Skandia UK has launched what it calls a "risk discussion" app allowing advisers to assess a client's attitude to risk in a single meeting.
The app, for iPhone and Android phones, aims to help advisers save time by allowing them to conduct a risk profile and risk discussion in a single session.
Advisers can run through a risk questionnaire with clients before talking about the results in one meeting and in any location - as opposed to discussing the client's risk score at a follow-up meeting.
When the risk questionnaire - consisting of either 11 or 13 questions - is completed, the app will calculate a risk score between one and ten, with ten representing the highest risk.
It then quantifies what the score means in terms of a range of expected returns and allows advisers to compare the outcome to different scores.
The adviser can then agree a preferred level of risk with the client, along with any additional comments, before emailing the client a pdf summary of the results.
Easby Gale & Phillipson managing director Philip Morris said the app can bring substantial savings in both time and money.
"The ability to condense two client meetings into one, and the ability to enter the client information straight into the tool with the customer by your side, saves on both the advisers and the back office administration time," he said.
Skandia head of digital marketing Jeremy Mugridge (pictured) said: "The launch of the risk discussion app demonstrates our willingness to invest in technology to meet the needs of our clients."
The app is free for advisers to download from the Apple App Store and Google Play (Android app store).
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