FinaMetrica has signed a deal to integrate its risk profiling solution into Towry’s financial planning and investment processes.
This includes access to FinaMetrica’s newly-released 12 question risk tolerance test, in addition to the established 25 question test.
The test and automatically-generated report which follows, helps advisers match investments to the needs of their clients, the software provider stated, claiming this is “key” to the delivery of suitable financial advice demanded by the Financial Conduct Authority.
Paul Resnik, FinaMetrica co-founder, said: “Towry put us through one of the most rigorous assessments we’ve ever experienced. We needed to show both the depth of our psychometric integrity and the detailed evidence for the effective mapping of risk tolerance scores to investment portfolios.
“We are in discussions with a number of UK firms who are currently using competitors’ systems, but are now considering FinaMetrica’s risk profiling solution.”
John Porteous, Towry’s head of client proposition, said: “Implementing a scalable ‘best-practice’ suitability system which adds value to the client experience is essential to our growth ambitions.”
ruth.gillbe@ft.com
