Old Mutual International creates risk profiler app for advisers
Old Mutual International, part of Quilter, has released a new risk profiling app for financial advisers to help them assess a client's attitude to risk and then discuss that level of risk with their clients, in a single meeting.
The risk profiler allows an adviser to submit their client's answers to a set of 11 questions with the app then calculating a suggested risk profile score of between 1 and 5, with 5 representing the highest risk.
Some of the questions ask about what their expectations are for their future earnings over the next five years and whether they have an emergency fund to use in the case of a big unforeseen cost.
The tool will help advisers explain to their clients the risks and potential outcomes of differing investment strategies and will help advisers manage client expectations of returns. The adviser can then agree with the client their preferred risk level, add any additional comments and then email themselves a PDF summary of the results and save it on their client's file for audit purposes.
For those advisers seeking greater flexibility and efficiency when assessing a client's attitude to risk, the new app will deliver real benefits, as it enables the adviser to go through the questionnaire and discuss the results, all in one go and in any location.
Technology like this app is increasingly becoming an integral part of an international adviser's business. According to a recent survey of 180 respondents from the international adviser community across the UK, Europe, Middle East and Asia, commissioned for Old Mutual International, found that just 2% of advisers believe technology does not help their business.
Karen Blatchford, head of proposition at Old Mutual International said: "We're committed to investing in technology to meet the needs of international financial advisers and their clients, and our new risk profiler app is an example of this.
"Analysing a client's attitude to risk is a key step for international advisers looking to put a robust and repeatable investment process in place. Our new app streamlines this process by allowing advisers to conduct a risk profile in just one session, rather than completing a questionnaire and then discussing the risk score at a later date, ultimately making the process more efficient."
Old Mutual International's risk profiler app is now available and is free for advisers to download from the App Store and Google Play.
More on Fintech
Most read
