NAVIPLAN PREMIUM LEARNING GUIDE. Net Worth

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1 NAVIPLAN PREMIUM LEARNING GUIDE Net Worth

2 Contents Investment accounts 1 Learning objectives 1 NaviPlan planning stages 1 Capture lifestyle assets 3 Lifestyle Asset Details dialog box Details section 4 Property Taxes details 5 Return Rates details Return Rates details 6 Capture liabilities 7 Liability Details dialog box Details section 7 Calculation Options details 9 Other Options tab 10 Debt Modification tab 11 Liability Schedule report 12 Verify data using reports 13 Net Worth reports 13 Multi-Year Net Worth Summary report 14 Net Worth Summary: End of Year report 15 Asset Summary report 16 Examine the net worth and cash flow implications of selling a home 17 Enter sale information 17 Direct After Tax Proceeds To list 18 Account Details dialog box 19 Review the asset sale using Net Worth and Cash Flow reports 20 Model investment accounts with holdings 19 Accounts page 19 Account Details dialog box 20 Previously Incurred Investment Activity dialog box 21 Previous Roth Conversions dialog box 22 Classify holdings to establish a rate of return 23 Holdings 23 i

3 NaviPlan Premium Learning Guide: Investment accounts Asset Class Weightings list 24 Return Rates tab 24 Beneficiaries tab 25 Account Fee Setup tab 27 Model savings to investment accounts 28 Enter a savings strategy 28 Using keywords for start and end dates 29 Using keywords to maximize contributions 30 Model a fixed annuity 31 Annuities page 31 Annuity types 32 Annuity Details dialog box 33 Analyze clients investment accounts using reports 34 Reports 34 Account Summary report 35 Multi-Year Net Worth Summary report 36 Single Asset Summary report 36 NaviPlan Premium resources 38 Conclusion 39 ii

4 Investment accounts Investment accounts This module assumes that you have completed the Start planning learning guide and that you already know how to create a client file. This guide is based on a Level 2 Plan, but you can also enter investment accounts in Asset Allocation Assessments and in Level 1 Plans. This guide was created using the Average Tax method. This guide will show you how to capture your clients investment accounts and how to verify the data that was entered using reports. Learning objectives Upon successful completion of this module, you will be able to Capture lifestyle assets. Capture liabilities. Verify data using reports. Examine the net worth and cash flow implications of selling a home. Model investment accounts with holdings. Classify holdings to establish a rate of return. Model savings to investment accounts. Analyze your clients investment accounts using related reports. Note: Each learning objective is identified with a puzzle piece icon. NaviPlan planning stages The following diagram shows the planning stages you can follow in NaviPlan Select, from creating a client file to presenting results. The learning objectives in this module are part of the following stage: Enter financial data. Your new clients have existing investment accounts that they are transferring over to your management. Before you can begin to make any recommendations, you will need to model their existing investment accounts, including holdings. Here is an example of a report you can show clients once the data entry is complete. 1

5 NaviPlan Premium Learning Guide: Investment accounts Figure 1: Net Worth Detailed: End of Year report (Reports menu Net Worth Detailed Net Worth Detailed: End of Year) Note: This learning guide is based on using the Ibbotson Asset Allocation option, using actual Ibbotson return rates with NaviPlan calculations. 2

6 Capture lifestyle assets Capture lifestyle assets On the Enter Financial Data section Net Worth category Assets/Liabilities page, you can enter the clients lifestyle assets and income-producing real estate assets. Under Lifestyle Assets, enter assets such as residences, vehicles, and other personal property. Under Real Estate, only enter real estate assets that produce income. When using the Detailed Tax method and the Detailed Cash Flow module, you can also enter business entities. You can enter summary data on the Assets/Liabilities page or you can click the Details button to enter more detailed data, such as property taxes, sale information, and return rates. Figure 2: Enter Financial Data section Net Worth category Assets/Liabilities page Details button Lifestyle Asset Details dialog box The clients jointly own their home, which is currently worth $950,000. They paid $450,000 for it when they purchased it on July 5, In the next few pages, we will examine the following: A. Lifestyle Asset Details dialog box Details section B. Property Taxes details C. Return Rates details 3

