A behavioural finance app is coming to the Intelliflo office suite, designed to gauge and evidence clients’ suitability.

Called Investor Compass, it has been created by behavioural finance specialists Oxford Risk.

The app is built around a psychometric risk suitability questionnaire that takes about three minutes to complete.

Integrated into the Intelliflo suite, it allows data on clients’ financial circumstances and existing plans from factfinds to be imported directly into the application.

Investor Compass determines investors’ risk appetite and tolerance, financial personality, composure, confidence, familiarity preferences and impulsivity.

On completion and agreement of the suitability questionnaire with an investor client, suitability reports are then automatically generated.

Nick Eatock, CEO of Intelliflo, said the addition of Investor Compass comes after several years of collaboration with the behavioural specialists.

He said: “Oxford Risk’s behavioural insights and rigorous approach will undoubtedly add a huge amount of value to adviser processes and their investor clients.” 

Oxford Risk already works with Financial Planners and is targeting the profession with its insights into clients.

In November 2023, Oxford Risk published a white paper that argued Financial Planners and advisers needed to improve their approach to retirement income suitability.

In the white paper, the behavioural finance specialists argued that retirees’ financial personalities are typically ignored by Financial Planners but can have a substantive impact on assessments of risk capacity.

James Pereira-Stubbs, chief client officer at Oxford Risk, said: “We know how important it is to our clients that we integrate with the most popular practice management systems, like Intelliflo Office."

Earlier this month, Intelliflo linked with fintech firm Aveni to launch an integrated generative AI service in its suite.

Aveni is now working to embed its product suite into the Intelliflo office for customers, allowing financial advisers to record 100% of customer meetings and conduct compliance checks faster.