FinMason Solutions Offer Suitability Tracking

If a recommendation is given in a careful and controlled manner, but there is no record made, does that mean it is materially less prudent? 

FinMason has launched two new risk tolerance and compliance products for financial advisory professionals aiming to increase practice transparency and control.

The first, FinScore Pro, “systematically develops a mutually understandable, bright-line agreement on risk from each client and prospect in a quick and uncomplicated way,” according to the firm. The second, FinScope, “provides compliance teams with the ability to screen each client portfolio every night with robust analytics to detect problems before they become problems.”

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FinMason CEO and Founder Kendrick Wakeman argues the new product set forms “a unique synergy that constantly assures all portfolios are in compliance with the client’s explicitly agreed upon risk limits.”

As the firm explains, FinScore Pro is designed as “a simple process that guides a client or prospect to identify their ideal level of risk versus reward, even if they have little or no financial background. Instead of just being assigned an obscure label or number, FinScore Pro allows the client to envision and comprehend the amount of risk they should be taking and why it is potentially beneficial that they take on a certain level of risk.”

Then, once a client’s “true risk appetite” has been established, advisers and compliance officers can turn to the new FinScope product to keep portfolios compliant.

“The enterprise-wide solution runs daily checks on each individual portfolio and flags the portfolios that need attention,” Wakeman explains. “If the portfolio is outside of the client’s risk tolerance, the adviser is prompted to have a conversation with the client and/or take corrective action, if necessary.”

Advisors and financial firms interested in a demo can visit www.finmason.com

Trust Builders Revamps Fiduciary Support

“Financial advisers’ clients need to understand how market volatility can hurt their chances of a successful retirement, and they also need to know that options are available to mitigate the risk,” the firm suggests. 

Trust Builders announced the release of two features to help retirement specialist advisers serve clients in a fiduciary capacity.

The two newest features complement the retirement readiness solutions in The Retirement Analysis Kit (TRAK) by integrating an annuity illustration into the sequence of returns analysis and allowing advisers to document their advice to clients, the firm explains.

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“Financial advisers’ clients need to understand how market volatility can hurt their chances of a successful retirement, and they also need to know that options are available to mitigate the risk,” says Edward Dressel, president of Trust Builders. “The new annuity illustration will help advisers educate clients about the possible benefits of an annuity to safeguard their retirement income.”

According to Trust Builders, the first new feature complements the existing sequence of returns calculator offered by the firm, which illustrates a client’s retirement plan using historical market performance. The new feature allows an adviser to illustrate market volatility and then illustrate how an annuity may provide some protection against market downturns during retirement.

The second feature, the firm suggests, allows an adviser to document which scenarios were presented to the client and which one was selected by the client. This feature allows the adviser to keep records of what advice was presented to a client and what advice the client decided to take action on, including client verification of the document. “This paper trail helps advisers comply with strict fiduciary standards and protect themselves by demonstrating that they have acted in a client’s best interest,” the firm reports.  

For more information about the expanded offering, visit www.AskTRAK.com

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