Adding life events to a financial plan
Life events are milestones in a client's financial timeline - retirement, paying off a mortgage, a property purchase, or other significant changes. Prospo generates them automatically from the client's Fact-Find goals and personal details.
Please note that Financial modelling is an experimental feature. To enable this, Go to user settings(Top bar -> user icon), scroll to the bottom of the page and enable experimental features.
Viewing life events
- Open the client's profile and go to Financial Modelling.
- In the right panel, select the Life Events tab.
Events are displayed as a chronological timeline. Each event shows the year it occurs and a label describing the milestone.
How life events are generated
Prospo creates life events automatically when a projection is calculated:
From Fact-Find goals
Each goal the client has set becomes a life event at its target start year. The event type is determined by the goal's category - for example, a property goal creates a housing event, an investment goal creates an investment event.
Retirement event
A retirement event is generated from the retirement goal's start year in the Fact-Find. If no retirement goal is set, Prospo calculates it from the client's date of birth using a default retirement age of 65. At retirement, salary and super contributions stop, and super drawdown begins.
Debt-free milestone
If the client has a home loan, Prospo calculates when it will be fully repaid based on the loan balance, interest rate, and term, and generates a debt-free life event at that year.
Event types
- Retirement - salary stops, super drawdown begins
- Property / Housing - property purchase or related milestone
- Family - family expansion or related goal
- Investment - investment-related goal or milestone
- Debt-free - home loan fully repaid
Keeping life events accurate
Life events reflect the goals and personal details in the client's Fact-Find. To update them:
- Open the client's Fact-Find and update the relevant goal (target year, category) or personal details (date of birth, retirement goal).
- Return to Financial Modelling and click Recalculate.
The Life Events timeline will update to reflect your changes.