Data Needed For Elements

Data NEEDED For An Elements Scorecard

• Balance sheet
• Total annual income
• Total annual spending
• Savings amounts and frequency by account
• Debt payments by account
• Annual taxes paid
• Life, disability and umbrella insurance coverage amounts
• Equity allocation on investment accounts

Nice to have data

• Ownership percentages on balance sheet items
• Income by source
• Other debt details like:
  • Interest rate/type
  • Loan length
  • Original amount/data
  • Extra debt payments
• Additional insurance data
• Goals & Values

When do you have enough information?

We categorize this process into four stages: fine, good, better, and best.

Each stage involves collecting different levels of financial information which then populates parts of the client's financial scorecard. For instance, obtaining complete net worth information is 'fine', but it won't activate any scores on the scorecard. Adding details on income and spending, categorized as 'good', lights up more of the scorecard, including the bottom row and the burn rate element. 'Better' includes savings and debt payments, while 'best' encompasses comprehensive data like equity allocation, insurance, and tax payments. Most first-time clients typically provide information between the 'good' and 'better' stages. This level of detail is generally sufficient for a meaningful financial assessment.

Related to

• Getting Started