Insights Dashboard Introduction and Tutorial

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Advisers and clients know and love
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Income Lab's focus on income in
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retirement. How much can I spend? What
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would change that? And what would those
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changes look like? But sometimes you
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want to focus on other things in a plan.
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That could be because retirement is
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still many years away or because your
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conversation is focused on something
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else in the client's financial life.
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That's where the insights dashboard
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comes in. This dashboard shows vital
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statistics for the client's plan,
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including cash flow stats like income,
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savings rate, debt to income ratio, and
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effective tax rate. Because this is
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linked to a full income lab plan, you
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can also click through the years
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using the timeline to see how these
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stats change.
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You'll notice that once we hit the first
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full year of retirement,
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we'll see the withdrawal rate instead of
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the savings rate. The insights dashboard
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also gives you a view into common
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planning topics such as projected
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balance at retirement, projected
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retirement paycheck, and the emergency
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fund, which is simply cash and banking
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accounts divided by monthly fledged
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spending. Here you can also track and
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edit progress on insurance and estate
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planning.
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In the net worth section, we don't just
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track amounts in dollar terms. We give
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your clients a way to understand their
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situation and how it might change.
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For example, here we can switch from
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viewing assets and debt in dollar terms
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to percentages to see which categories
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are most important for this household.
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Here investments are the bulk of the
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assets but business and real estate
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assets are also major factors.
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And here student loans are the largest
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part of debt followed by mortgages.
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And you can also view assets and debt in
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relationship to spending and income
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using the ratio view. For example, this
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family has a third of a year's spending
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in cash, but their current investment
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balance already covers 22 years of their
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current spending.
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On the debt side, they would need to
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spend 70% of their current income to pay
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off their student loans entirely, and
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paying off their mortgage would take 40%
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of their income.
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This ratio view is useful not because
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this family actually will pay off their
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student loans this year. It probably
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won't, but it gives them a way to
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understand how big their assets and debt
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are compared to their income and
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spending and therefore to understand if
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anything is out of balance.
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Below you can create, calculate, and
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track specific savings goals tied to
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accounts in the plan.
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The goals give you a quick way to
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calculate savings needs or any other
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unknown for that goal.
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as well as note how much the client is
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actually saving toward that goal.
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Finally,
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the insights dashboard gives you a place
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to record notes and observations and
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to-dos for this household.
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This is a place where you can customize
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next steps or note down important
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factors not otherwise documented in the
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plan. This could be a family mission
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statement, values, or just some notes on
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what's happened lately, what's coming
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up, and what's important.
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And all of this can be exported to a
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simple plan PDF, usually just one or two
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pages to distill some of the important
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information you and the clients are
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focused on. The insights dashboard makes
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planning with income lab for younger
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people in pre-retirement seamless and
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expands the scope of your conversation
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with retirees as well. Let us know what
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you think.

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Welcome. This video will walk you
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through the insights dashboard. To get
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to the insights dashboard, find a
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household.
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Then from the dashboard view, click the
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insights tab next to the income.
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The insights dashboard is a great tool
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to show the clients different metrics on
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how their plan is doing in
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pre-retirement
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as well as in the journey to retirement
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and while they're in retirement. It's
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really a great way to get a temperature
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gauge on are they on track and are we
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seeing the right metrics to get them to
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hit their future retirement goals.
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First, at the top, you'll see you have a
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great timeline here. So, similar to
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LifeHub, we can go yearbyear and see how
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the numbers change as we live out our
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life in pre-retirement, maybe hit some
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different spending goals or savings
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goals
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and get into retirement. Now, let's
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break down the different data that you
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can highlight and have great
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conversations with with the insights
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dashboard.
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First, on the cash flow section, you'll
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see income, which is going to show you
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how much income the clients are bringing
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in that specific year. So, again, we can
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see with the timeline how that income
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changes from pre-retirement, and then
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once we are retired, that income will
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reference their retirement paycheck in
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retirement.
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Next is the savings rate. that shows you
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the total amount saved into their
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investment accounts as a percentage of
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gross non-portfolio income that year.
