All right. Hi, everyone. My name is Brian Morgan. I'm Product Director here at Orion. And with me I'm joined with hey Cade DeNazario Akers also Product Manager here at Orion. And we're here to talk to you about Orion planning, Orion's financial planning tool formerly known as advisor. And for this webinar really are, are, are. Our goal is just to really help you drive growth with some of our latest financial planning enhancement. So you know we're going to talk a lot about behavioral finance. We're also going to talk a lot about some of the recent enhancements that we've done. I know it's been a while since we've done a webinar, so really excited to show you all of the enhancements that we've done along the way. You know, as we're going through this webinar, please feel free to ask any questions in the chat. We have a bunch of folks ready on standby. To answer your questions, and as you watch this webinar, keep in mind if you're not using Orion planning today and you're here because you're curious, you know this tool is available to you as part of both the Orion Essentials and Advantage packages, so just keep that in mind as you're as you're walking through this. The Orion planning is is obviously going to be a financial planning tool, but it's also a client portal and we've done a bunch of client portal webinars over the last year. But again, we're really excited to show you a lot of the work that we've done over the last year. And and behavioral clients has really led the way working with our Chief Behavioral Officer, Doctor Daniel Crosby, who if you're not already, you definitely need to follow him on social media, on LinkedIn, on Twitter, a lot of great insights. You know ways just to think about working with your clients, you know helping them with their money, not just investing, but you know really more of the behavioral side of things. You know we've had a lot of choppy markets over the last year or two. So I think this is really relevant content and we're really excited to bring you technology to have these conversations. You know working with a lot of our firms and and advisors that's really been the big feedback that we've gone is that a lot of advisors are really interested. And including behavioral finance into their practice, you know, into the conversations, the relationships that they have with their clients, but they didn't really have a way to do so using technology and that's really been our focus for the last year. So you know, really, really excited to to show you this. But I'm going to turn over to Cade now and he's going to talk about really why the reason we're going down the behavioral finance road and then he'll, he'll definitely do some demos for us. So Cade, I'm going to hand it over to you. Thanks Brian. Appreciate the introduction. As you mentioned my name is Cade Product Manager with Orion Planning and really excited to to spend some time with you talking about the latest enhancements and the first portion of this you know presentation will be you know mostly focused around the behavioral finance elements of our tool that that Brian just introduced. So I really want to describe the why behind you know why we've resourced these projects so much. So I'll start with. I'll start with a slide, which you may or may not have seen before, titled Old School versus New School and I'll just try to summarize this. The upshot ultimately that is heartening is that everything that advisors do is additive. So whether it ends up on the left side or the right side and we categorize it as Old school or not, there's nothing pejorative about that. So everything from tax allocate, tax management, asset allocation, rebalancing, product allocation, all that is great, but we want to just highlight here. Is that the behavioral approach And what we're trying to do is inspire great investor behavior. These are really valuable tools and they're they're you sort of can't afford to not have these arrows in your quiver. So even the most valuable old school item is less valuable than the least valuable item in the new school. So what you can see is far and away behavioral coaching. Coming in at 244 basis points, if we translate this into the amount of value that's actually added in terms of investment outcomes, we know that we just can't afford to not be having these behavioral finance conversations. So just wanted to reinforce that point. The next slide has to do with the actual value of sticking with a financial advisor and. Kind of seeing it through. So you you can see that there's a trend between the amount of household assets attributable to financial advice and the length of time that has passed. A couple of more statistics to throw at you. There's an Accenture study that doctor Daniel Crosby who who was mentioned previously, quotes all the time and now I am as well. But it's, you know, clients were asked what what do they really want in an advisor. And you can see 91% of clients want someone who gets me followed by someone with whom I share values. So this is really interesting as we start to explore how to make sure that our relationships are the most impactful that they can be, that we as sticky as we can possibly be. And what we're trying to do here is, is create the technology that allows you to have these conversations most naturally. I'm a former advisor. I'm a certified financial planner, so this statistic always leaves my jaw a Gabe. But 64% of financial planning clients report that they have no one to talk to about their money, including their advisor. And So what we're trying to do is kind of flip these statistics on their ear. So with that, quick. I don't know sort of educational and more statistical analysis. I will jump into how this is instantiated in our tool with Protective Dream and B 520. So you're looking at the landing page, the results of a protective Dream analysis. And I'm using a sample client, Kurt, you may have seen him before, just as a quick primer. If you haven't, if you haven't heard about protective dream or Refresher if you have Protective dream really hinges on this idea of mental accounting. And that is the propensity for humans. Doesn't