7 NaviPlan Premium Learning Guide: Investment accounts Lifestyle Asset Details dialog box Details section Figure 3: Lifestyle Asset Details dialog box Details section (showing the Purchase Date field) To ensure that assets are reflected as of the plan date, use a purchase date prior to the current plan year. The default purchase date is December 31 of the previous year. Entering a current/future year purchase date will result in a current/future year cash outflow. 4

8 Capture lifestyle assets Property Taxes details Figure 4: Lifestyle Asset Details dialog box Property Taxes details Property tax details only appear in the Lifestyle Asset Details dialog box when Residence is selected as the asset type. Property taxes are included in cash outflows and are calculated as a separate expense. If the asset is linked to a liability, the Tax Deductible check box is selected by default. 5

9 NaviPlan Premium Learning Guide: Investment accounts Return Rates details Return Rates details Figure 5: Lifestyle Asset Details dialog box Return Rates details To use a growth rate for this asset other than the default return rate of 2%, select the Override check box, and then enter return rates. To show depreciation in value, enter negative growth rates using a minus sign before the value, e.g., vehicle. If you selected the Client(s) are already retired check box when you created the plan, the row of Pre-Retirement fields under Return Rates will be hidden. To go to the next or previous lifestyle asset in the list Click Next Entry or Previous Entry. 6

10 Capture liabilities Capture liabilities On the Assets/Liabilities page under Liabilities, you can enter both secured and nonsecured liabilities. For secured liabilities, such as mortgages, you can link the liability to an asset, such as a home. When the linked asset is sold, NaviPlan automatically uses the proceeds of the asset sale to pay off the liability. You can enter summary data on the Assets/Liabilities page. Clicking Details opens the Liability Details dialog box where you can enter liability details, such as payment, balance, and amortization. Figure 6: Enter Financial Data section Net Worth category Assets/Liabilities page Details button Liability Details dialog box The clients mortgage payments are $2700/month; remaining amortization is 15 years. In the next few pages, we will examine the following: A. Liability Details dialog box Details section B. Calculation Options details C. Other Options tab D. Debt Modification tab E. Liability Schedule report 7

11 NaviPlan Premium Learning Guide: Investment accounts Liability Details dialog box Details section Figure 7: Liability Details dialog box Details section (showing the Link to Asset list) Under Details, you can enter the loan details, such as payment type, interest rate, and payment frequency. To have NaviPlan automatically pay off the loan when the asset is sold, link the liability to an asset by selecting the asset under Link to Asset. An asset can be linked to more than one liability, but a liability can only be linked to one asset. When using the Detailed Tax method, you can link a liability to a life insurance policy to model a life insurance policy loan. 8

12 Capture liabilities Calculation Options details Figure 8: Liability Details dialog box Calculation Options details Under Calculation Options, you can solve unknown liability variables, such as payment, balance, or amortization. From the Field to Calculate list, you can select the field you want to calculate. For example, you can use it when clients know their monthly payment amount and the original loan value but do not know the amortization period. The Balance and the Payment amounts will appear in the Cash Flow and Net Worth reports. To determine the missing variable 1. From the Field to Calculate list, select the variable you want to solve. 2. Enter the other information. The missing variable field(s) update automatically. For example, to determine the amortization period, from the Field to Calculate list, select Amortization, and then enter the loan balance and payment amounts. The fields under Remaining Amortization will update automatically. 9

13 NaviPlan Premium Learning Guide: Investment accounts Other Options tab Figure 9: Liability Details dialog box Other Options tab When modeling a future liability (a liability with a loan date after January 1 of the plan year), you can use the Renegotiate list to model refinancing or consolidation of existing loans. o o Bring into cash flow The liability principal is added to cash flow to offset the purchase of an asset. The proceeds appear in the cash flow reports for the year in which the liability is established. Refinanced The liability principal does not enter into cash flow. Use this option when the loan does not offset the purchase of an asset, for example, a loan for wedding expenses. Under Early Payoff, you can enter penalties applied for early repayment of loans. Note: The Other Options tab is not available in Level 1 Plans. 10

