Financial Statements Advisor
The Financial Statements Advisor module collects client data to produce key statements: current and projected Net Worth, current and projected Cash Flow and a current year income tax estimate. The gathered asset, liability, insurance, income source and living expense data can also flow to other advisor modules. This tool is one of the first modules used in the financial planning process as it provides answers to the client’s current and projected worth and financial health.
Module Target User – Advisors
Completion Time – 15 to 30 minutes
This module:
- Incorporates all assets entered in the Advisor Series into the Net Worth Statement
- Incorporates all income streams and expenses entered in the Advisor Series into the Cash Flow Statement
- Reflects selected planning alternatives on the Cash Flow Statement as proposed adjustments to the net cash flow
- Includes spending for education and other funding goals, retirement needs, etc.
- Illustrates key planning ratios, such as debt to equity
- Calculates federal income tax using the structure of standard IRS forms and schedules
- Calculates special items, including capital gain tax, supplemental income, alternative minimum tax, etc.