The purpose of this article is to provide clear and concise guidance for leveraging data from your client’s HALO assessment in their MoneyGuidePro (MGP) planning profile. The central topics we’ll cover include:
- How to use the HALO data to strengthen client relationships and broaden conversations
- Aligning client expectations and concerns
- How to read and understand the Retirement Age and Life Expectancy outputs
- Using Out-of-Pocket Healthcare Expenses and Long-Term Care type to strategically improve client goals
Aligning Expectations and Concerns
By engaging your clients in the HALO assessment, you’ll have new, critical data to use in client meetings to deepen your relationship and broaden your conversations to provide a holistic view of not only their finances but also their goals and values.
Reviewing their expectations, especially concerns, in their MGP profile can help you assess how soon you should engage them in the HALO assessment. If you see anything related to health, disease, long-term care, or death bubble to the top of their concerns list, you can use those topics as a bridge to the HALO assessment.
The HALO assessment provides more data insights into those particular concerns. It can help your clients better understand the reality of those concerns and help you adjust planning or positions accordingly.
Additionally, you can improve your client’s auto-goals by providing MGP with more information. You can input the additional information from HALO into MGP, which will pre-populate goals based on client situation, age, income, etc.
Life Expectancy + Retirement Age
Rather than rely on actuary charts for default life expectancy, HALO can provide data-supported life expectancy and help you better plan based on a client’s desired retirement age (and their level of care needed during each retirement stage).
Based on lifespan data and desired retirement age in HALO, you can adjust the MGP ‘How Long Will You Live in Retirement’ sliders to provide more targeted information for their planning model.
Once you run HALO, you can use the lifespan data from the client’s HALO report to adjust the sliders accordingly.
HALO + MGP: Life Expectancy
**Adjust MGP sliders based on HALO longevity healthspan for each client
Out-of-Pocket Healthcare Costs
While MGP provides a healthcare cost number based on the auto-goals, you can use the HALO data to update the data. The more substantiated outputs from HALO can give clients a more accurate picture of what to expect for healthcare costs and level of care.
HALO out-of-pocket expenses are based on more conservative calculations, so this number will be higher, enabling better financial preparation. Since more clients have healthcare as a secondary goal, HALO is an easy way to bridge the gap between client goals and proper planning.
Long-Term Care Planning
Within MGP, you currently have to manually add a ‘Provide Care’ goal, as it does not pre-populate. Using HALO as a conversation starter, you can discuss the various levels of care with your clients to better understand their expectations.
From that point, you can pull numbers from the client’s HALO report regarding LTC costs for the specific types of care your clients are interested in receiving. HALO also provides data-supported output for the number of years a client will need different types of care.
In MGP, you can input the following from HALO:
- Start year of care