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Equisoft has launched a new tool that allows investors to compare their financial well-being to that of their peers.

The My Financial Benchmark tool calculates a user’s relative financial health using metrics such as net income, cost of living, level of debt, investments and insurance coverage, Equisoft said in a release. 

The results are compared to those of peer groups within the same geographical region who have similar profiles with respect to gender, age, marital status and income.

The application provides an overall risk score and general recommendations for each investor. 

“From the financial advisor’s perspective, the tool can help speed up the discovery process and help them uncover more client needs,” said François Levasseur, Equisoft’s senior vice-president, Canada.