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This is a great gauge to have a
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discussion on are the client saving
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enough to help them hit their future
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retirement goal. As you go through the
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timeline here, you will see the savings
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rate change from a savings rate to a
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withdrawal rate once the clients are in
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retirement. The withdrawal rate will
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give you a great way to highlight the
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total gross of tax income being
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withdrawn from the portfolio in relation
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to the total portfolio balance. Next is
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the debt to income ratio. This will show
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you the total percentage of income in
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that year that is dedicated to payments
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on their debt. So things like their
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mortgage, student loans, vehicle loans,
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etc. From there you have the tax rate
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which shows you the total percentage of
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income in that year dedicated to paying
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off their overall tax bill. Below is the
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net worth section where you can quickly
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review the overall asset allocation in
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the portfolio. You'll be able then to
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see total assets in the plan and that
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broken down by how much of that is in
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cash, real estate, investments or a
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business. The debt section will show the
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total debt in the plan and break that
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down from what's in mortgages, vehicle
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loans, student loans, and any other
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types of debt. We've included a few
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toggles here. So whether you prefer to
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see these in dollar terms or if you'd
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like to see them in percentage terms as
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a percent of the total balance here for
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assets or for their debt
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or as a ratio which for the asset
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section. The ratio here shows how many
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times over the selected year's assets
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could cover that year's baseline
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expenses. For the debt ratio, this is
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highlighting how many years of income
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would be needed to pay off current debt
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balances.
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The planning section is where you can
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really highlight future planning goals
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for retirement. So here we can look at
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based off of the savings going into the
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portfolio, the projected balance at
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retirement and that future retirement
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year. We can also look at the estimated
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retirement paycheck that they will be
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able to derive in retirement from their
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portfolio and all of their income
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sources. You will also be able to look
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at the emergency fund, which will
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calculate based on their current banking
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account balance, how long that balance
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can cover their current baseline
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expenses.
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We've now also added an insurance and
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estate section, and I'm going to click
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add details here to first get it
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started. Here's where you can really
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address for your client certain
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insurance and estate needs that they may
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need to consider or make sure they have
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if they don't currently have them in
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their plan. So, this is a great place to
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just check off. Do we have a will or
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trust? Do we have a power of attorney?
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What state will this be factored in and
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when was their will and trust last
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updated?
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Below here in the insurance section is
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just where you can check off if they
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have these different types of insurance.
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So, whether Tim here has his life
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insurance, disability, or liability
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insurance. And same thing for his
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partner here, Tammy.
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Click save changes and you'll be able to
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see the information here the next time
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you are in the insights dashboard. Below
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there you'll see we've added a goal
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section. As we know for many clients,
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especially in pre-retirement, the main
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focus is how are they making the right
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habits or doing the right activities to
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hit some of their goals. So in this case
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here, our clients have a 529 and have a
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college savings. And so we've included a
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savings goal that we can track along the
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way. To add a goal, you can click add
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new and fill out the information. But
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for the purpose of this tutorial, I'm
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going to click the pencil icon and go
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based off of this college savings goal
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that we've added. So here we can name
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our goal, select the type. So whether
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this is an education, a travel, a
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charity, a medical goal. We can set the
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type accordingly. Then we can choose
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which account we are making these
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savings into.
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the current balance will come in from
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the inputs you've already entered into
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the plan. And then here we have a cool
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calculate option where we can we'll
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click start over just so you can see how
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this works. Let's say we've got a target
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balance here of $100,000 for our goal.
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We want to get our kids ready for
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college by 2040. The account we are
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investing into, let's say, has an
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average return of 5%. And then we can
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have the software here calculate what
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our annual contribution will need to be
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in order to meet that goal. This is a
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great way to gauge is our current
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contribution amount enough to hit that
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goal or do we have to make an adjustment
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to that contribution to hit that goal.
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We could also do this in another way. So
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let's say our clients are saying, "Hey,
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we are currently contributing $5,000. We
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have our rate of return of 5%. our kids
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want to uh we think our kids are going
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to college in 2040, we can calculate and
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have the software tell us what that
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balance will be at that future date. So
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again, it's a different way to think
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about your goals, but the software can
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help calculate one of these items if you
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fill out three of the boxes. Once you're
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done, hit save and you'll see your goal
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below. In addition to the goals, you'll
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also see that the insights dashboard has
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additional functionality to make this an
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even better conversational tool for you
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while you're meeting with your clients.
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One of those is notes and observations.
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So, here's where you can add notes and
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just say something like talked about
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college savings plan for example and
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then we can click enter. This will save
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all your notes and observations. So,
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when you come back, this will already be
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present for you in this dashboard. But
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then you can also add to-dos. So maybe
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next time you want to review the estate
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plan and college savings goal, you can
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quickly add a to-do item here, you can
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add as many to-do items as you need. And
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then once you meet with the clients,
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let's say if we check that box off the
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next time, you can check off that to-do
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list. It will scratch out the text for
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you, but still keep it present in the
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dashboard. So that way you have an easy
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way to go back and just see all the
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different items you've completed for
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these clients over the life of the plan.
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And if you do want to delete a task, you
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can always click the trash can icon to
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delete it from the dashboard.
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That's it. Thank you for viewing this
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video. Please reach out to our team if
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you have any questions, and we're really
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excited to hear your feedback on the
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insights dashboard.