Financial advisor
We need something to better measure clients fears and concerns with market volatility. I just don’t think there is an accurate and up to date risk tolerance for clients. As a result we have to spend a lot of time truly understanding a clients risk tolerance sometimes we do and it’s too late. I think it required behavioral coaching as well
Jazlynn
Priority level
Not that serious. It’s just inefficient.
Willing to pay for solution
$500
Value Reasoning
It’s so subjective and up to interpretation it’s a little stressful. I’d like to have a better assessment with visuals, etc the client can fill out on their own. Maybe asking money questions. Like what does money mean to you?
Current process
My job does a 3 question assessment and it’s very mediocre
Flaw in current process
3 questions isn’t enough Having a 45 min conversation isn’t enough when you’re also trying to learn about a client and their situation
Impact
Attempts at solving
Ideal solution
Value reasoning
It’s so subjective and up to interpretation it’s a little stressful. I’d like to have a better assessment with visuals, etc the client can fill out on their own. Maybe asking money questions. Like what does money mean to you?
Challenge: Navigating the complex regulatory landscape in the finance industry can be daunting, as any product dealing with client data must adhere to strict compliance standards.
Challenge: Ensuring the confidentiality and security of client data is paramount, which may deter clients from sharing sensitive information required for accurate risk assessments.
Challenge: Clients may lack understanding of the importance of measuring risk tolerance accurately, leading to resistance in adopting new tools or methodologies.
Challenge: Existing financial systems and processes may be outdated, making it difficult to integrate new solutions that measure clients' fears and concerns effectively.
Challenge: Incorporating behavioral coaching into the product requires specialized knowledge and training, which can be a significant hurdle for entrepreneurs lacking this expertise.
