new Opportunities that do not have assets on the Platform already, this option will not be visible.
Once at least one funding source (with a value greater than $0) has been added, use the Review Plan control to advance.
4: Review Plan
Based on your inputs, one of the four following plan results are possible:
- Passing Plan: With the intended funding, the plan has a 85% chance or higher of achieving the intended Goals with the recommended investment Models.
- Passing Plan, Excess Funding: With the intended funding, the plan has a 99% chance of achieving the intended Goals with the recommended investment Models. A recommendation of reducing the funding or adding and increasing goals will be offered to maintain the success percentage and maximize the use of resources.
- Failing Plan, Optimized Plan Proposed: The success probability is below 85% but by adjusting the target of one or more goals, the plan can be successful. The system will propose an Optimized Plan. Only Goals with a Dream, Wish, or Want priority will have suggested changes. Additionaly, extra funding may be suggested.
- Failing Plan, Insufficient Funding: The success probability is below 85% and the Goals set at Need priority are too high to reach. Additional funding will be needed to reach the Goal.
Regardless of the recommendation and output, the following options will be available:
- Accept Proposal: Continue with the plan detailed below.
- Adjust Funding: Return to step 3 and make adjustments to the funding options.
- Adjust Goals: Return to step 2 and make adjustments to the goals.
- Select Optimized Plan: If the plan results are Failing Plan, Optimized Plan Proposed described above, this option will appear instead of Adjust Goals. It will change the plan to the suggested Optimized plan as described underneath.
Below the options, you will find data points and graphs detailing the goals and funding, probability, and details of the proposal. Further detail on any given section can be uncovered by interacting with the graphs and charts. The purpose and use of each graph is described in the interface.
Once you have an acceptable plan, use the Continue to Proposal control to proceed.
The following fields can be edited or added to the prepared proposal before it is generated for your client:
- Proposal Name: An internal identifier name that is not client-facing.
- Introductory Text: Optional. Adds a cover-letter style page with the text input here. If left blank no additional page will be added.
- Add Custom Disclosure Text: Optional. All items in the proposal will have a standard disclosure text already. If you wish to add additional disclosure text, do so here.
- Logo: Image that will appear in the upper-right of each proposal page. The logo will attempt to autofill from the following sources in order of priority:
- Subtenant logo based on Advisor Code
- Main Tenant logo
- Logo on Advisor Profile
- Logo Upload Required
- Hero Image: An image used across the cover page of the proposal. If an image has already been added to the Advisor Profile, it will appear here. Otherwise you can add one here and it will also be added to the Advisor Profile for future use.
After setting your options, you can preview a PDF of the proposal in the upper-right.
To continue, select how you would like to proceed:
- eSignature: Begin the Docusign process for the Proposal with the client. If no email address has be given for the client, you will be prompted to provide one.
- Physical Signature: Prepare a printable version of the document to be signed as a hardcopy.
- Create Account: Proceed directly to the Advisor-led Account Opening process. The Proposal docs will be included in the final paperwork envelope.