welcome to getting started with life Hub

0:03

this video will guide you through your

0:04

first session in life Hub and help you

0:06

understand the basics of the app when

0:09

you first log into life Hub you'll see a

0:11

list of households that have plans if

0:13

you're new you don't have any households

0:16

so here you have the opportunity to

0:17

explore some examples or create a

0:20

household of your own let's look at this

0:23

example of a retired

0:25

couple here we see the main life Hub

0:28

view of the plan zoomed out to the

0:30

highest level and organized by income

0:33

expenses assets and liabilities of the

0:35

plan as well as savings and insurance as

0:39

you can see at the top of the screen

0:41

we're looking at the first year of the

0:43

plan you can zoom into sections of the

0:46

plan either by using the zoom icons here

0:49

or you can customize the view by

0:51

clicking on categories to expand or

0:54

collapse them click on the plan items

0:57

themselves to see details on that it

0:59

item and even edit those details or

1:02

delete the item entirely life Hub puts

1:05

all plan information as well as Plan

1:07

Building and editing at your

1:10

fingertips you can also add new items

1:12

from this page advisers often use this

1:16

view to show clients how their resources

1:18

come together to create income down to

1:21

the account withdrawal level how that

1:24

income compares to planned expenses and

1:26

taxes and how income and savings ffect

1:30

assets and liabilities over time clients

1:33

love to see how the interplay between

1:36

resources expenses savings and assets

1:39

change over

1:41

time for example this couple currently

1:44

has rental income and social security

1:46

income from one spouse but when the

1:49

pension begins in 2025 and the other

1:52

spouse begins receiving Social Security

1:54

in 2027 portfolio withdrawals will go

1:58

down switching to to a pre-retirement

2:00

example we can see a couple saving to

2:03

their investment accounts while still

2:04

working and how those accounts are

2:06

growing while they pay down their

2:08

mortgage and get closer to

2:10

retirement on the timeline you'll find

2:13

important plan Milestones like

2:15

retirement dates the beginning of rmds

2:19

or the beginning or ending of plan items

2:22

a subtle animation links plan items and

2:25

their place on the

2:27

timeline when you hover on a specific

2:30

item a small graph appears to show how

2:33

that item changes through the plan click

2:36

on the client avatars at the top to show

2:39

only the items linked to each client or

2:42

to the two of them

2:43

together use this important tool menu to

2:47

change whether plan values are shown in

2:49

today's dollars or future dollars and

2:52

whether values are

2:54

rounded from the tool menu you can also

2:56

generate a customized report of the plan

2:59

for for the year currently chosen the

3:02

onepage option shows only information

3:05

you have on the screen expanded or

3:08

collapsed as you see

3:10

fit there are two other ways to view

3:12

plans in life Hub one is a view of how

3:16

income and withdrawals flow into savings

3:18

and

3:19

expenses these visualizations are

3:22

available for income and expenses assets

3:25

and liabilities and portfolio

3:28

flows the other op option is the plan

3:30

dashboard a simple summary view with

3:34

portfolio total and retirement spending

3:37

capacity at the top and graphs of full

3:41

plan income expenses and taxes at the

3:46

bottom click on the balance or spending

3:50

capacity cards to get more information

3:52

on plan Investments and income

3:56

sources this completes a review of ways

3:58

to view plan in life Hub in the next

4:01

video we'll cover ways you can create

4:03

your own

4:04

plans

 

