How to weed out provider bias in ATR tools

WARY

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Skandia's Michael Barrett looks at the questions advisers need to ask in order to avoid provider bias within platform-based tools...

This website carried an article recently exploring whether attitude to risk (ATR) profilers are "regulatory tickboxing" or "planning essential". The consensus was clear: an ATR tool can add value to the advice process but it supports advice and does not replace the need for an adviser. Tools that can help facilitate a discussion about different types of risk - for example: risk tolerance, risk required, risk capacity and even risk composure - can help engage customers with the advice process, as well as help towards ensuring a suitable outcome, but the wider conversation is key. Advisers...

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