Verbatim will offer free access to an independent risk-profiling and financial planning tool powered by Distribution Technology. It uses a psychometric questionnaire developed by Oxford Risk to assess attitude to risk and classify clients’ profiles on a scale of one to 10. The process monet- ises client risk in terms of potential gains and losses and creates an appropriate asset allocation.
Verbatim is working with five firms to provide investment solutions matching the output of the tool, which are regularly rebalanced. The deal is costing SimplyBiz over £1m and will be free to the 5,000 advisers who buy services from the group.
Marketing director Matthew Timmins says: “The labels of cautious, balanced and adventurous have been discarded as they are no longer fit for purpose. We have implemented a full end-to-end investment process for IFAs with proper risk assessment.”