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.
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.
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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.