Fincite Financial Health Check


Financial Health – give your customers security and the opportunity for long-term asset accumulation

 

Financial concerns represented in all age groups

Especially in times of crisis, the population’s concerns about their own economic situation grow. In the younger generation, it is mainly worries about poverty in old age and about accumulated debts due to consumer behavior or educational costs. The group of 40-65 year-olds is particularly concerned about whether the assets that they have saved and intended for retirement have been invested adequately and safely. The thought of their finances arouses negative emotions in around 84% of Germans. The consequences are sleep disorders, anger in the partnership, and even serious health problems (e.g. depression). 

Financial Health – Significance and Assessment

The condition and stability of a person’s finances and circumstances are known as financial health. Typical signs of strong financial health are a steady flow of income, little change in expenditure, solid investment returns, and growing well-invested assets.  An overview of the total assets, consistent adherence to the spending budget as well as conscious life planning and well-considered investments help to achieve a healthy financial health value.

With the following five questions you can carry out a Financial Health Assessment with your customers and then offer them an overview of their personal financial situation: 

1) How well are you prepared for unexpected events? How much are your reserves in relation to your monthly expenses and how many months can you live without an income? 

2) What is your net asset value? Is it invested in assets that generate a return? What percentage of your expenses could you cover from the return on your investments?   

3) Do you have the necessary things that you need in life? What about wishes that you still have (e.g. children or sabbatical)? 

4) How much are your debts and what is your ability to repay? 

5) Are you actively saving for retirement? Can you roughly estimate future expenses? 

What customers expect frotheir bank

With regard to the challenges posed by the COVID-19 pandemic, security is the most important need of German bank customers in addition to the availability of cash. More than onequarter of all banking clients would like to see open and transparent communication and 27% would prefer easier access to their advisors (also through digital channels).  But still, there are only a few banks that actively dedicate themselves to the financial health of their customers.

Fincite.CIOS – software for comprehensive investment advice

With Fincite.CIOS, you can offer your customers a comprehensive overview of their total assets – across all asset classes. After a personal asset and liability allocation, a personal balance sheet is drawn up together with your customers, highlighting risks and potential. This 360°overview can be a good starting point for a portfolio analysis or the evaluation of pension gaps. Benefits for your customers with Fincite.CIOS: 

Define your own financial health value

Dynamic frontend for customers and advisors

Generate sales impulses and opportunities to engage with your client 

Comprehensive advice on liquidity: time deposits, overnight deposits, current accounts, reinvestment of life insurance

Asset optimization

 

 

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