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Create a financial plan, step by step

Summary

  • What you'll do: Build a client's first financial plan in five steps: "Basic Info", "Investment Accounts", "Income Sources", "Contributions" and "Planned Spending".

  • How long it takes: A few minutes. The counter at the top of each step shows roughly how long is left.

  • Before you start: If the client has a completed FactFind, Timeline fills in many of the fields from it, so you mostly check and add. Each step is saved as you go.

Description

1. Start the plan

  1. Open the client in Timeline. Under "Actions", click "Create financial plan". Once a client has a plan, the same row reads "Financial plan" and opens it.

2. Basic Info

  1. Check the client's details: name, date of birth, sex, retirement year and, optionally, email, postcode and health status. Under "Does the client have a partner?", choose "Yes" to add the partner's details and retirement year.

    Step 1 of 5, Basic info, with the client's name, email, date of birth and postcode filled in

If your firm uses Intelliflo or Transact, the "auto-importing your client's plan" link at the top lets you import the plan instead of typing it in.

  1. Click "Save & Continue".

    The bottom of the Basic info step with the partner's details and the Save & Continue button highlighted

3. Investment Accounts

  1. Check each account Timeline has filled in from the FactFind. Click an account to open and edit it, or click "Add another account" to add one.

  2. Click "Save & Continue".

    The Investment Accounts step listing four accounts, with Add another account and Save & Continue highlighted

Properties and mortgages don't show in this step. Timeline takes them from the Properties section of the FactFind.

4. Income Sources

  1. Under "Would you like to include income sources in this plan?", choose "Yes" or "No". Check the incomes listed, or click "Add another income source".

  2. Click "Save & Continue", or "Skip" to leave income out for now.

    The Income Sources step with two incomes listed, and Add another income source and Save & Continue highlighted

5. Contributions

  1. Click "Add contribution" for each regular payment into the client's accounts.

  2. Click "Save & Continue", or "Skip" if the client isn't making contributions.

    The Contributions step with Add contribution, Skip and Save & Continue highlighted

6. Planned Spending

  1. Under "Life phases", enter what the client plans to spend each year: a "Life phase name", the "From year (inclusive)" and "To year (inclusive)", and the "Yearly spending (net)". Tick "Inflation-adjusted" if the amount should rise with inflation. For a couple, the years follow the younger partner's age.

  2. Click "Add another life phase" for each change in spending, for example a more active early retirement followed by a quieter later one.

    The Life phases table with a Living expenses phase of 45,000 a year from 2026 onwards, inflation-adjusted, and Add another life phase highlighted

  3. Under "One-off expenses & goals", click "Add a one-off expense / goal" for things like a new car, a wedding or a gift, with the price, the year and whether it recurs.

  4. Click "See plan".

    The One-off expenses and goals section, with Add a one-off expense / goal and See plan highlighted

The plan opens on its "Overview" tab, with the historical analysis at the top.

The new plan's Overview tab showing the Historical analysis for John and Jane Doe

Conclusion

The client now has a working financial plan built from what you already know about them. From here you can change any assumption, test alternatives and compare plans. Next, read Using What-if scenarios in the financial plan.