matter if we're industry pros or or certainly you know your clients, We're all doing this. We're all susceptible to this, We're treating. Equally valuable and fungible dollars differently based on the way that we feel about them, the way that we're mentally framing and emotionally accounting for these dollars and that can lead people to make let's say irrational decisions. Some of those are irrational decisions can actually be reasonable when you when you dive in and and of course those are exactly the kinds of conversations that we're hoping that this tool will inspire. But I do want to just do a quick demo of some of the capabilities of protective dream. First and foremost this is customizable. So as an advisor you have access. You may have access to our our Asset bucketing tab. And you can see here that our default content is, you know, three column setup, but you can reduce it to two or expand it to four. And you can customize the headline and the descriptions and also the assets that reside in the buckets that are visible so I could drag and drop. Let's just take a couple of Iras here. Whoops. And I'll drag these into the dream bucket. And when I go back and look at Kurt, we should see some Iras in his dream bucket and we do another couple of interesting things. That that I'll highlight later is that we've added some what ifs to our Protect Live Dream landing page so we can make some profile changes. And just for the purposes of time, I've added a couple of profile changes already. So we've got a real estate asset being sold in the year 2035 with proceeds of half, $1,000,000 and that's applied to the plan and what I can do now is flip from the current year to the year in which that asset is being sold. And now I'm looking at future dollars and I can see that this transaction has occurred. So we see that the negative transaction here and the proceeds have gone into this investment account. So this is a really powerful way for advisors to #1 have conversations about money that is framed in a way that your clients will understand. And frankly, this is the way that your clients are already thinking about their money. A couple of other really great features of Protect Live Dream I mentioned customization that really has been the flavor of the season. If I click this ellipsis menu on the right hand side and hit Asset Edit Asset Bucketing number one, I can always easily reset to the defaults. But at the client level, now I showed you on the at the advisor level that we could customize and certainly those those defaults would would cascade down to your clients. But if you give them the permission to do so, your clients can even drag and drop assets in the way that that they feel you know best suits the layout that they would like to see or the way the way that they're you know accounting for, for these for these assets. And so you can see now very similarly to what we looked at before, we can just drag and drop. Now this is at the level of the account, the registration, but also you can do this at the level of the holdings. So imagine that you've got one account, but it's got some kind of equity compensation position and it's just being, it's just being accounted for differently. You can select any one of these holdings, choose the bucket where you'd like it to live, and hit move holding. And of course you'll always just want to save those customizations. One point of mention, in the near future there will be even more customization available on on the client level. So again it with your permission your clients will be able to title and describe these buckets and and and also choose the number of buckets that works best for them. So all of that functionality will be available on on every level and and we're we're really looking forward to that again that's that's right around the corner. The next behavioral finance tool that that I'll bring up today is BeFi20 and BeFi20 was created by Doctor Daniel Crosby and originally the intention for BeFi20 was to address potential financial conflict between couples. It's changed a little bit and now it's use case is much broader. Think of business partners, you know roommates, parents and adult children. And of course, you know, loving and and and romantic relationships as well, or even just, you know, an individual use case. But the idea is this is a tool that helps people uncover and gain quicker access to their values around money. We know from research actually that that people don't have as easy access to their values, financial or otherwise. Number one is they think they do, but even as as they would report that they do. And so this is a tool that helps to bridge the gap and it's valuable on a couple of different levels. Primarily for the client. For someone who is you know, for whom their values around finances and their relationship to money is a little bit opaque, this can really help to tease out some valuable information around key categories like communication and worry and purpose. So what you see now is the results of of Kurt's BeFi20 analysis. He gets a financial persona. He is a protector. And we can dive into his individual report. You can see here some of the categories that I mentioned communication, worry, purpose, use and importance. And in each of these categories there's a spectrum. And then we can see Kurt's indicator that tells us where he lands across all of these Spectra now. One of the coolest features of this tool is that you can check your alignment with another person. So Kurt has already done that and let's click into one of these comparisons. So again we see the same 5 categories, but instead of just one indicator, now we can see 2. And so two people's results are overlaid on top of each other. They get a similarity score, and in this case these two individuals are highly similar. Just a quick mention here that high similarity or low similarity neither is a good nor a bad thing. It just is. And how we respond to the information that we get to tease out of this is really what matters. But we get some nice qualitative descriptions under each of these categories and then also we get some. Some tips and insights. We