FinaMetrica, the world’s leading risk profiling software provider for financial advisers, has won a high-profile international award at the Family Wealth Report Awards and the Australian-based business expects to win more accolades for its software which aims to entrench best practice in the advice process.
FinaMetrica won the award for best Risk Profiling Solution, which recognises the best “technology solution to help wealth managers assess and document the risk appetite of clients.” Winners were announced at the gala awards dinner held on March 13, 2014, in New York City.
Showcasing ‘best of breed’ providers in the private banking, wealth management and advisor communities in the US and Canada, the Family Wealth Report Awards recognise companies, teams and individuals deemed to have ‘demonstrated innovation and excellence during 2013.’
FinaMetrica co-founder Paul Resnik said, “We are delighted to be recognised on the international stage for our risk profiling solution. Being able to accurately measure an investor’s risk tolerance is critical to providing advice that is suitable and in the client’s best interests. We have developed our test collaborating with some of the world’s most professional advisers to make sure it is the best available.”
Mr Resnik warned that proposed changes by the Coalition government to Future of Financial Advice (FoFA) laws were confusing for the industry and the investing public. “The sooner matters are settled, then the industry can get on with the job of providing the best advice it can. Regulation is the bare minimum behaviour required by advisers to stay in business. Once that’s settled, advisers can move forward and create a competitive advantage by providing quality risk tolerance testing and risk profiling of clients, an area in which they can quickly build expertise by adopting FinaMetrica’s system,” he said.
Mr Resnik said he expects more businesses in Australia to adopt FinaMetrica’s technology given the significant focus on identifying and measuring risk since the global financial crisis (GFC) and the opportunity for advisers to differentiate their businesses. “Australian advisers are increasingly adopting our methodology because it makes the advice and investment allocation process more thorough and transparent,” he said.
The Family Wealth Report Awards 2014 are run by ClearView Financial Media, a UK-based business intelligence provider to the private banking and wealth management industries. The awards are unique in that they are judged based solely on entrants’ responses to questions about the client experience rather than quantitative performance metrics.
ClearView Financial Media’s Managing Director and Publisher of Family Wealth Report, Stephen Harris, said: “These awards recognise the very best operators in the private client industry, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process – such that the awards truly reflect excellence in wealth management.”
FinaMetrica’s risk profiling system has also been short-listed as a Risk Profiling Solution finalist in ClearView’s awards for Switzerland and Liechtenstein and its separate European awards. Those awards will be presented on April 3 and May 15, respectively. FinaMetrica has also entered its solution in the awards for Singapore, Hong Kong and the Gulf States.
“We are confident of winning more awards as our risk profiling solution is the best of its breed and has attracted widespread international acclaim and usage. We operate in 23 countries in seven languages, highlighting the broad appeal of our product to advisers and other wealth managers around the globe,” said Mr Resnik.
Leave a Comment
You must be logged in to post a comment.