Statements provides an as-of-today view of your client's financial position using information saved in their Evaluation. It includes analyses such as net worth, estate values, and insurance coverage, allowing you to review important financial information in one place.
Unlike Financial Insights, which projects a client's financial situation into the future, Statements focuses on their current position.
1. Open Statements
From the Advisor Dashboard, select the client to open their Client Dashboard.
Select Statements.
Choose the analysis you want to review from the tabs at the top of the page.
Section | Description |
Net Worth | Summarizes the client's current assets, liabilities, and net worth. |
Estate Taxes / Expenses | Shows estimated estate taxes, fees, and expenses. |
Estate Worth | Shows the estimated estate value remaining after applicable taxes, fees, and other deductions. |
Estate Distribution | Illustrates how estate value is allocated among beneficiaries. |
Life Insurance | Provides an overview of the client's modelled life insurance coverage. |
Permanent Life Analysis | Displays analysis related to permanent life insurance policies. |
Term Life Analysis | Displays analysis related to term life insurance policies. |
Critical Illness | Shows critical illness coverage information. |
Long-Term Disability | Displays disability insurance analysis when available. |
2. Review the Net Worth statement
The Net Worth statement summarizes the client's current financial position based on the assets and liabilities entered in their Evaluation.
To review the statement:
In Statements, select Net Worth.
Review the asset categories, including investment accounts, registered savings, real estate, and other assets.
Review outstanding liabilities, such as mortgages and other debts.
Review the total net worth, which represents assets minus liabilities.
The Net Worth statement reflects the client's current financial position. It should not be confused with the projected net worth displayed in Financial Insights, which incorporates future income, spending, investment returns, and other planning assumptions.
3. Review insurance analyses
Statements also provides insurance-related analyses based on policies entered in the client's Evaluation. Depending on the policies entered and the available features, you may see:
Life Insurance: An overview of the client's modelled life insurance coverage.
Permanent Life Analysis: Information related to permanent insurance policies, including applicable premiums, death benefits, and cash values.
Term Life Analysis: Information related to term life insurance coverage.
Critical Illness: Analysis of critical illness coverage entered in the Evaluation.
Long-Term Disability: Disability insurance analysis, when available.
Insurance analyses are generated from the information saved in the Evaluation. To add or modify an insurance policy, return to the applicable personal or corporate insurance section in the Evaluation, make the changes, and save.
4. Statement date
Each Statements analysis reflects the client's financial information as of the date displayed in the Statements header.
This is an important distinction when comparing results across Planworth:
Module | Purpose |
Statements | Reviews the client's financial position and related analyses as of the displayed date. |
Financial Insights | Projects future financial outcomes based on the selected scenario and its assumptions. |
For example, the Net Worth statement may differ from the first year's projected net worth in Financial Insights because the two views represent different points in time and use different calculation contexts.
5. Add notes and print a Statement as PDF
You can add notes or footnotes to certain Statements analyses when those editing options are available.
To export an analysis:
Open Statements and select the tab you want to export.
Review the figures and add any applicable notes or footnotes.
Select Print as PDF when the option is available.
Follow the prompts to generate and save the PDF.
Review the generated document before sharing it with your client.
Troubleshooting
An analysis tab is missing
Some analyses appear only when the relevant client information has been entered or the feature is available for your workspace. Confirm that the applicable information is saved in the Evaluation.