welcome to getting started with life Hub

0:04

there are several ways to build a plan

0:06

with life Hub if you have certain

0:08

Integrations you can start with a

0:10

household import of data from other

0:12

software or data sources but if you

0:15

don't have those integration set up yet

0:17

a good place to start is with quick

0:20

create here you can quickly add all of

0:22

the important ingredients investment

0:25

accounts salaries Social Security and

0:28

pensions as well as other assets and

0:31

liabilities with quick create you can be

0:33

often running in just a few

0:35

minutes we can now refine the plan by

0:38

editing things like income and expense

0:41

timing asset allocation and more from

0:44

within life

0:47

Hub alternatively you can build a plan

0:50

via the standard route this starts with

0:53

some basic information on the household

0:55

and then allows you to enter detailed

0:58

information on assets and inome income

1:01

you can add categories like expenses

1:04

savings and insurance to the plan from

1:06

the plus

1:08

menu life Hub plans don't require you to

1:11

enter expense information that can be a

1:14

little confusing if you're used to other

1:16

planning software the first question

1:18

that generalized planning or

1:20

accumulation planning software typically

1:22

asks is how much would you like to spend

1:25

in

1:26

retirement in contrast when you're

1:28

building a life Hub plan the first

1:30

question the software Answers by default

1:32

is how much can I

1:34

spend that means that you don't need to

1:37

start with a budget or a feel for client

1:39

spending goals that difference can be

1:42

surprising but it might help to notice

1:44

that the question how much can I spend

1:46

in retirement is a bit like asking how

1:49

much do you earn in your working years

1:51

and it's a question that can be answered

1:53

before exploring how much a household

1:55

actually spends or would like to spend

1:58

don't worry if you do know how much

2:00

clients spend or would like to create a

2:02

plan that zeros in on a particular net

2:05

spending level we'll cover that

2:07

later the first step in building a plan

2:10

is typically to include all of the

2:12

income and assets that fund life now or

2:16

will fund life in retirement investment

2:18

accounts Social Security pensions and so

2:21

on if someone isn't yet retired be sure

2:24

to include current wages and any saving

2:27

they're doing to investment accounts

2:30

the best practice here is to enter

2:31

things as realistically as possible

2:34

often that means treating them as

2:35

monthly not

2:37

annual of course if an income stream or

2:40

Savings Plan really is happening

2:42

annually or quarterly go ahead and enter

2:44

it that

2:45

way it's also important to choose the

2:48

right account type for each investment

2:50

account and set asset allocations and

2:53

any specific restrictions on the

2:55

accounts for example if a 401k is not

2:58

available while the empy employee is

3:00

still working include that in the plan

3:03

if clients have non-qualified Deferred

3:05

Comp or inherited IAS that are

3:07

Distributing funds over a certain period

3:09

of time include that as

3:11

well next we add Legacy and spending

3:15

goals if leaving a portfolio balance as

3:18

part of a financial Legacy is a high

3:20

priority add the Legacy goal in the

3:23

plan's advanced

3:24

settings if you add a legacy goal the

3:27

spending capacity in retirement will

3:29

beow lower because the app knows the

3:31

client will have to spend less if they

3:33

want to fund that

3:35

goal spending goals in life Hub come in

3:38

two flavors Baseline and other variable

3:42

other variable expenses are significant

3:45

lumpy or temporary expense items we're

3:48

not talking about the basics of everyday

3:50

living like groceries transportation and

3:53

so on instead these are things like

3:55

paying off a mortgage a home purchase or

3:59

planning to self-fund Future long-term

4:02

care to enter a mortgage add a liability

4:05

and be sure to include the payments as

4:08

an other variable expense if you don't

4:10

know the mortgage balance you can just

4:12

add the payments in the other variable

4:14

expenses

4:15

section just as with the portfolio

4:17

Legacy goal other variable expenses will

4:20

reduce what can be spent on everything

4:23

else in life for example if I added a

4:26

spending goal of gifting $1,000 a month

4:28

to a grandchild for 4 years to help pay

4:30

for college the pl spending capacity in

4:34

retirement will go down in order to fund

4:38

that gifting Baseline expenses are

4:40

different if you're building a how much

4:43

can I spend plan Baseline expenses will

4:46

have no effect on spending capacity in

4:48

retirement if you're asking the app how

4:51

much someone can spend in retirement

4:54

Baseline expenses are just there as a

4:56

way to understand how what clients can

4:59

spend compares to what they would like

5:01

to

5:02

spend if on the other hand you're

5:05

building a how can I spend X plan you'll

5:09

be targeting the plan's Baseline

5:11

expenses net of taxes and net of other

5:15

variable

5:16

expenses you can enter Baseline expenses

5:18

in two ways on the expenses tab either

5:22

as a bottom line total or

5:25

itemized this is also where you can

5:28

toggle the primary question of the plan

5:30

between how much can I spend and how can

5:34

I spend

5:35

X here's an example in this plan I've

5:39

added $10,000 a month in Baseline

5:42

expenses now this household's resources

5:44

could actually support quite a bit more

5:47

and here we see that there's a surplus

5:49

in the available income that just means

5:52

that if these clients spent what they

5:54

could spend they'd have some extra

5:56

spending

5:57

money but if I switch this plan to

6:00

Target that $10,000 a month the software

6:03

will estimate how much needs to be drawn

6:05

from account so that we can fund all and

6:08

only the expenses in the plan plus

6:12

taxes to review you can build a life Hub

6:15

plan by importing data via an

6:18

integration by using quick create which

6:21

takes you to life Hub quickly for

6:23

additional fine-tuning or by using the

6:25

standard

6:27

route typically you'll want to start

6:29

with household resources and then add on

6:33

Legacy and expense

6:35

goals there are two kinds of expenses

6:38

other variable which are used for

6:41

significant temporary or lumpy spending

6:44

and Baseline which are steady consistent

6:47

expenses expense planning is however

6:50

entirely optional in life

6:53

Hub finally you can build two kinds of

6:56

plans in life Hub a what can I spend

6:59

plan which figures how much a

7:01

household's resources could support and

7:04

a how can I spend plan which targets

7:08

Baseline expenses net of taxes and net

7:11

of other variable

7:13

expenses in the next video we'll wrap up

7:16

with some more advanced topics

 

