Dynamic Planner has launched Financial Personality Insights, a tool for advisers to gain a deeper understanding of client behaviours, thoughts and emotions around risk.
It has been developed by Dr Louis Williams, the firm’s head of psychology and behavioural insights, to provide analysis of insights gleaned from the psychometric attitude to risk (ATR) questionnaire.
Dynamic Planner said the tool will “unlock more levels of personalised financial advice than ever before”.
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Five personality dimensions are measured. These are: risk-taking identity, fear-of-missing-out, preference for certainty, tolerance of uncertainty and emotion towards taking risk.
In line with Consumer Duty, the tool provides supporting evidence to assist with selecting a suitable risk profile and the most appropriate tools to use when explaining trade-offs between risk and reward to clients.
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Williams said: “Our newly-launched Financial Personality Insights is designed to enrich the output from our market leading psychometric Attitude to Risk (ATR) questionnaire. Its key aim being to help frame conversations that resonate with clients and assist with selecting the right risk profile in line with Consumer Duty.
“Advisers are now able to more fully explore client behaviours, thoughts and feelings towards taking financial risk than ever before.”
