Behavioral Finance Solution Aims to Personalize Client Experience

A new platform identifies a client’s financial decisionmaking process to help advisers make better recommendations.

Software firm Lirio has launched Finworx, a behavioral finance and engagement platform for advisers. The solution utilizes “big data” analytics and machine learning to identify a client’s risk tolerance, behavioral biases and decisionmaking patterns in order for advisers to develop a highly personalized road map for a client’s financial future.

The firm says this data then “empowers the adviser with communication tools to send the right data at the right time.”

The platform’s analytics keep advisers updated with reports on client activities through notifications that indicate who is engaging with what information. Machine learning capabilities help advisers use client insights and personal communication to figure out the next best steps for each client. Moreover, advisers can use the platform to deliver personalized content on financial planning topics, current event pieces and market updates designed for each persona.

The Success Coach option guides advisers through each of the platform’s features.

“As a CFA [Certified Financial Analyst], I understand all too well the challenge that advisers face when trying to create better outcomes for different clients while at the same time growing their business,” said Miranda Carr, president of Finworx. “Finworx helps improve understanding and engagement by directing you to your next best action with clients. Our proprietary persona-driven messaging provides a seamless communications road map—complete with automation—so that you can easily take action and engage clients appropriately.”

Lirio is a firm specializing in applying psychology and human behavioral research to products that use machine learning and big data to help businesses improve their outcomes.

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