Old Mutual International (OMI), part of Quilter, has created a risk profiler app that allows financial advisers to assess their clients’ attitude to risk, and discuss the results, in a single meeting.
The app asks a set of 11 questions and, according to a client’s answers, calculates their risk profile score of between one and five (one being the lowest and five the highest risk score).
OMI created the tool to help advisers explain to their clients the potential risks and outcomes of the different investment strategies open to them and to assist in managing expectations of returns.
The questions include ascertaining a client’s expectations for their future earnings and whether they have an emergency fund to use in case of unforeseen costs.
Investment commitment
Karen Blatchford, head of proposition at OMI, 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.”
The app is just one of the many technological developments in the financial advice sector. A recent survey by OMI of 180 respondents across the UK, Europe, the Middle East and Asia found that only 2% of financial advisers believe technology does not help in advising clients.
