Reveal the big picture with RQ's personal client balance sheet

James Valentine
James Valentine

For small business owners, their business is the cornerstone of their personal financial position and how they plan to achieve their personal goals.

But it’s not the entire picture.

There are often easy actions individuals can take to improve their personal financial strength and organisation immediately, even if much of their financial future hinges on their business.

Clients need wider support

Some of these individuals need guidance from their accountant to help them optimise how they pay themselves from their business, for example - how the optimal way to pay themselves in salary, dividends, or pension contributions.

While others may need to be introduced to a financial planner and adviser, but don’t know that they need that help, don’t know how to access it, or don’t know what good looks like.

We spend a lot of time thinking about how best to help clients like this.

A core part of RQ's mission is to provide more and more clients with access to the proactive, streamlined, joined-up advice they want and need - and Compass is a core part of delivering it. For those new to Compass, you can read more about RQ's client diagnostic tool here.

Introducing the personal client balance sheet

We want to engage them to use Compass, access the invaluable insights it provides, and vitally to uncover where they need wider support from their advisers or other professionals.

That’s why this week we launched the highly requested net worth tracker and personal balance sheet inside Compass.

The net worth tracker is a pie chart with six categories of asset types, and the balance sheet includes these as well as liabilities. These features provide you with an overview of your clients' personal financial position, something they’ve likely not accessed before, and something immediately engaging for them.

It enables accountants to understand how their clients’ business fits within their wider financial position, unlocking opportunities to offer more holistic advice, situated within their wider goals and aligned with their circumstances more generally.

Digging into the numbers can also identify where clients would benefit from the advice and support of other professionals; be that a financial planner, mortgage broker, solicitor or Will writer, for example.

It's available now inside your RQ account. Any previous snapshots will need to be updated, you can learn more about how to do that here.

If you want to learn more, get in touch by emailing or book in a call with our team.

James Valentine
Director of Growth

James is a product growth and product-led specialist, with over a decade of experience in user acquisition, product management, and growth marketing at high-growth fintech, legaltech, and regtech startups in London. He writes about product releases, professional collaboration, and news.