Skandia UK has launched a financial adviser's risk discussion app for iPhone and Android phones.The app has been developed to help advisers assess a client's attitude to risk and then discuss that level of risk with their clients, in a single meeting. The app was designed for financial advisers following a Skandia survey* conducted earlier in the year that revealed 56% of advisers currently use a smart phone for business purposes, with over half of these owning an iPhone.
The app allows advisers to run through either 11 or 13 questions looking at their client's appetite for risk. When completed, the app will calculate a risk score, between 1 and 10, with 10 representing the highest risk. The app then quantifies what the risk score means in terms of a range of expected returns and also enables the adviser to compare that score to an alternative risk level. The adviser can then agree with the client their preferred risk level, add any additional comments and then email themselves a PDF summary of the results.
For those advisers seeking greater flexibility and efficiency when assessing a client's attitude to risk, the new app will deliver real benefits, as it enables the adviser to go through the questionnaire and discuss the results, all in one go and in any location.
Skandia's ‘Appetite for Risk' app is now available and is free for advisers to download from the Apple App Store and Google Play (Android app store).
Jeremy Mugridge, Head of Digital Marketing at Skandia, says:
"The launch of the risk discussion app demonstrates our willingness to invest in technology to meet the needs of financial advisers and their clients. The app allows advisers to conduct a risk profile and a risk discussion in just one session, rather than having to complete a questionnaire and then discuss the client's risk score at a later date. Ultimately this means a more efficient and clearer process for both advisers and their clients."
Philip Morris, Managing Director, Easby Gale & Phillipson, comments:
"I'm full of praise for Skandia for delivering this innovative new app that will add significant cost savings and efficiencies to our business. 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 adviser's and the back office administration time. I estimate this could save our business over £37,000 a year, where 300 ‘new' client meetings can be completed in two rather than three visits. Well worth the cost of buying a few extra iPads!"
* Skandia UK's adviser digital poll was completed by 687 advisers in February 2012
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