get what what they need from you, what you need from them. And a couple of tips about what to do next and how to structure conversations and next steps around your approach to handling money. So you can imagine that for a client who's never, you know, done a real deep values assessment around their relationship to money. Discovering this for the first time is is amazingly valuable. You as the advisor who has provided them a tool like BeFi20, you now become, you know, more of an ally maybe than you once were. And that statistic about 64% of clients who don't feel that they have anyone to talk to you about their money? Well, that no longer gets to be the case. If you provided BeFi20 and you followed up to have some conversations around that includes some of these themes. You know you you really can start to chip away at at the idea that that your clients are out there on an island and they don't have anybody to to seek refuge with. So so that that I think is a really a really heartening thing. We've made sharing and comparing really simple. So at the end of of each of these reports there is a section that allows people to send an invite. There's two types of invitations. One would would explicitly request a comparison it would generate a comparison at the end of. The second party's completion of the assessment and the second survey, or the second sharing option rather, would just generate a request for someone to complete their own survey. But it wouldn't generate a comparison that maybe some people were, you know, they they wouldn't necessarily want to compare and, you know, sort of see each other's answers. So you can share the option that feels the best for you. It's really easy to toggle back and forth between. Your own results, and the results of the people with whom you've compared. And again, as the advisor, this is valuable for you because now you can see exactly how your clients relate to money, specifically across. You know these topics and so if you see that in this case William is quite a hesitant communicator, you know, that might actually affect the way that you interact with William, the questions you ask, what you suggest and what you might expect from each other in terms of your conversation. So I really think this is an amazing tool, it's really valuable and and I'm always enjoying getting all of the feedback. So anytime you have feedback, drop it in the chat that's there for you now or feel free to send us an e-mail. So the third tool within Orion planning we'd like to feature today is the the 3D risk profile. This is also from Doctor Daniel Crosby and I'll take you into client settings. You have the choice of using the Orion Questionnaire, which is it's a questionnaire, that's great, but it just measures risk tolerance. And what's great about the 3D risk profile is that instead of just measuring tolerance, it also measures capacity and composure. You get an overall blended score between capacity tolerance and composure. And this helps to tell a thicker story about how much risk your clients can absorb, how comfortable they feel taking that risk and just overall what what the experience is like. So those are three tools that we're really excited about. That's a very high level summary. I'll kick it back over to Brian. I know I'm, I've been really excited about the the behavioral finance stuff. So I'm always afraid that I've missed something and and we've been working on a lot of exciting stuff. So Brian what else have we been doing what else would you think is worthwhile highlighting Cade, thank you very much. It's it's always fun to see all the work that we've been doing the last, you know year or so you know each each component of what you show, you know protect live, dream. I've seen, I've had, I've had a lot of, we've had a lot of conversations with advisors and they they would tell us, hey, I'm already doing this for my clients or my clients already do this kind of as you mentioned Kade, but you know in order to actually provide something to build something in Excel maybe back of the envelope. So it's really cool to be able to provide that technology and with the markets that we've had, you know even if you're using our default buckets to protect Live Dream, you know thinking about that protect bucket you know. Helping clients get to a level that they're comfortable with to help them sleep at night, you know, having that be a landing page in our client portal, a lot of our advisors starting to do that rather than focusing on what's my performance. It's, you know, hey, your protective dream is where it needs to be. I'm so excited to see that finally live and then. You know with B520I I've done it with my wife it's just a way that it's a way that involve that non CFO spouse or or partner right. So it's it's a way to get them involved. We know you know transfer of assets is a is a problem in our industry so you know this is just a great way to get to know other people in in the family and. You know have conversations that maybe you didn't have a way to have conversations with in the past And one of the stats that you you said you know it what clients are really looking for is just someone who gets them. And you know doctor Daniel Crosby, we we mentioned him a lot just because he is the the chief behavioral officer. But you know he mentions one of the reasons why clients leave their advisors because they feel like their clients don't get them. So BeFi20 is just a great way to to get to know your clients better and you know 3D risk profile. You know what I've been having conversations with firms, what they're really excited about is the composure part. You know we've had those really choppy markets. So you know being able to understand those clients who do have a low composure level and being able to be proactive with them, you know it has been a great tool for them. So a lot of great stuff and all of this by the way is available in a PDF. So you know we're we're always looking towards using technology that a lot of people are using more of a digital approach now, but we do know that you know. Clients still want that paper handout sometimes and all the