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Basic financial analysis for private households prEN XXX

Scope

This document sets out a procedure for the basic financial analysis for private households with regard to the topics of protection,
provision and asset planning, as well as according to defined topic clusters. It is based on the data required for the implementation of
the private household examined in each case and takes into account the risks and necessities as well as the financial needs of the
private household. This document specifies which data shall be collected as part of a basic financial analysis for private households.
The basic financial analysis according to this document provides the private household with an overview of its financial situation as of
a specific reporting date (at the time the basic financial analysis is prepared). It identifies the financial topics that can be dealt with in
the context of a possible subsequent financial consultation. The aim here is also to identify impending over-indebtedness and/or
impending illiquidity.
The basic financial analysis for private households is designed to take a broad view of relevant financial topics, but deliberately avoids
a high level of detail in the individual financial topics. This document provides guidelines on the order of priority in which the defined
financial topics of the private household under consideration are presented and provided with benchmarks. As a result, the private
household receives a target/actual comparison with regard to the topics of protection, provision and asset planning.
The clustering of financial topics is intended to facilitate the step-by-step approach to the holistic analysis and the facilitated access of
specialists to the implementation of the standard.
This document does not include qualitative analysis of the details of products already available in the private household under study,
nor consulting services to interpret the results of the basic financial analysis. The basic financial analysis is thus limited to a purely
quantitative, typified examination. In order to keep the complexity manageable, it is based on net values and takes tax effects into
account on a flat-rate basis.
It does not take into account any powers of attorney that may be required (e.g., powers of attorney for care, bank powers of attorney,
custody orders) and any dispositions made. Likewise, the present basic financial analysis does not take into account possible claims
from basic benefits (e.g. unemployment benefit) when comparing the orientation figures with the actual values on the actual values
side. In order to arrive at an individually suitable solution that makes economic sense for the private household, further consideration
is indispensable.
This document does not apply to financial consulting. The basic financial analysis according to this document provides the basis for
the possible subsequent financial consulting for the private household. The application of this document does not exempt from legal
consulting obligations in case of a subsequent financial consulting.