The software is described as “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 Financial Planning software producer PlanPlus and FinaMetrica, a risk tolerance profiler, formally merged to become PlanPlus Global.
The launch is the first in a suite of products.
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, behavioural 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.”
The software was said to combine “the best in technology with an adviser’s professional judgment in a framework developed by PlanPlus”.
The 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.
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.”