14 Capture liabilities Debt Modification tab Figure 10: Liability Details dialog box Debt Modification tab On this tab, you can create debt modification strategies that allow you to increase or pay down principal on a liability in addition to regular payments modeled under Details in the Liability Details dialog box. Some examples of debt modification strategies you can enter include o o Decreasing debt when clients receive a bonus, inheritance, or income tax refund. Increasing debt when clients decide to make a major purchase after receiving a credit limit increase on a credit card or line of credit. Note: The Debt Modification tab is not available in Level 1 Plans. 11

15 NaviPlan Premium Learning Guide: Investment accounts Liability Schedule report Clicking the Report button next to a liability on the Assets/Liabilities page generates the Liability Schedule report. Figure 11: Liability Schedule report (Enter Financial Data section Net Worth category Assets/Liabilities page Report button beside applicable liability) 12

16 Verify data using reports Verify data using reports Once your clients assets and liabilities have been entered, you can verify the data and analyze your clients net worth position using related reports. Net Worth reports There are many NaviPlan reports related to net worth. Figure 12: Reports menu Net Worth Summary (showing list of available reports) In the next few pages, we will examine the following reports: A. Multi-Year Net Worth Summary report B. Net Worth Summary: End of Year report 13

17 NaviPlan Premium Learning Guide: Investment accounts Multi-Year Net Worth Summary report Figure 13: Multi-Year Net Worth Summary report (Reports menu Net Worth Summary Multi-Year Net Worth Summary) This report displays the clients projected end-of-year net worth values for assets and liabilities over time. To reconcile net worth inaccuracies, this report can help you to identify whether the inaccuracy occurs in all years and, if not, help you to identify the year or years which may be affected. Look for asset or liability values that are smaller or larger than anticipated. 14

18 Verify data using reports Net Worth Summary: End of Year report Figure 14: Net Worth Summary: End of Year report (Reports menu Net Worth Summary Net Worth Summary: End of Year) This report will give you the big picture of the clients net worth for a year. You can change the report year if you wish, before generating the report. You can get more detailed information about specific transactions occurring on the asset or liability, such as buys or interest payments, by generating the Single Asset Summary or the Liability Schedule report. This report shows you that the clients total net worth at the end of 2012 is $2,325,739. Their lifestyle assets are valued at $1,157,700 and their liabilities total $300,

19 NaviPlan Premium Learning Guide: Investment accounts Asset Summary report Figure 15: Asset Summary report (Reports menu Net Worth Assets Single Asset Summary) This report isolates the annual transactions occurring for an asset, such as buys, transfers, and sells, that you select before generating the report. To obtain a monthly breakdown of transactions for an asset, you can generate the Single Asset Details report. 16

20 Examine the net worth and cash flow implications of selling a home Examine the net worth and cash flow implications of selling a home Your clients are planning to sell their home and want to know how this sale will affect their net worth and cash flow. You will need the following information: The probable sale date. Whether the liability is going to be paid off. What will happen to the remaining proceeds. Sale details for a lifestyle asset are entered in the Lifestyle Asset Details dialog box under Sale Information. Enter sale information Figure 16: Enter Financial Data section Net Worth category Assets/Liabilities page Details button Lifestyle Asset Details dialog box (showing Sale Information section) In the next few pages, we will examine the following: A. Direct After Tax Proceeds To list B. Account Details dialog box 17