0:04

so far we've seen how to navigate the

0:06

software and explored some of the tools

0:08

and visualizations available in life Hub

0:12

and we reviewed how to create plans and

0:14

some of the options for plan types in

0:16

the app in this video we'll cover some

0:19

more advanced Topics by looking at

0:22

examples the planning that you can do in

0:25

life Hub before at and in retirement is

0:28

very powerful but the goal of the app is

0:31

to make planning clear to clients to

0:33

declutter and just focus on getting to

0:36

those aha moments that often means

0:38

you'll want to illustrate how pieces of

0:40

the plan fit and work together we'll

0:44

look at five examples here that touch on

0:46

Social Security asset purchases Roth

0:51

conversions pre-retirement

0:53

and Longevity

0:56

planning first life Hub has a robust

0:59

social Social Security planning module

1:02

here you can enter a bit of information

1:04

about the client for example their

1:06

annual income or their primary Insurance

1:08

amount if you have access to that and

1:10

you get a full range of claiming options

1:14

for each option you can see the client's

1:16

Break Even age for that

1:18

choice if a client is already taking

1:21

social security you can just uncheck

1:23

this box and enter the information

1:26

directly if you

1:28

prefer often when you delay Social

1:30

Security there's a period when the

1:32

portfolio has to do more work in this

1:35

plan Social Security benefits come in

1:38

phases these views can show the client

1:42

how they will be withdrawing heavily

1:44

early on yes but those withdrawals will

1:46

go way down as Social Security phases in

1:50

note that this plan includes a so-called

1:53

age-based income path which targets

1:56

higher income and spending early in the

1:58

plan and low lower spending as the

2:01

client's age this pattern also known as

2:04

the retirement smile can be turned on or

2:08

off in the plan's advanced

2:11

settings you may want to include the

2:13

sale or purchase of an asset like a

2:16

vacation home in a plan to do that just

2:19

add the purchase within the asset

2:22

itself if you're funding that purchase

2:24

partially with a loan add the mortgage

2:27

in the liabilities section make sure the

2:30

loan is marked as originating on that

2:33

date you'll now be able to show the

2:35

client all of the moving Parts within

2:38

life

2:39

Hub furthermore you can show two

2:41

scenarios one with the vacation home and

2:44

one without so the client can see what

2:46

the impact would be on their

2:50

life once you know what income level

2:52

you're targeting in retirement the next

2:55

question is where should my withdrawals

2:57

come from and should I consider Roth

2:59

conversion

3:00

life Hub allows you to illustrate a

3:02

range of distribution strategies just go

3:05

to the plan's advanced settings and open

3:08

the taxes section here you can apply a

3:11

variety of strategies from prata or

3:14

proportional withdrawals to ordering

3:17

withdrawals by the tax treatment of

3:19

accounts to Roth conversions that Target

3:22

a particular tax bracket if you're

3:24

interested in other tools that income

3:26

lab offers for evaluating these

3:28

strategies and measuring their impact

3:30

please contact our support team for

3:32

upgrade

3:34

options here I've applied a strategy

3:36

that executes Roth conversions to fill

3:38

up the 22% Federal ordinary income tax

3:42

bracket I can now see what those

3:45

conversions look like each year down to

3:47

the account

3:49

level if you're working with someone who

3:51

has not hit retirement yet life Hub can

3:55

be used to show savings plans and

3:57

different retirement dates so that so

3:59

that clients can visualize their

4:01

situation now and their options for the

4:04

future to make pre-retirement clear be

4:07

sure you've entered all wages and income

4:11

and included pre-retirement expenses

4:13

along with

4:15

savings here for example we can show

4:18

clients how they could be saving more

4:20

and if they did how they could retire

4:23

sooner finally let's look at longevity

4:27

planning life Hub uses mortality tables

4:30

to produce a plan length in the plan's

4:33

advanced settings you can adjust that

4:35

plan length by changing how much

4:37

longevity risk the risk of living longer

4:40

than you'd planned is in the plan by

4:43

default life Hub calculates mortality

4:46

risk and adjusts plans accordingly

4:49

however if you want to include an

4:51

explicit date of death for one client in

4:54

the plan just click the calendar icon

4:57

here and choose a date all of the plan

5:00

items will adjust and show how things

5:03

change upon one spouse's

5:07

death these are just a few of the

5:09

countless ways you can use life Hub to

5:11

make planning clearer and more

5:13

accessible to clients please check out

5:16

more of our videos in the Life Hub help

5:23

center

welcome to getting started with life Hub

 

