The purpose of this article is to provide clear and concise guidance for leveraging data from your client’s HALO assessment in their eMoney planning profile. The central topics we’ll cover include:
- How to use the HALO assessment to provide more personalized planning
- Mapping data from HALO to eMoney include:
- Longevity + Healthspan data
- Healthcare expenses
- Elder care planning
Providing Personalized Planning
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.
The HALO assessment provides data-supported insights for many of the Miscellaneous Assumptions within the Facts and Advanced Facts section of your client’s eMoney profile and can paint a more detailed picture of your client’s needs, which will allow you to adjust their financial plan with confidence.
HALO provides several outputs that map directly to your eMoney instance. From the client’s initial HALO healthspan timeline, you can draw out:
- Longevity & Healthspan
- Healthcare Expenses
- Elder Care Planning
In order to provide more nuanced planning within eMoney, you can add science-backed information from your client’s HALO report to the Advanced Facts -> Miscellaneous Assumptions section of their eMoney profile. The following outputs map directly to fields in this section:
- Retirement Age
- Advanced Age (Extended Care)
- Life Expectancy
While age- and health-related data points are important, having financial information that aligns and support those data points is essential for holistic financial planning with your clients.
In the Other Expenses section eMoney, you can navigate to Other Expenses and input the following information for your clients based on HALO outputs:
- Calendar Years Needed
- Annual Expense Amounts
- Duration of Expenses
Elder Care Planning
Beyond financial considerations, client’s are often concerned with the type of long-term care or elder care they will receive. HALO’s assessment and report output provide additional insights on the type of elder care your client’s desire as well as how long they will need each type of care. This can help with financial planning considerably, but it also allows you to have meaningful conversations with clients about their lifestyle and current financial position.
To help incorporate the HALO elder care outputs into eMoney, you can input this information in the Goals -> Elder Care section of their profile. The following information maps directly to the eMoney module:
- Type of Healthcare
- Starting Year & Age
- Duration of Care
- Projected Care Expenses