content we showed is available in a PDF, so just keep that in mind. Now Behavioral finances, obviously, as you can see, we're really excited about, but that's not all we've been doing over the last year. So we've been also just making a lot of great enhancements, primarily based off feedback. You know Cade and I were both CF P's. We like to meet with our users. You know you are advisors just to understand you know what conversations are you having with their clients, you know what can we do to help you provide a better experience. So we've done a bunch of enhancements. Cade, I think it'll be really great if you can walk through those. Thanks Brian, appreciate that. And just as a quick reminder, any questions please drop them in the chat. We've got folks at the ready to answer your questions and. You know we always get a lot of great feedback and even some some great ideas from these webinars. So really, really looking forward to your to your questions and feedback. So additional things beyond behavioral finance. So I mentioned the profile changes in the in the protective dream results page. They also exist in our normal what ifs experience. So if I come here to the profile changes. You can see that I've we've got three options. What if we sell business assets, what if we sell real estate assets and of course miscellaneous assets as well. I can see here that I've got a couple of these what ifs applied and I know that I have the real estate asset being sold and I believe 20-30 or somewhere around there. And so the way that I'm going to check that is to come to the cash flow page and come to the year. That I modeled the sale and Yep I can see that those half million dollar proceeds from the sale of the real estate is now in an investment account. So the idea is that everything that you do in the what ifs is going to sync up with our cash flow page and our balance sheet and advance reports. And so that was a great enhancement and one that I'm excited about We also recently added. A distribution percentage, just so that advisors can see really quickly, hey, how much as a percentage of of my client's net worth, how much are they spending? And you know, there's a bunch of different rules of thumb about, you know, what is the sustainable level of spending. And I think there's a lot of different ways to slice and dice that. But just so that you know, in our advanced reports, if you come down here to this, to this menu. And come down to the other category. At the bottom of the stack you'll see distribution percentage. So you can just select and apply that and now that will come over all the way to the right hand side. Keep in mind I can drag and drop this and so I can make it more salient and you can see here that in years where there are distributions. We can see a percentage of distribution and this is this is again relative to the total accounts value. So that's a nice you know, quick and easy reference point and you can start to diagnose hey is does this look sustainable or or not at least it's a conversation starter around our goals. We we already have the ability to model a variety of different goals. One of the limitations that we had was just being able to model, you know, one home purchase. But but really you know, there may be several situations where clients might have multiple properties that they've got their eyes on or they might be buying a property for another person. So we just added the ability to purchase another home and you can see here we've got an additional workflow, we'll just call this Mountain Home. I can choose a year that I'll be making this purchase. We'll take it out a bit. I can choose a down payment amount and in this case, let's imagine no mortgage. And then that goal gets added to the stack. So this was a limitation. We're happy to to have this nearly resolved and excited to hear your feedback about this as well. Another enhancement that we've made is we've added a deferred compensation asset. So of course we've for a long time we've had all of our qualified account types 401 K's, 403 B's, 401 A's etcetera. But we didn't really have anything for you know folks in industry and in the in the private sector who were had more of a non qualified deferred compensation arrangement and we have since added that. So if you travel to profile other assets you can see that we've added a deferred compensation. Input here. So just to give you a sense of some of the the data entry, you can enter current value, contribution, start and stop age, the distribution age and of course the growth rate in accumulation and also upon distribution. Also you can add a deferred compensation into Protect Live dream. You can just choose which bucket you'd like it to reside in and it will reside and live by default and save those changes and and that will be there. Now this may be the first time that that you've seen this feature. It's been around for a little while, but it's been also a little while since we've done one of these financial planning webinars. So I just want to make sure that we didn't miss an opportunity to talk about our our Roth conversion. What if, which is here and we have three ways to perform and model a Roth conversion. So I'll add a new conversion here, and you can choose between three options, a lump sum, a recurring conversion, or a tax bracket conversion. So in this case, let's just model a lump sum. And conveniently, we've got all of Kurt's pretax assets here, so I'll choose his 401K. He's also got a Roth IRA, so that's really convenient. But if he didn't, you could just we would model a Roth IRA on the fly for you. We could choose a year. And we'll just say at retirement and then of course just choose an amount. You can also choose to pay for the taxes with outside cash flow, which would just grab tax from other assets in the plan or to pay with the converted account. Once I apply these changes, I see a Roth conversion tab that pops up here and I can see. At retirement, this is when I made my $50,000 conversion and then I get a nice summary here of the plan impact after the conversion. Since I'm here, I'll also talk about our compare plans. One of the features