Platform technology provider FNZ is rolling out an alternative to traditional suitability tools to its platform and adviser clients, to help them assess consumers' broader understanding of financial services.
The firm has partnered with Suitable Strategies to offer its clients 'Bambooing', an online assessment system which seeks to go "beyond simply assessing risk". The tool measures clients' financial knowledge and their attitudes to investing and to risk, before comparing the result with the wider population. It was previously trialled by guidance guarantee provider The Pension Advisory Service (TPAS), which is currently considering to roll it out more widely, Suitable Strategies director Michael Free said. Bambooing was developed in partnership with academics in behavioural economics...
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