December 2020 Client Journal

December 2020 Client Journal

FinaMetrica 10-Question RTQ Now Available in Morningstar’s Investment Planning Tool And As A Set Of Enterprise Components

We’re happy to announce that the FinaMetrica 10-question RTQ, response readout, and Suitability Score is now available in Morningstar’s Investment Planning Tool (IPT) for Advisor Workstation as well as through our Enterprise Components channel for integration to third-party platforms.

The FinaMetrica Risk Profiling System, which came to Morningstar as part of the PlanPlus acquisition earlier this year, brings statistical robustness and transparency to the risk tolerance questionnaire and profiling process, including new detail on RTQ results and mapping to suitable portfolios for client goals.

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Financial Life Planning: Personal Finance Is More Personal Than It Is Finance

Morningstar’s Christine Benz, Director of Personal Finance, and Jeff Ptak, Head of Manager Research, interviewed Tim Mauer, the Director of Advisor Development for Buckingham Wealth Partners, for Morningstar podcast, The Long View. Mauer co-authored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He’s a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money.

Mauer believes in financial life planning, which he describes as an approach to financial planning that begins with a qualitative exploration to understand what’s important to and motivates a client. Access to deeper client insight makes it possible for a financial planner to align financial tools and resources to a client’s life objectives.

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Try Our SuitabilityPro 30-day Complimentary Trial

PlanPlus Global’s SuitabilityPro™ platform integrates FinaMetrica’s risk tolerance profiling tools with PlanPlus’ enhanced financial planning and portfolio tracking capabilities to enable financial advisors and enterprises to deliver and monitor the highest standard of advice to clients through the world’s most rigorous, academically validated and market-proven suitability technology.

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This Is Your Brain on Uncertainty: How to Keep Your (Investment) Cool When The World’s On Fire

Uncertainty is everywhere, and uncertainty is stressful.  In fact, human experiments have repeatedly shown that people tend to prefer even physical pain to the psychological stress of uncertainty. Financial uncertainty is especially stressful because our money is tied to our hopes, dreams, and sense of safety.

As we close out 2020, we face enormous uncertainty in our global economic systems, and by extension, in our household finances.  The stress of uncertainty will drive many people to take strong, definitive action of some kind just to regain a sense of control, but we must be careful in times of uncertainty to avoid making rash decisions that we might come to regret. Here, I’ll do my best to give you some healthy food for thought to help you talk with clients about how to keep their cool while others are losing theirs.

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Morningstar Takes A Leadership Role in Financial Planning Research Conferences

I know not everyone would rate academic conferences as one of their must do activities, but as 2020 winds to a close, I am thrilled with the role Morningstar played in continuing traditional thought leadership and picking up the mantel from PlanPlus/FinaMetrica. Evidence-based solutions driven by great research is the common cultural thread that was the foundation of becoming part of the Morningstar family this year.

For over 30 years, the Academy of Financial Services and its journal, the Financial Services Review, has been the primary association for academics in the field of financial planning. Over the past few years, the US CFP Board (for Certified Financial planners) has stepped up with a conference and a new journal, as have FPA Australia. Exciting! The AFS Conference was held September 30 to October 2nd in conjunction with FPA in the USA.

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Training Sessions & Webinars

SuitabilityPro™ Training Sessions are hosted every Tuesday and Thursday

  • Profiler: Getting Started! – Tuesday
  • ProPlanner: Getting Started! – Thursday

Check Times and Register Here

PlanPlus Learning Circle

PlanPlus Learning Circle is a live training community designed to inform and educate financial professionals of recent developments of interest in financial planning and getting the most out of our financial software tools. These are mini learning sessions that run approximately 30 minutes bi-weekly. Click the link for additional information.

Register Here

I have been using FinaMetrica for over 17 years for onboarding new clients. They like the extensive value of the reports; but what we appreciate is the innovations in technology, the value of the client-facing materials and the development of the life-long client relationships as I get to really know their behavioral tendencies. FinaMetrica has assisted me in building a very successful practice and we highly recommend it for any advisor who wants to enhance the overall value of their client relationships.

Ron Wilkinson - Portland, Oregon, USA
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