0:04

so far we've seen how to navigate the

0:06

software and explored some of the tools

0:08

and visualizations available in life Hub

0:12

and we reviewed how to create plans and

0:14

some of the options for plan types in

0:16

the app in this video we'll cover some

0:19

more advanced Topics by looking at

0:22

examples the planning that you can do in

0:25

life Hub before at and in retirement is

0:28

very powerful but the goal of the app is

0:31

to make planning clear to clients to

0:33

declutter and just focus on getting to

0:36

those aha moments that often means

0:38

you'll want to illustrate how pieces of

0:40

the plan fit and work together we'll

0:44

look at five examples here that touch on

0:46

Social Security asset purchases Roth

0:51

conversions pre-retirement

0:53

and Longevity

0:56

planning first life Hub has a robust

0:59

social Social Security planning module

1:02

here you can enter a bit of information

1:04

about the client for example their

1:06

annual income or their primary Insurance

1:08

amount if you have access to that and

1:10

you get a full range of claiming options

1:14

for each option you can see the client's

1:16

Break Even age for that

1:18

choice if a client is already taking

1:21

social security you can just uncheck

1:23

this box and enter the information

1:26

directly if you

1:28

prefer often when you delay Social

1:30

Security there's a period when the

1:32

portfolio has to do more work in this

1:35

plan Social Security benefits come in

1:38

phases these views can show the client

1:42

how they will be withdrawing heavily

1:44

early on yes but those withdrawals will

1:46

go way down as Social Security phases in

1:50

note that this plan includes a so-called

1:53

age-based income path which targets

1:56

higher income and spending early in the

1:58

plan and low lower spending as the

2:01

client's age this pattern also known as

2:04

the retirement smile can be turned on or

2:08

off in the plan's advanced

2:11

settings you may want to include the

2:13

sale or purchase of an asset like a

2:16

vacation home in a plan to do that just

2:19

add the purchase within the asset

2:22

itself if you're funding that purchase

2:24

partially with a loan add the mortgage

2:27

in the liabilities section make sure the

2:30

loan is marked as originating on that

2:33

date you'll now be able to show the

2:35

client all of the moving Parts within

2:38

life

2:39

Hub furthermore you can show two

2:41

scenarios one with the vacation home and

2:44

one without so the client can see what

2:46

the impact would be on their

2:50

life once you know what income level

2:52

you're targeting in retirement the next

2:55

question is where should my withdrawals

2:57

come from and should I consider Roth

2:59

conversion

3:00

life Hub allows you to illustrate a

3:02

range of distribution strategies just go

3:05

to the plan's advanced settings and open

3:08

the taxes section here you can apply a

3:11

variety of strategies from prata or

3:14

proportional withdrawals to ordering

3:17

withdrawals by the tax treatment of

3:19

accounts to Roth conversions that Target

3:22

a particular tax bracket if you're

3:24

interested in other tools that income

3:26

lab offers for evaluating these

3:28

strategies and measuring their impact

3:30

please contact our support team for

3:32

upgrade

3:34

options here I've applied a strategy

3:36

that executes Roth conversions to fill

3:38

up the 22% Federal ordinary income tax

3:42

bracket I can now see what those

3:45

conversions look like each year down to

3:47

the account

3:49

level if you're working with someone who

3:51

has not hit retirement yet life Hub can

3:55

be used to show savings plans and

3:57

different retirement dates so that so

3:59

that clients can visualize their

4:01

situation now and their options for the

4:04

future to make pre-retirement clear be

4:07

sure you've entered all wages and income

4:11

and included pre-retirement expenses

4:13

along with

4:15

savings here for example we can show

4:18

clients how they could be saving more

4:20

and if they did how they could retire

4:23

sooner finally let's look at longevity

4:27

planning life Hub uses mortality tables

4:30

to produce a plan length in the plan's

4:33

advanced settings you can adjust that

4:35

plan length by changing how much

4:37

longevity risk the risk of living longer

4:40

than you'd planned is in the plan by

4:43

default life Hub calculates mortality

4:46

risk and adjusts plans accordingly

4:49

however if you want to include an

4:51

explicit date of death for one client in

4:54

the plan just click the calendar icon

4:57

here and choose a date all of the plan

5:00

items will adjust and show how things

5:03

change upon one spouse's

5:07

death these are just a few of the

5:09

countless ways you can use life Hub to

5:11

make planning clearer and more

5:13

accessible to clients please check out

5:16

more of our videos in the Life Hub help

5:23

center