What is a Financial Passport?
The Financial Passport is a PDF document that provides a snapshot view of a client's finances across income, expenses, assets, and liabilities. This tool is designed to help financial advisers gain a better understanding of their client’s financial position and borrowing power.
Why are the categories in my Financial Passport not matching the ones in the app?
The Financial Passport uses industry-standard categories for Income and Living Expenses, which are the same ones used by brokers to review a client's finances in a lending context.
Some categories in the app may not matter for lending and are grouped under Other discretionary expenses in the Financial Passport.
How do you calculate my Assets and Liabilities?
Assets are calculated as the sum of all positive account balances, while liabilities are calculated as the sum of all negative account balances. For example, if a client has overpaid their credit card and their balance is positive, it will count as an asset since they do not owe any money to the bank.
How did you calculate other metrics in the Financial Passport?
The last page of the Financial Passport provides an explanation of how the numbers in the report were calculated.
How can I share and download my Financial Passport?
Your client can generate their Financial Passport inside the Money Partner mobile app by clicking on "Share" to send it to you via email. They can also save it to their files, depending on their device.
Additionally, if they provide the disclosure consent to share their data with you, then you can generate it from the advisor portal.
Attached is an example of the financial passport
Understand more about the Financial Passport by clicking on the video below.