How Advisors Can Do More Planning with Less Data Entry & Help Their Clients to Maximize TFSA & RRSP Contributions

Feb 21, 2024

In this previously recorded session, the Snap Customer Support team is addressing commonly asked financial planning questions that come from Snap users. Snap users are Canadian Financial Advisors, Planners, and Investment Managers. This was filmed on January 10, 2024.

Q: What information do I need to create a projection?

To run a simple projection and answer some basic questions, we just need to enter a few data points:

  1. Name
  2. Date of birth
  3. Province of residence
  4. Income
  5. Current asset holdings and any planned contributions


That’s it!

One of Snap’s most powerful features is that you can build a generalized plan with incomplete information. The reason Advisors tell us they do this is to create interest and engagement in the financial planning process. So even if you don’t have these few key pieces of information, you can still build a base plan that relies on assumptions and estimates. The full process that explains how Advisors use this process, and why it works to create engagement in the financial planning process and support client acquisition, is available here.


Q: How can we maximize TFSA and RRSP contributions for our clients?

Next you will see how to access different parts of the scenario set-up to ensure you are leveraging the Registered account opportunities. This can also be used to make the plans highly personalized, allowing the software to accurately calculate future contributions and tax benefits.


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Watch the tutorial here:


Q: What are Base and Additional expenses?

In July, Snap released a brand new feature for goals-based planning. You can see that notice and watch a quick video on the new functionality here: New Feature Release 💰 Expenses Module for improved goals-based financial planning. With this update, you can now use Snap for both cash-flow and goals based planning.

Your Base Expenses are essentially everything you cannot and do not want to live without. This is your primary retirement goal. These are your annual lifestyle expenses which can include everything from transportation to medication to groceries. You do not require an itemized budget to create this, it can be created by an estimate on the planning page.

Debts, insurance premiums, and taxes and CPP deductions will be calculated separately in their respective areas.

Additional expenses are additional financial goals over the clients’ lifetime. Perhaps buying a new vehicle every 5 years, traveling, or a commitment to a home renovation. Additional expenses can be created as single or recurring events.

There are a few more questions covered in this tutorial you will have to watch to find out! 


Want to follow along in the financial planning tutorial? Canadian Financial Advisors, Planners, and Investment Managers are eligible to start a 14-day Free Trial of Snap Projections. Snap is a transparent, easy-to-use, and highly flexible financial planning software for Advisors. 

The Financial Advisor's Marketing Guide


The Financial Advisor’s Marketing Guide

Learn how to build an online presence, create and share valuable content, and engage with prospects and clients through email marketing.