21 NaviPlan Premium Learning Guide: Investment accounts Direct After Tax Proceeds To list Figure 17: Lifestyle Asset Details dialog box Sale Information details (showing Direct After Tax Proceeds To list) From the Direct After Tax Proceeds To list, you can direct the proceeds of the sale of the lifestyle asset to an investment account. The proceeds of the sale can be directed to o o o The clients cash flow. An existing non-qualified asset. A new system-generated non-qualified asset (titled Proceeds of <name of lifestyle asset>). If proceeds are directed to an existing non-qualified account or a new nonqualified account, clicking the Account Details button opens the Account Details dialog box where you can modify or review the account details. When using the Detailed Tax method, you can edit the exclusion amount for the asset. The clients plan to sell their house in They would like the proceeds directed to a new non-qualified account. 18

22 Examine the net worth and cash flow implications of selling a home Account Details dialog box Figure 18: Account Details dialog box (showing newly created asset from sale of house) If the proceeds of the asset sale are directed to a new non-qualified account, the Account Details dialog box opens automatically where you can enter the account details. Clicking the Account Details button in the Lifestyle Asset Details dialog box after an account has been selected also opens the Account Details dialog box. Modify the new or existing account details as required. All non-qualified accounts are allocated to the estate by default, and a new non-qualified account set up for the proceeds of the asset sale is no different. To allocate the asset sale funds to a goal, you must select a goal from the Goal Funding list (or specify where the funds will go on the Goal Funding page). Note: The long-term capital gains tax rate that applies when an asset is sold varies based on the type of lifestyle asset. The growth on a Residence lifestyle asset type is taxed with certain exclusions when it is sold. The growth on 2nd Residence, Personal use property, Vehicle, and Other personal assets is fully taxed after such assets are sold. Since your clients plan to use the proceeds from the sale of their house to help fund their retirement, their planner selects Retirement from the Goal Funding list. 19

23 NaviPlan Premium Learning Guide: Investment accounts Review the asset sale using Net Worth and Cash Flow reports There are numerous NaviPlan reports that you can review to see how the sale of an asset may affect the clients net worth and cash flow. We will just take a look at a couple of examples. The Asset Activity report shows the gross sale amount and the after-tax buy into the new account. Figure 19: Asset Activity report (Reports menu Net Worth Assets Asset Activity) The Cash Flow Details report illustrates how the sale affects the clients cash flow. Figure 20: Cash Flow Details report (Reports menu Cash Flow Details Cash Flow Details) If the clients sell their house in the year 2017 for the predicted amount, they would have a lump sum of approximately $800,000 to invest into their retirement goal and/or to buy an apartment condominium. 20

24 Model investment accounts with holdings Model investment accounts with holdings For streamlined data entry, you can enter summary account data on the Accounts page. Clicking the Details button opens the Account Details dialog box where you can enter more detailed account information, such as holdings, savings strategies, and return rates. Accounts page Figure 21: Enter Financial Data section Net Worth category Accounts page (showing the Account Details dialog box) In the next few pages, we will examine the following: A. Account Details dialog box B. Previously Incurred Investment Activity dialog box C. Previous Roth Conversions dialog box 19

25 NaviPlan Premium Learning Guide: Investment accounts Account Details dialog box Figure 22: Enter Financial Data section Net Worth category Accounts page Details button Account Details dialog box From the Account Type list, you can select from various types of accounts with differing tax treatments, for example, Non-Qualified, IRA, and 401(k). From the Goal Funding list, you can select which goal the account will fund. o o If a single goal is selected, 100% of the account will fund that goal. If you select Multiple Goals, the Goal Funding dialog box opens where you can allocate the account to multiple goals. By default, non-qualified accounts are allocated to the estate. By default, 100% of qualified accounts fund retirement, but they can also fund education or major purchase goals. On the Holdings tab, you can model multiple holdings within an account, and each holding can have different asset class weightings. If you have the Ibbotson Asset Allocation option and you know the symbol for the asset, you can have NaviPlan classify the asset class weightings for the holding automatically by entering the symbol in the Symbol field, and then clicking Classify. In the Hold %/$ field, you can enter the percentage or dollar amount of the asset that should be held for asset reallocation purposes. 20

