An online quiz from Russell Investments walks advisers through several client and investing scenarios: Your client in retirement wants to live high on the hog, or a younger client is looking for information about you online, to name two. Advisers can choose the answers that best fit their own situation and receive a snapshot of their advising and investment decision-making style: traditionalist, hunter, architect, CEO or power user.
Traditionalist advisers, for instance, have “a firm set of beliefs, a customer service mindset, and a Milton Friedman Bobblehead,” according to Russell’s site. Along with the light remarks are solid suggestions for practice management, a catalogue of an adviser’s likely strengths and how to approach a range of client situations. Navigating these real-life investment and business scenarios helps advisers learn more about their decision-making styles and access resources to help address some practice management challenges. The quiz generates potential solutions, resources and best practice approaches.
While playing, advisers can step back and consider the best course of action in scenarios that may keep them up at night. Also included are the adviser’s possible associated superpowers, opportunities and risks. Superpowers for the five types range from data analysis to tech know-how to gorgeous spreadsheets to ambidextrous texting thumbs, for example.
As well as their personal snapshot result, Russell Investments shares insights and best practices for handling the various situations encountered throughout the online journey. Risks for the traditionalist, for instance, are that the client is not always right, and one-to-one service can make it hard to expand a book of business.
Pointing out that gamification has been extremely popular among consumers, Kevin Bishopp, a director in Russell Investments’ U.S. adviser-sold business, says the firm thought financial advisers might find some benefit from it. “The quiz is designed to be fun, fast and informative for advisers,” Bishopp says. “The goal is to provide real-time information and practical advice to help advisers better tackle common concerns, such as how to construct a more tax-efficient portfolio, more effectively manage time and build business scale, as well as work through challenging situations presented by clients and the markets. By answering just a few questions, advisers receive information on potential solutions, resources and best practice approaches.”
Scenarios in the quiz include:
- Your lowest revenue clients take the most time/resources to manage
- A cost-conscious client asks you what you do to earn your fee
- A client asks about robo-advice
The “What kind of adviser are you?” quiz, which is mobile and tablet compatible, does not ask for any personal information and is on Russell Investments’ website.