What is Killik Lifetime Planning (KLP)?
This tool is designed to help you see your financial future more clearly by modelling different scenarios, and projected adjustments that should be made to achieve your long-term goals.
How will the KLP tool be used?
Either guided by an Adviser, or on your own through your myKillik account, KLP will allow you to visualise your future wealth holistically via one simple, dynamic dashboard. This will enable us to help you to do three specific things. Firstly, you will be able to project the value of your Killik investment holdings so that you can judge whether, or not, you finances can support you future goals. Secondly, we will be able to model alternative scenarios to assess the impact of saving more, or less, over time. And thirdly, it will allow us to map the impact of choices made now, and in the future, on your family's financial position.
Where can I find it?
KLP can be accessed via myKillik.com under "Your Hub". You can also access KLP via the myKillik app, under the "Explore" options.
How can I get help?
Your Adviser will be happy to talk you through your personal goals, natural attitude to risk and the wealth of historic data that supports our approach. When it comes to using the tool within myKillik.com, there are some helpful links in the top right-hand corner. Here, there is the option to be taken through a tour on how to use KLP via a range of useful popups. There are also links provided to the full “help” documentation, including one that connects a you to your Adviser.
What are ‘Future Events’?
This is the way we describe any contributions or withdrawals, whether one-off or regular, over the course of a client’s lifetime planning horizon. These can be added to, amended, or deleted as circumstances and expectations change. We dynamically plot them along each client’s timeline so that they can easily map the impact on their financial future and the potential effect of adding new ones. These may arise for a number of reasons, including a change in income (and therefore regular savings), the receipt of an inheritance or perhaps the proceeds from selling assets such as property, or even a business. As part of our investment process, your Adviser can also help to factor in the impact of known future withdrawals (“foreseeable calls on capital”).
What is a “Valuation History”?
This feature is coming soon to the myKillik app and website. Available through the main menu, it will allow clients on our newer Investment Services to view the historic value over time for their individual services. Clients will also have the ability to filter valuations as they wish, for example by connected accounts. This facility will interface with our new tool to also allow clients to project valuations forward and, with the help of an Adviser, to weigh up progress towards their future objectives.
How can I set up a monthly savings contribution?
Our Digital Team are working on facilitating regular saving and instant payments within the myKillik app. We plan to move away from the somewhat clunky world of Direct Debits and Standing Orders to adopt what are known as “Variable Recurring Payments (or VRP),” under the “Open Banking” regime. This will permit regular payments to a Killik account from a bank account. Further details will be available soon.
Where can I learn more?
Our webinars will take newcomers through our investing philosophy and guide clients in the use of this new tool. Naturally we will aim to answer any questions that are raised in relation to any aspect of KLP. Further information will be sent out periodically in digital form and our Advisers will also be happy to discuss the wider client context within which this new tool will operate.
How can I offer feedback?
We have included a ‘give feedback’ link in the KLP tool to allow you to complete a short survey about your user journey and experience. Feedback can also be emailed to user.research@killik.com.
How will this tool evolve?
Based on dynamic feedback, the development of KLP will be a continuous and iterative process. As our clients’ needs change so, hopefully, will the functionality it offers.