26 Model investment accounts with holdings Previously Incurred Investment Activity dialog box Figure 23: Enter Financial Data section Net Worth category Accounts page Previously Incurred Investment Activity button Previously Incurred Investment Activity dialog box Clicking the Previously Incurred Investment Activity button on the Accounts page opens the Previously Incurred Investment Activity dialog box where you can capture a partial year s growth for non-qualified accounts that have a valuation date other than January 1. NaviPlan calculates the accrued investment income of all non-qualified accounts using each account s rate of return to estimate the investment income earned from the start of the year to the month before the valuation date. These amounts are used to calculate start-of-year market values for tax purposes. If the amounts displayed in the Previously Incurred Investment Activity dialog box do not accurately reflect the investment income earned before the valuation dates because of changes in return rates, select the Override check box, and then enter updated amounts. For more information about how NaviPlan calculates accrued income, see the functional document Accrued investment income or the Help video clip Previously Incurred Investment Activity. There are $0 values in our example because the valuation date on the previous page is January 1,

27 NaviPlan Premium Learning Guide: Investment accounts Previous Roth Conversions dialog box Figure 24: Enter Financial Data section Net Worth category Accounts page Previous Roth Conversions button Previous Roth Conversions dialog box If the Roth conversion occurred before the plan date, you can enter the 2010 taxable conversion amount in this dialog box to have NaviPlan split the taxable amount between 2011 (50%) and 2012 (50%). When using the Detailed Tax method, the Pay Taxes From list includes an option to pay taxes for the conversion from Cash Flow, with deficit coverage. Roth conversions that occur after the plan date are modeled on the Results section Analyze Goals category Scenarios page Edit Recommended Plan button Scenario Manager dialog box Retirement link Transfers tab. 22

28 Classify holdings to establish a rate of return Classify holdings to establish a rate of return In NaviPlan, you can model multiple holdings within an account, with each holding having different asset class weightings information. If you are using NaviPlan with the Ibbotson Asset Allocation option, asset classes are already set up for you and cannot be edited. This guides uses the Ibbotson Asset Allocation option. Holdings Each holding within an account can be unique. Holdings are defined on the Account Details dialog box Holdings tab. Using the Asset Class Weightings list, you can assign asset class weightings to the holding. If necessary, the combined return rates for all the holdings within the account can be overridden on the Return Rates tab. Figure 25: Enter Financial Data section Net Worth category Accounts page Details button Account Details dialog box Holdings tab In the next few pages, we will examine the following: A. Asset Class Weightings list B. Return Rates tab C. Beneficiaries tab D. Account Fee Setup tab 23

29 NaviPlan Premium Learning Guide: Investment accounts Asset Class Weightings list Figure 26: Account Details dialog box Holdings tab (showing options in the Asset Class Weightings list) Using the Asset Class Weightings list, you can assign asset class weightings to the holding in three ways: o o o Select an asset class to allocate 100% of the holding to one asset class. Select Search to automatically classify an asset using the Ibbotson database. You can search by description, symbol, type, or asset class (this feature is only available if you have purchased the Ibbotson Asset Allocation option). Select Manual Classification to manually adjust weightings. If the Asset Allocation module is included in the plan, NaviPlan reallocates assets for you automatically. You can hold a percentage or dollar amount of the holding outside of asset reallocation by entering a percentage or dollar value in the Hold %/$ field. The combined value of holdings equals the market value of the account. To search for an asset in the Ibbotson database 1. From the Asset Class Weightings list, select Search. The Asset Class Weightings Details dialog box opens. 2. Under Search, enter the search criteria, and then click Search. For wildcard searches, insert an asterisk (*). For example, to search for assets that start with br, enter br* in the Ticker Symbol field. 3. Under Results, select the appropriate asset, and then click OK. The Asset Class Weightings Details dialog box closes. 24

