Help CenterSavology generates a personalized Report Card for clients who complete the onboarding survey. The report card helps clients quickly and easily measure their financial performance and identify opportunities to improve across several key categories of financial wellness, financial duress and financial stress.
Report Card Page
Initially, there are 10 Report Card grades that are calculated upon completing the onboarding survey. However, additional grades may be added when specific modules are completed or actions are taken (such as Credit when the credit module is completed, and Literacy when the literacy assessment is taken).
The report card grades are show in the Report Card page, as shown in the example below:
Report Card Grade
The overall report card grade is calculated by averaging all category grades and assigned based on a scale from a minimum of 60 (F) to 99 (A). However, grades without values (such as credit before the credit module is taken) do not affect the average.
Category Grades
Report card category grades have discrete values (except in some cases where they are aggregated from subgrades) based on on a scale from a minimum of 60 (F) to 99 (A).
Details on how Grades are calculated
Outlined below are details about how each category is graded.
Savings Grade
Calculated using current savings rate, the difference between the current and suggested saving rates, and if employer contributions are being maximized or not (when applicable).
Emergency Fund Grade
Calculated using the total number of months of take home income is currently saved in cash/liquid investments and if they have a separate, dedicated emergency fund or not.
Insurance Grade
Calculated based on the number of recommended insurances missing and the difference between the current and recommended term life insurance coverages.
Retirement Grade
Calculated based on if they have some retirement savings, if they are currently saving each month for retirement, and the difference between the current/expected trajectory of retirement income replacement and their retirement income replacement goal.
Estate Planning Grade
Calculated based on the total number of recommended estate planning documents they have finished.
Debt Grade
Calculated based on the average of four subgrades: Credit Card Debt, Student Loan Debt, Automobile Debt, and Debt to Income.
- Credit Card Debt: Calculated based on credit card usage, if credit card balances are paid off in full every month, and the ratio of total credit card debt to annual income.
- Student Loan Debt: Calculated using the ratio of total student loan debt to annual income.
- Automobile Debt: Calculated using the ratio of total automobile debt to annual income.
- Debt to Income: Calculated using the difference between the current and suggested DTI.
Income Grade
Calculated based on the annual household income compared to average percentiles of income for their age.
Net Worth Grade
Calculated using a net worth multiple as ratio of net worth to annual income based on their age.
Housing Grade
Calculated based on the average of four subgrades: Mortgage Rate Impact, PMI Impact, Mortgage Affordability, and Rent.
- Mortgage Rate Impact: Calculated comparing current mortgage rate to the average mortgage market rate.
- PMI Impact: Calculated based on home ownership, PMI, and the ratio of current mortgage debt to the original home value.
- Mortgage Affordability: Calculated comparing current monthly mortgage payment to the calculated affordable payment amount.
- Rent: Calculated comparing current monthly rent payment to the calculated affordable payment amount.
Credit Grade
Calculated based on the user's credit score range. This grade is only shown when a credit score has been provided through the credit score module or with a connected credit score.
Financial Literacy Grade
Calculated based on the user's literacy assessment score, and is improved as the user complete literacy course lessons. This grade is only show when the user has either completed the initial literacy assessment, or enough literacy lessons.
Report Card Details Page
The report card details page explains the specific category and provides relevant resources:
- Report Card category title, description, and applicable subgrades
- How to improve the grade
- Learn More section with suggestions for further education
- Related Action Items (if applicable)
- Recommended providers (if applicable)
Below is a sample screenshot from the report card page showing the format of report card categories:
Learn More
Savology provides suggestions to users for additional literacy courses and articles to better understand the report card, the financial principles, or the steps they need to take.
Many of the articles suggested are written by Savology, but advisors may also add Custom Resources, which are links to their own content for applicable action items.
Recommended Providers
Advisors may choose to add recommended providers. These Custom Providers allow you to add details, links, and logos for other services and partners to help them complete a relevant action item. These may include additional firm-provided services, third-party partners, technology vendors, and more.
By default, Savology does not recommend or include any of their own recommended providers.
