NetWorth, inc. Eliminates Financial Frustrations

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Entrepreneur and Real Estate Investor, Scott Dawson, Jr., has solved the ominous task of creating and updating personal financial statements with the creation of a Web based application found at

According to federal banking regulations, a lending institution is required to have a current personal financial statement on file for anyone involved in any business or commercial loans. And as long as the loan is active, the law requires the statement be updated annually. Entrepreneur and Real Estate Investor, Scott Dawson, Jr., has solved the ominous task of creating and updating personal financial statements with the creation of a Web based application found at

Most high net worth individuals and investors find it tedious at best to unearth their current financial information, accurately enter the data, and present a professional document to the bank. The frustration felt by individuals is also felt by banks. The thought of a compliance officer rustling through files or having to hound a good client for updated information is not a productive use of their time.

Formed in 2001, NetWorth inc.’s sole goal was to eliminate this frustration. Over the past five years NetWorth, inc. has worked to create the platform that eliminates the hassle. Prospective clients and bank administrators were studied and monitored by developers to streamline the process. Dawson explains, “We partnered with two boutique banks whose goal was excellent customer care to get a behind the scenes look at the impact the legal requirements actually had on the bank’s business.” The findings and results were astounding. There were delays in loan processing and loan officers who kept track of their client’s net worth using spiral notebooks. Most statements came from other financial institutions or were unprofessional, homemade versions. The structure and tracking of the bank’s personal financial statements ran the gamut and a clear picture of net worth was almost never available.

“The NetWorth package affords a user friendly systematic approach to create a personal financial statement, save it, and effortlessly update the statement as often as is needed,” says CEO Ron Gridley. “It does not matter how many stocks or investments you may have, the software allows complete flexibility to enter this information onto one form.”

The company also created a custom platform for financial institutions that allows loan officers to track their clientele. If a statement is due, the client is notified via mail, fax or email. Both the client and loan officer are able to view the same information simultaneously online. Financial institutions are also able to query their client information from the site to better serve their clients needs. Reporting on deposits, loans, insurance, mortgages, and brokerage are available at the touch of a button.

Security is not in question. NetWorth’s software is an ASP model that is housed in one of the most sophisticated and secure facilities owned by SunGuard in the Research Triangle Park, N.C. It uses the latest SSL and 128 bid encryption, is monitored 24 hours a day, and has backup power supplied upon any power outages or weather related complications. If desired, the financial institution can choose to host the application directly on their server – the same servers housing online banking applications. “An individual’s statement is more secure in the system than it will be in a bank’s file cabinet,” says Gridley.

Individual users can get a 30-day trial to demo the software at Financial institutions may contact the company via its Web site to schedule a demonstration of its institution platform. Membership is $59.95 a year for individual subscribers with unlimited use and licensing rights are custom quoted for financial institutional use.

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Rebecca Antonelli
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