Pocket Risk has relaunched its risk profiling tool for financial advisers in the UK, introducing a behavioural finance aspect and focusing on client experience.
The tool offers a risk questionnaire formed of 15 questions in four sections: financial goals, financial situation, risk tolerance and capacity for risk.
The firm also allows advisers to connect model portfolios to the profiler's algorithm, which means advisers can simply place clients into the correct risk-rated portfolio.
Pocket Risk has been more popular in the US than the UK since its conception four and a half years ago, but founder John Ndege suggested its new behavioural finance questions offered something different to others in the UK market.
Ndege said: "Risk profiling has historically been focused on risk tolerance and the compliance side. But research around this field has advanced, especially with behavioural finance in recent years.
"We're focused on getting a great client experience. Our software is a lot more client friendly and usable, and compliance is obviously front and centre, but we want to create a great experience.
Pocket Risk has a full methodology for its questionnaire on its website".
The service costs between £49 a month for one adviser and 80 clients and £299 a month for 10 or more users and an unlimited number of clients.
Rory Pervical last week told Portfolio Metrix's The Forum that advisers can often find themselves in trouble when assessing a client's capacity for loss and knowledge and experience.
As well as arguing Pocket Risk helps advisers to help cover themselves in these areas, Ndege said it offers an easy-to-use service for clients.
"We use historical examples in our questionnaire, it's not just dry questions that people don't understand," he said.
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