Preparing a Balance Sheet for a client can get very complicated. As an advisor, you must probe to understand all of your clients Resources and Goals. You also have made important assumptions about Discount Rates, Cost of Living and fees. It is imperative that all of these assumptions are understood and correct before you review the Goal Achievement Report with your clients. We have introduced an Audit Report to help you review all of the information in your plan before entering the important meeting with your clients.
You can view the Audit Report on the Report tab. We recommend you review the Audit Report prior to generating the report. It is printable should you want to include in the Goal Achievement Report that you hand to your client.
The audit Report (pictured below) is broken into three different areas:
Basic information about the household is displayed for you to double check. Items such as the household members, their ages, important dates and tax status should be reviewed to make sure no misspellings or fundamental mistakes were made.
Plan Economic Assumptions.
Plan assumptions are critical in determining the Balance Sheet and Cashflow Analysis. Given you are producing analysis for several clients over a long period of time, things are expected to change. A quick review on the audit page will allow you to verify that all information is current and correct.
Specific Economic Assumptions
Many goals and resources may exist with any plan. Often the assumptions are very different for two different goals. For example, a goal to send a child to College will likely have a much higher annual adjustment than a Social Security payment in the future. In this section, you can review all of your resources and goals, as well as the annual percentage adjustment.
Please take the time to review the Audit Report before presenting the Goal Achievement Report. This valuable report can prevent any confusion in helping your clients achieve their goals.