of Orion planning is that you can create multiple copies and multiple instances of a plan. So if you want to test your client. Retiring at 67 as opposed to 65 or taking Social Security and getting a delayed retirement credit versus you know taking it early. You can compare all these assumptions and their impacts in our compare plans feature. So in this case, I've got our current plan and a proposed plan with a couple of changes. So upon applying those changes I can see side by side my current plan against. This this hypothetical plan where where Kurt retires at 67, I can see the all all of the the data that I would want to see in one place juxtaposed right next to each other. So the total net worth at the end of the plan. Of course the probability of success and some of the key assumptions that are informing these results. Almost done here and but before I wrap up I want to point out a couple of things. You're never on an island. You have a lot of ways to to reach us. So you'll see here in the bottom right corner of my screen this Let's talk button. This gets you in touch with our financial planning service team. They're fantastic. Our our clients love them and you can reach them by chat or e-mail. And these are these are people who are tool experts. This is what they do all day long and they're happy to help and help troubleshoot, help you model different scenarios so. Always enjoy, always enjoy our interactions with them. Additionally, we have a Resource Center, so if you click this question mark here in the top right, we've got some demos loaded up, another way to contact us and a variety of different articles that detail all of the latest enhancements and the functionality within Orion Planning, So really encourage you to use both of those resources. Another small but notable enhancement is being able to model negative returns to miscellaneous assets. So let's imagine that this this asset is has $150,000 market value. I've entered a negative growth rate. Maybe it's a car, maybe the moment you drive it off the lot, it starts depreciating immediately. So enter a enter a negative growth rate. This is just going to apply to miscellaneous assets and then of course if I travel. See the balance sheets and I look at other assets and I come down to this miscellaneous asset, I can see that it's it's being impacted by negative returns. So that's a again a small, a small but but meaningful change. I would also like to mention our mobile app, I think that's a big differentiator for us we have. We have added financial planning to the mobile app, so there's a lot of work still to do, but we're really excited to be able to offer that to those of you who leverage our mobile app. I think that's it for me, but I'm gonna kick it back over to Brian to close this out. All right, thanks Cade. So it was ready to see all that that great enhancements that we've been doing over the last year. You know obviously BeFi20 has been a big focus for us, but certainly continue to make a lot of enhancements on the normal financial planning side. You know seeing those what ifs you know some even the small things like the negative growth rates and some also big things like the Roth conversion, what if the compare plan. So certainly we've been busy, we'll continue to be busy in the near future you know. He mentioned the the protective dream having that client level of customization, I think it's going to be really helpful. You know certain clients will have their own priorities be able to to really personalize it down to that that client's level will be great, but you know certainly a lot more to come as well. So you know in the near future we're going to be looking to work on things like estate planning, the ability for you to add in manual holdings. So today you know you can. Creating accounts from either Orion or you can have your clients link their accounts to Plaid, you know, through the data aggregation. When you add those manual accounts, you can certainly do so you put in the *** allocation. But being able to put the holdings in just to give you that allocation I think will go a long way. So we're working on that as we speak. And then finally the additional what ifs as well. So we're going to you know Cade showed a couple of the what ifs that we've been working on you know sales of a home and and a business. We have more on the way there as well. So you know really appreciate your time and watching this webinar again if you have any questions throw those in the chat. We have folks standing by, appreciate all the questions we've been getting so far. So, so to continue adding those in if we don't have enough time to get to you we'll make sure we. We e-mail you back with with those answers but and also too send us feedback, you know if you're you're saying those questions you're talking to support team, you know a lot of the handsets we've been doing has been from your feedback. So we really appreciate the partnership. But with that I'm going to wrap up the webinar and and thank you again for your time. _1718651232334

Drive Growth with Our Latest Financial Planning Technology Enhancements

Join us for a tour of Orion Planning and gain an exclusive look at how the latest enhancements can raise the bar on financial wellness and effectively scale your advice to more clients and prospects.

Brian Morgan, CFP, Director, Product Management, will show you how Orion Planning can:

Drive Efficiency: Orion Planning is now a part of Orion Stacks, allowing you to take a prospect and convert them to a client without duplicate data entry.

Manage Client Reactions to the Markets: Explore how tools such as Protect. Live. Dream. (a bucketing approach), BeFi20, and the 3D Risk Profile can help you gain insight into your clients’ behaviors and biases towards money to drive better results.

Create Positive Client Experiences: Your conversations with clients will likely always circle back to their financial plan. With easy-to-use tools such as what-it’s and Monte Carlos, you can provide data-driven recommendations and projections for your clients.

0929-OAT-3/31/2023

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