New product will help advisors to visualize and communicate risk
BOSTON, September 25, 2018 (Newswire.com) - FinMason, a rapidly growing fintech firm operating one of the largest investment analytics platforms in the world, today announced that it has partnered with Totum Risk, the only multi-dimensional risk tolerance questionnaire that helps financial advisors understand how much risk their clients can comfortably take based on their current life situation. FinMason will deliver robust portfolio analytics via their FinRiver API to power intuitive graphs and charts within Totum Risk’s on-demand reports.
“Expanding the breadth of analytics available within the Totum Risk platform has been one of the top client-requested enhancements,” said Larry Shumbres, CEO of Totum Risk. “By partnering with FinMason, Totum is able to offer a new suite of analytical features to enhance models and add value to the advisor/client relationship.”
Where many risk tolerance tools are single-faceted, Totum Risk scores each client on two distinct components: (1) Risk Capacity, or how much risk they can afford to take, and (2) Risk Preference, or how much risk they want to take. These two scores are then weighed against the investor’s current portfolio to determine how much risk they should be taking. This approach sets advisors up to understand a client’s risk from various perspectives - life situation, preferences and portfolio risk – resulting in a more thorough understanding of each investor’s unique circumstances and, ultimately, a more appropriate and accurate investment strategy.
Totum Risk has been a leader in the field of helping advisors to identify their clients' risk tolerance in a robust way. It makes perfect sense that they would offer enhanced risk visualizations so that advisors can have meaningful, two-way conversations about how much risk a client should be taking and why.
“Totum Risk has been a leader in the field of helping advisors to identify their clients’ risk tolerance in a robust way,” said Kendrick Wakeman, founder and CEO of FinMason. “It makes perfect sense that they would offer enhanced risk visualizations so that advisors can have meaningful, two-way conversations about how much risk a client should be taking and why.”
Instead of building its own products, FinMason has the stated goal of delivering robust investment analytics over an easy-to-use API to other WealthTech firms. FinMason’s API is intended to accelerate development by allowing the WealthTech firm to focus on rapid prototyping and iterating on functionality. The announcement comes on the heels of the launch of The Five-Minute Financial Plan, powered by FinMason on the Orion Advisor Solutions platform.
FinMason is one of the world’s largest investment analytics engines for financial services platforms. The Boston-based financial technology firm provides access to more than 700 calculations on every publicly traded asset in the world delivered through one simple API. Developed by FinMason’s team of seasoned data practitioners and nine Ph.D.s, the cutting-edge platform delivers institutional-grade analytics in milliseconds via two core products: FinRiver™ – a lightning-fast API that delivers any analytics anywhere in a financial services firm’s platform with just a few keystrokes; and, FinScope™ – a bulk processing platform that can analyze millions of portfolios every night for compliance screening and performance attribution. For more information, visit www.FinMason.com and follow FinMason on Twitter, LinkedIn and Facebook.
ABOUT TOTUM RISK
Totum provides a unique risk tolerance tool for financial advisors to drive prospect conversion and client engagement with suitable advice. Totum is the only financial technology platform that utilizes robust, proprietary risk scoring algorithms to calculate two unique risk scores - Risk Capacity and Risk Preference - and compare them to the risk score of the investor’s current portfolio. These scores help advisors create an investment strategy that accurately aligns with their client’s current life situation. For more information, visit www.totumrisk.com or follow the company on LinkedIn and Twitter.
Jessica Taylor Shores