Design for an Estate Planning Tool

Opportunity for predictive planning to create estate plans

Where the existing estate planning tools used by Financial Planners provide outputs for a client to review what could happen to their estate if they died today, data scientists within Learnvest were able to create an algorithm to predict what could happen if they died any time in the future.

By layering on the prediction of what year they’re likely to die, the estate plan can become more of a realistic outlook of how much the client’s beneficiaries can receive.

Existing

Current tool used by Financial Planners:

Output of the tool consisted of a flow chart and tables of data:

Prototype

Created by data scientists to validate the algorithm and calculations, the data provided was used to inform what functionality and outputs were available.

I separated the sections on different pages within the final design to prevent from overwhelming the user, as well as to create a step by step process for the Financial Planner to go through.

Sketches

Overall flow

Clickable prototype

Created a prototype to share with Advanced Financial Planners to observe and gather feedback on the design

Final Wireframes (after many iterations)

Landing page for returning users will have previous scenarios saved for quicker access:

Inputs for the distribution strategy with collapsible sections when they are irrelevant to the client:

Main output of the calculations is the summary of the client’s total estate. More details can be shown in a full screen modal:

Quick navigation at the top allows users to click between other scenarios, as well as the ability to compare the scenarios:

Telling a story with data

What is the Financial Wellness Score?

Data scientists within the Learnvest team created a score out of 100 for Financial Planners to analyse a client’s financial wellness.

The algorithm to create the score is comprised of multiple factors such as chance of disability, market value, the client’s fact set and likelihood of death. The algorithm is simulated 10,000 times within 3 seconds and the percentage of success is the actual outputted score.

The Financial Wellness Score module in the financial planning interface:

Problem to solve

Lack of trust
We received feedback from financial planners that they did not have trust or confidence in the score due to the lack of documentation and explanation of how the score is generated. More information was needed to support the robust algorithm.

Do not disrupt the workflow
As Financial Planners have their own set of tools to create analyse a client’s financial wellness, a microsite was proposed to provide information — but not disrupt their current workflow.

Discovering opportunities

Adding value
The Financial Wellness Score is provided for every generated financial plan for a client. However, financial planners wanted a score for the client’s current state without a plan, to benchmark the client’s value for sticking to a plan.

More than just a number
I conducted one-on-one interviews with financial planners to understand their needs, the estimate of time availability and the likelihood of using the microsite. It was more transparent that a need for a qualitative assessment of a client’s situation could be fulfilled with the data provided by the Financial Wellness score.

After multiple discussions and working sessions with the data scientists, information was extracted to tell a story about a client’s journey to financial stability. It became apparent that the delta (or change) between the current score and the proposed score could inform how much of a lifestyle change a client would need to experience.

Prototype created by developers

The graphs and charts informed what data points I could use in the microsite.

My first iteration of the wireframes involved only a redesign of the prototype.

Design solution

Second iteration included possible features for the future where Financial Planners could communicate with each other on clients in similar situations.

Finding inspiration

Finding direct inspiration was somewhat hard to come by, I explored how dashboards provide data with the support of a visual component

MVP

Final wireframes with the story that told financial planners where the client is currently standing, and how they will benefit by having a financial plan.

Where relevant, sections within the microsite consisted of a visual component, but always with an alternative to view the facts in a list below.

As the microsite is used internally within the company, receiving feedback is greatly encouraged to inform designers and developers on improvements or bugs. The feedback mechanism to allow Financial Planners to inform the team on what was useful or not.

Financial Planner’s feedback

Interviewed 5 Financial Planners with the final visual design to improve and iterate on design and copy.

(Not my work) Visual design update to the Financial Wellness Score to align with the microsite

Public voting online

Experience maps for a presentation to briefly explain the methods of how voting can be conducted for the Bafta Rising Star award. The diagram also intended to show how there are many entry points to the microsite and how the many methods can cross over different social media platforms.
01 Rising star – vote and share

Rising star - sn