Once you have created the Prospective Client, click on the Planning Tab. Here you can start with the Quick Calcs to get the client familiar with financial concepts.

After that, you can work with your client to upload their bank statements in order to do an Expense Analysis. This will get them familiar with what types of expenditure they have and what they are actually spending on Living, Leisure, and Luxury.

Once this is done, your client will be ready for their Plan. Using the Lifetime Cashflow Analysis Plan (LCAP) you can work with your client to enter all their Employment(s), Income, Expenses, Savings, Property, Investments, Pensions, and Insurances to see their cash flow over their timeline.

Quick Calcs

Once you have created the Prospective Client, click on the Planning Tab. There you can start with the Quick Calcs to get the client familiar with concepts such as compound interest and the difference between once-off investments and monthly contributions.

Expense Analysis

You can create a PersonalFinance account for the client for each of their bank accounts. They then can export their bank statement in OFX format for upload into DataView Wealth. Once this is done, they can start categorizing their expenses into predefined Finance Categories and start to see their expenditure graphically over time. They can set goals on spending which can be tracked.

Lifetime Cashflow Analysis Plan

Beneficiaries

The client can now be introduced to the Lifetime Cashflow Analysis Plan (LCAP). They will start by entering a name for their plan, and add any additional beneficiaries, like a spouse or a child.

Events

Then they need to start adding some lifetime events, like children, schools, and retirement.

Plan Items

After this, they can start adding Employment(s), Income, Expenses, Savings, Property, Investments, Pensions, and Insurances

The Plan

Once the plan has been populated, the system can calculate the cashflow requirements for the timeline. The system will work out the tax implications and uses the settings of the plan to project into the future.

The black link represents the clients expense line. Items in blue depict a period where expenses are covered by income(s). Orange blocks depict periods where liquid assets (Savings accounts, Share portfolios etc.) have to be used to meet the Expense line. Red block depict periods where expenses cannot be met, as all liquid assets are exhausted, so perhaps they would need to sell their home and downsize.

Switching to the Liquid Asset View shows that the Liquid Assets are exhausted at age 93.

But the client still has his primary residence, so he could downsize to fund it.

You can use the WhatIf button to create a scenario or goal. This will keep all the base plan’s details, and add your new Asset or Income to see what the outcome would be. For example, if we reduce the GOLF expense from 25,000 to 15,000we see that there is no longer a deficit in the plan: