Help CenterSavology generates personalized and prioritized next steps for users to take to improve their personal finances. These steps are referred to as Action Items.
In total, there are approximately 60 core action items implemented or planned, with hundreds of possible permutations. If a user were just starting their financial journey, they could logically and chronologically walk through all action items to reach financial security.
When a new user creates a plan, the planning engine generates the relevant and applicable action items based on the financial profile data provided.
Action Items Page
The action items that are generated upon survey completion are aggregated into the Action Items page, as shown in the example below:
The priority number for the user is listed on the left of each action item. Each action item has a category, a general description, and a more details button that goes to the action item detail page.
As long as the user has at least five applicable action items, the user will see a prioritized list of just five action items at a time. The limit of five action items at a time will help users to focus on the most important next steps without jumping too far ahead. Action items do not have to be done in an exact order, but financial outcomes could be negatively impacted by veering too far off course.
Action Item Assignment Methodology
Savology's planning engine uses a proprietary algorithm to categorize and score action items based on impact, order rank, ease of completion, and increasing their savings rate. After determining which action items are logically applicable for a user, they are then prioritized by the algorithm to determine the order of assigned action items.
Action items 1-5 are ordered using a weighting system in this order: priority, ease of completion, impact, savings, and values, priorities, and goals.
The goal of this general system is to provide a balanced mixture of action items to work on. There is nearly always the next best action item, an easier action item, and an impactful action item. At the same time, an easy or impactful action item will not jump too far up the list if there are too many other ordered action items between them.
The purpose of the weighting towards savings rate is for a user to see the importance of always working towards increase their savings rate, and to not just have commercialized action items.
Action Item Details Page
The action item details page explains the action item and provides relevant resources:
- Action item title and description
- Background & explanation
- Related activities (if applicable)
- Recommended providers (if applicable)
- Learn More section with suggestions for further education
Below is a sample screenshot from the action item page showing the format of action items:
Activities
In many regards, action items are milestones in a financial journey. Similarly, many action items may be viewed as projects that require significant work. Activities are created as smaller tasks to help users complete action items and make continuous progress on their plan.
Although some activities are independent of action items, they are often created at the time of action item generation to serve as tasks related to the action item.
Below is an example of activities related to a budgeting action item.
Recommended Providers
Advisors may choose to add recommended providers to their client's action items. 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.
Savology does not recommend or include any of their own recommended providers.
Learn More
Savology provides suggestions to users for additional literacy courses and articles to better understand the action item, 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.
Savology Action Item Categories
Each action item is also placed into one of the categories listed below. Categories are used to assign custom resources and providers to the appropriate action items, and to avoid displaying multiple action items with the same category when possible.
| Emergency Fund | Account |
| Retirement | Debt |
| Estate Planning | Real Estate |
| Insurance | Credit |
| Saving | Health Savings |
Note on Savology's Planning Methodology
Savology's planning engine, logic, and algorithms are built on thorough research from various sources like the Certified Financial Planner (CFP) board, industry experts (i.e. Suze Orman, Dave Ramsey, etc.), and published university research. All of the standards, methodologies, and algorithms used were thoroughly reviewed and approved by a variety of independent industry experts, advisors, and CFPs.
The methodologies used were established by comparing data from all of the above sources and used to create a solution that works with a broader population where recommendations are still personalized and specific to each user.
Removing Action Items
Advisors and clients also have some flexibility when it comes to removing action items.
Dismissing action items from a client’s plan
Users or advisors may dismiss certain action items from an individual client’s plan. Users may do so by selecting the Dismiss Action Item link at the bottom of the action item details page.
An advisor may also do it from the Engagement tab of the user’s account details page by selecting the trash icon next to the action item.
Removing action items for all firm clients
Advisors can completely remove any action item from their firm’s account so the specific action item is never assigned/displayed to any of their clients. To do so, you will need to contact your account manager or our advisor support team (advisors@savology.com) to have any removed.