PlanPlus Global today announces the launch of SuitabilityPro™: FinaMetrica Profiler – a new higher standard in assessing and evidencing the suitability of mapping investment products and services to people’s needs.
FinaMetrica Profiler has been in development since August 2017, when PlanPlus, renowned for its financial planning software, and FinaMetrica, the world leader in risk tolerance profiling, formally combined their 40+ years of suitability experience to become PlanPlus Global.
FinaMetrica Profiler is the first in a series of developments that sits within the suite of solutions under the SuitabilityPro banner. The new suite of products enables an end-to-end connected suitability advice process, combining the world’s most academically valid risk profiling solution with multi-lingual, multi-currency, multi-country, and multi-award-winning financial planning software and a new portfolio monitoring tool that continuously ensures advisors’ clients remain suitably invested over time.
Commenting on the launch of FinaMetrica Profiler, Paul Resnik, Executive Director of PlanPlus Global, said: “This is a tremendously exciting moment for PlanPlus Global. We have always been passionate about best advice and have worked collaboratively with financial advisors and planners, behavioral economists, and psychometricians around the world to develop the very best suitability software solutions we could. We have taken the assessment of risk profiling to the next level that sets a new higher industry standard for evidencing ongoing investor suitability.
SuitabilityPro™: FinaMetrica Profiler combines the best in technology with an advisor’s professional judgment in a framework developed by PlanPlus. This powerful combination calculates a Suitability Score™ that then maps to an investment portfolio. The professional judgment framework enables advisors to take account of the intimate knowledge of their client with the risk required, risk capacity, risk knowledge, risk experience, risk composure, and time horizon. This process is quick, intuitive, flexible, and based on many years of financial planning practice and academic research. The outputs from the process are fully documented and provide evidence of suitability in line with advisors’ regulatory obligations and are consistent with best practice.
Shawn Brayman, CEO of PlanPlus Global, said: “Risk tolerance should not be the only indication of the suitability of a portfolio recommendation. We now have the ability, through technology, to help advisors deliver holistic, consistent recommendations that account for the many dimensions of investment risk management at a very personal client level. Risk profiling processes are always evolving, always improving. That’s what we should all be striving for in financial services. In addition, our new technology helps advisors improve client engagement and create a better client experience overall.
“You’ll find suitable advice and better-informed investors at the point where the best technology meets the best professional judgment. Technology is wonderful, but it doesn’t know people the way advisors do. When it comes to assessing a client’s overall attitude to investment risk, a personal relationship, knowledge, and experience in providing advice is invaluable. SuitabilityPro™: FinaMetrica Profiler will appeal to those advice professionals who feel the same way.”
There’s no obligation or additional cost to adopt the new functionality. Advice professionals can continue to apply the FinaMetrica test as they currently use it.
Advisors wishing to take a free 30-day trial of the new SuitabilityPro™: FinaMetrica Profiler, go to www.morningstarriskprofiler.com to register.
Notes to editors:
About PlanPlus Global
PlanPlus Global is the evolution of a decade-long collaboration between two award-winning firms, FinaMetrica Pty Ltd. and PlanPlus Inc. In August 2017, the firms formally combined their 40 years of experience to advance the development of the industry’s first comprehensive integration of world-renowned risk tolerance profiling capability with state-of-the-art financial planning software and ongoing tracking of investment suitability.
This powerful combination will enable financial advisors, enterprises and institutions to deliver the highest standard of advice to clients through the world’s most rigorous, academically validated and market-proven suitability technology.
PlanPlus Global’s industry-leading profiling software (www.riskprofiling.com) has produced accurate psychometric risk tolerance profiles for more than 1.4 million clients. The multi-lingual, currency, and jurisdiction financial planning software (www.planplus.com) has enabled advisors in 30+ countries to deliver thousands of financial plans that manage client complexity from simple needs to high net worth. Advisors using PlanPlus Global software have over $63 billion in planning assets under influence.