30 Classify holdings to establish a rate of return Return Rates tab Figure 27: Account Details dialog box Return Rates tab Return rates are based on a weighted average of all holdings in the account. NaviPlan calculates taxes on return rates as follows: o Interest The earnings on investments other than dividends or capital gains such as deposit accounts, GICs, and bonds. o Dividends Taxed annually as per TIPRA o o Capital Gains Mutual funds are taxed annually as long-term gains. All other assets are taxed annually as short-term gains. Deferred Growth (If held less than 13 months, taxed as short-term gains. If held more than 13 months, taxed as long-term gains). If you selected the Client(s) are already retired check box when you created the plan, the column of Pre-Retirement ROR fields will be hidden. The calculated rates can be overridden and manually changed, if necessary. To override calculated return rates 1. Select the Override check box. 2. Revise the return rates and standard deviations. 3. Click OK. 25

31 NaviPlan Premium Learning Guide: Investment accounts Beneficiaries tab Figure 28: Account Details dialog box Beneficiaries tab Key point You can assign primary and contingent beneficiaries for the account in the event of the account owner s death. 26

32 Classify holdings to establish a rate of return Account Fee Setup tab Figure 29: Account Details dialog box Account Fee Setup tab Key point The default annual account fee for all new plans is set on the User Preferences Plan Settings dialog box General tab. You can override this default account fee for individual accounts on the Account Fee Setup tab. 27

33 NaviPlan Premium Learning Guide: Investment accounts Model savings to investment accounts In NaviPlan, you can enter multiple savings strategies to reflect changes to savings amounts over time. Enter a savings strategy Savings strategies can be modeled on the Account Details dialog box Savings Strategy tab or, in Level 2 Plans only, on the Enter Financial Data section Strategies category Savings page. To add a new savings strategy, click the Add Savings Strategy button. Additional data-entry fields appear. The Pre-tax, Post-tax, and Employer fields only appear for qualified accounts. You can use event keywords, such as retirement or death, to define when the savings strategy starts and ends. The keyword max can be used to maximize contributions. Figure 30: Enter Financial Data section Net Worth category Accounts page Details button Account Details dialog box Savings Strategy tab (showing details for a qualified account) In the next few pages, we will examine the following: A. Using keywords for start and end dates B. Using keywords to maximize contributions 28

34 Model savings to investment accounts Using keywords for start and end dates Figure 31: Account Details dialog box Savings Strategy tab (for a non-qualified account) In date fields, clicking the Event Calendar shows possible events and event types that can be used to define the date. For some event types, offset fields may be available to add or subtract years. You can use the Event Calendar or enter actual dates or event keywords, such as retirement or death, in date fields. One benefit of using event keywords is that if the event date changes, the strategy is updated. You can enter the keyword now to use the current date. You may want the strategy to end a number of years before or after the event. You can indicate this by adding or subtracting a number of years, for example, retirement +5 or death -1. The default End Date for savings strategies is the event of Retirement. If you selected the Client(s) are already retired check box when you created the plan and are entering savings strategies for your clients, be sure to adjust the default End Date accordingly. For example, if you currently save $500 monthly towards Jim s 403(b) account, you could enter the keyword now in the Start Date field and the keyword retirement in the End Date field to indicate that his savings begin today and end at retirement. 29

35 NaviPlan Premium Learning Guide: Investment accounts Using keywords to maximize contributions Figure 32: Account Details dialog box Savings Strategy tab (for a qualified account) To maximize contributions to a qualified account, enter the keyword max in the Pre-tax field under Amount ($ or % of Salary). o o If the client owns multiple qualified accounts of the same type, for example 403(b)s, NaviPlan prorates the contribution amounts automatically and recognizes catch-up provisions. NaviPlan does not prorate contributions between different qualified account types. For example, if contributions to both a 403(b) account and a 401(k) account are maximized, overcontributions may occur. NaviPlan s Planning Assistant provides a report that will help you to keep track of contributions. To review client contributions 1. Click the Planning Assistant button. The Planning Assistant dialog box opens. 2. Click the Reports tab. 3. From the Select a report list, select Qualified Contribution Limits. The report generates and appears within the dialog box. 30

