WealthCare
WealthCare measures the financial health and wellness of an organization's customers by evaluating both financial behaviours and attitudes across four key dimensions. This approach gives financial institutions the intelligence they need to engage customers in relevant conversations. It also helps them manage customers' financial goals in ways that reflect each customer's financial wellness profile. WealthCare is built by integrating over 100 data variables across 10 data sources, including financial holdings, spending patterns, social values and attitudes related to financial health in Canada.
WealthCare provides an overall indicator of financial wellness by age. This helps identify the challenges and opportunities customers are likely to experience, and it highlights differences in wellness scores by lifestage.
WealthCare's overall score comprises four component grades:
- Leverage: Evaluates whether your customers have a balanced relationship between assets and debt
- Spending: Determines the likelihood of your customers living within their means
- Planning: Assesses whether households are making their financial future a priority
- Financial Acumen: Analyzes the degree households self-invest, seek advice or hold a diversity of investments
How it’s used
- Arm your advisors and coaches with tools to engage customers proactively. Offer advice and programs that improve customers' financial wellness and put them at ease.
- Integrate with other data-analysis tools to evaluate financial health and wellness by segmentation, geography and other behaviours.
- Align resources and programs to the financial needs of the community. Identify profitable strategies by differentiating your service offerings from your competition.
Sample questions it can answer
- What is the financial health and wellness of my customers?
- How can I identify areas where I can help improve the financial situation of my customers?
- Who should I target with financial literacy and education programs?
- How should coaches and advisors develop financial plans and programs?
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