Financial Assets include cash and bank accounts plus securities and investment accounts that can be readily converted into cash. Excluded are illiquid physical assets such as real estate, automobiles, art, jewelry, furniture, collectibles, etc., which are included in calculations of Net Worth.
Firms in the financial services industry typically use prefer to use Financial Assets to measure the wealth of an individual or a household, rather than Net Worth, when evaluating and categorizing clients, since this reflects what the client currently has to invest. Sales of illiquid assets, of course, can increase one's Financial Assets, while purchases of illiquid assets will decrease Financial Assets.
However, loan officers at banks and other lending institutions often focus on Liquid Net Worth (follow link to Net Worth above) in making lending decisions, since this best reflects the applicant's ability to take on new debt.