Your Best life is a feature of Lumiant specifically designed to help clients model a strategy to ensure they’ll be able to live their best life. Lumiant simplifies the complexity of different possible scenarios and assists advisors in working with clients to make choices in line with their values and goals. It uses financial modelling to simplify the complexity of varying scenarios, to build a client’s understanding of required trade-offs within their context.
Advisors are able to map different financial options to the stated client values and use the engaging digital interface to facilitate this discussion in a highly accessible manner.
The Best Life Module is broken down into key parts
- The On-Track Score
Once you've completed your first scenario. The On track score will show you how your clients are tracking to their goals.
After your initial best life conversation a client can come back to their portal and refresh this scenario and score anytime
- < 70% = Off Track - the client is underfunded
- 70%-90% = On Track the client has enough money to reach their goals and not run out at life expectancy
- >90% = Overfunded - the client has significant excess money and runs the risk of dying rich, not living rich.
- Goals Timeline
All your clients goals you've entered will playback here. Scroll across to show this to your client and help them visualise a timeline of their future
The monte carlo simulator prepares a likely, optimistic and pessimistic scenario. Use the projection chart to talk to your clients about the the power of advice over time.
Clicking the "projection report" to get the csv file of all the raw inputs if you'd like them for any deep dives or administrative work. This report can also be exported as a png or pdf for inclusion in other documents.
- Your Best Life Trade Offs
These are the detailed inputs required to generate a Your Life scenario. Where the system has this information already it will pull through.
- Projection Options
Give your scenario a name and apply a risk profile. You can show the impact of taking on less or more risk by changing the risk profile each scenario.
For further guidance access our training webinar: How to best use Your Best Life