The client is able to set lifestyle and financial objectives across a range of key areas. PrimeSolve offers default goal options however the client can specify any other goal that is not captured within the library.
The PrimeSolve solution adopts the principles of SMART goal setting. Therefore, each goal set should be consistent with the following principles:
- Specific
To ensure the goal is specific PrimeSolve will ask you to specify the who, what, when & why relevant for this goal. For example, for the goal “I want to retire early”, we would request the goal be expressed as follows:
| Goal | “Retire early” |
|---|---|
| Who | John |
| What | Retirement |
| When | 60 |
| Why | I would like to spend more time with family. |
- Measurable
To be considered measurable, we must be able to be able to assess whether the goal has been achieved. In this case, by setting a retirement age of 60 we are able to observe in the model whether this is in fact possible.
- Attainable
Once an adviser has optimised results, PrimeSolve will provide a full review of each goal and whether the specified goal is likely to be achieved. For example:
| Goal | Target | Is goal attainable? | Projected target |
|---|---|---|---|
| Retire early | 60 | No | 65 |
- Relevant
For each goal set we ask the client to specify in their own words why the goal is important. This gives the adviser the opportunity to assess why this goal is important, and ensure the the reason identified is consistent with the specified goal. In this example, the client has specified “I would like to spend more time with family”, which is consistent with retirement.
- Time-bound
Each goal should have a specified timeframe in which it must be achieved. For example, by defining ‘Retire early’ as age 60 the adviser is able to adequately assess whether the goal is in fact attainable.
The following video provides an overview of the SMART goal setting principles adopted by PrimeSolve.
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