36 Model a fixed annuity Model a fixed annuity This learning objective outlines the various types of annuities that can be entered in NaviPlan, but it will focus mainly on entering a fixed annuity (an annuity with fixed interest rates). Annuities page Basic annuity information can be entered on the Annuities page. Clicking the Add Deferred Annuity button allows you to select between a fixed or a variable annuity. Clicking the Details button opens the Annuity Details dialog box where you can further define the annuity details. Figure 33: Enter Financial Data section Net Worth category Annuities page In the next few pages, we will examine the following: A. Annuity types B. Annuity Details dialog box 31

37 NaviPlan Premium Learning Guide: Investment accounts Annuity types Figure 34: Enter Financial Data section Net Worth category Annuities page On the Annuities page, you can enter fixed, variable, and annuitized annuities. The annuity types are defined as follows: Fixed Annuities with fixed interest rates; these annuities have one general account only. Variable Annuities with return rates that vary depending on how the annuity funds (holdings) are invested. These annuities have a general account and subaccounts; payments from the general account and from the subaccounts may vary from year to year. Annuitized Annuities that have matured and are distributing payments to the clients. To enter a fixed annuity 1. On the Annuities page, click beside Add Deferred Annuity, and then select Fixed Annuity from the list. The Annuity Details dialog box opens. 2. Enter all the applicable annuity information. 3. On the Payout Options tab, define how the annuity will be paid out. 4. Go to the Savings Strategy tab, click Add Savings Strategy, and then define any savings strategies for this annuity. 5. Click OK. 32

38 Model a fixed annuity Annuity Details dialog box Figure 35: Enter Financial Data section Net Worth category Annuities page Details button Annuity Details dialog box The fields in the Annuity Details dialog box vary depending on the type of annuity. From the Income Option list, the following methods for receiving annuity payments are available: o o o o o Amount Certain Years are calculated based on the payment amount specified. Term Certain Pays a given dollar amount per $1,000 of the annuity s market value until the specified term has ended. Life Income Pays a given dollar amount per $1,000 until death (the annuity becomes a permanent income stream). Payouts over the life of the annuitant are calculated based on the annuitant s life expectancy. Withdrawals as Needed This annuity is used like an account. When deficits occur, NaviPlan withdraws money from this annuity. Guaranteed Withdrawal Benefit Withdrawals begin as of the withdrawal start date (provided the oldest client has reached the minimum age for guarantee). Clicking the Convert to Variable button permanently converts the fixed annuity into a variable annuity. 33

39 NaviPlan Premium Learning Guide: Investment accounts Analyze clients investment accounts using reports There are numerous NaviPlan reports that you can review to analyze your clients investment accounts. This learning objective takes a look at a few of those reports. Reports There are many NaviPlan reports related to investment accounts. Figure 36: Reports menu Net Worth Accounts In the next few pages, we will examine the following reports: A. Account Summary report B. Multi-Year Net Worth Summary report C. Single Asset Summary report 34

40 Analyze clients investment accounts using reports Account Summary report Figure 37: Account Summary report (Reports menu Net Worth Accounts Accounts Summary) This report illustrates the clients progress and the growth of their net worth. It is useful for tracking the progress of new clients over time and should be reviewed annually. Use this report to highlight your clients net worth at any time. 35

41 NaviPlan Premium Learning Guide: Investment accounts Multi-Year Net Worth Summary report Figure 38: Multi-Year Net Worth Summary report (Reports menu Net Worth Summary Multi-Year Net Worth Summary) This report displays the clients projected end-of-year net worth values based on asset type. It gives you a big picture of your clients net worth over time. Note that the asterisk (*) highlights the year of retirement, for clients who are not yet retired. Use this report to look for any net worth oddities that occur in the plan, such as a spike in income in a particular year. 36

42 Analyze clients investment accounts using reports Single Asset Summary report Figure 39: Asset Summary report (Reports menu Net Worth Assets Single Asset Summary) This report breaks down the annual transactions for an asset. Use the Buys, Total Reinvested, and Deferred Growth columns to verify savings strategies and return rates. For a monthly breakdown of transactions, generate the Single Asset Details report (Reports menu Net Worth Assets Single Asset Details). 37

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