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, a world leader in risk tolerance profiling, formally combined their 40+ years of experience to become PlanPlus Global.
This announcement is the first in a series of developments that will sit within a suite of solutions under the banner SuitabilityPro. The new suite of products will enable 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 adviser’s 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 us at PlanPlus Global. We have always been passionate about working collaboratively with financial advisers and planners, behavioral economists and psychometricians around the world to develop the very best suitability software solutions possible. That’s what we’ve done here. 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 adviser’s professional judgment in a framework developed by PlanPlus. This powerful combination arrives at a unique Suitability Score™ that then maps to an investment portfolio in line with an investor’s risk profile. The professional judgment framework allows advisers to adjust the FinaMetrica ‘risk score’ by taking into account their intimate knowledge of clients’ 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 and academic experience. The outputs from the process are fully documented to provide the evidence required for advisers to deliver suitable advice in line with regulatory obligations and 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 our technology, to help advisers deliver holistic and consistent recommendations that account for all 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. Our new technology also helps advisers 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 advisers do. When it comes to assessing a clients’ 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.
Advisers wishing to take a free 30-day trial of the new SuitabilityPro™: FinaMetrica Profiler, go to www.planplusglobal.com to register.
PlanPlus Global Press Office
Mark Locke, communication director, the lang cat
T: +44(0) 131 202 5994
M: +44(0) 7718 424 711
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 advisers, 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 advisers in 30+ countries to deliver thousands of financial plans that manage client complexity from simple needs to high net worth. Advisers using PlanPlus Global software have over $63 billion in planning assets under influence.