Finance & Investing

Reinventing Proposal Generation

By: Michael Fisher
Product Manager, Riskalyze

As you know, tens of thousands of advisors have turned Riskalyze into the world’s #1 proposal generation engine, and it’s all due to the incredible work done by the professionals who craft proposals centered around a client’s Risk Number®.

 

Advisors love building proposals in Riskalyze because it allows them to propose the right portfolio with the perfect amount of risk and empowers clients and prospects to buy into their plan and invest fearlessly. So, how can you propose that perfect portfolio, prove your fiduciary care, and ensure your clients feel confident in that plan? I can’t wait to show you.

 

Today, we are launching the biggest update to proposal generation since its inception, and getting to what we call the “ACAT form moment” is about to get a whole lot easier.

 

With today’s update, you can now have multiple portfolio proposals in three different statuses: draft, completed, and selected. This enables you to present your clients with a variety of different proposal options, allowing them to move forward with the plan that suits them best.

 



Why is this a big deal for advisors?

 

Riskalyze is all about helping you bring the benefits of your advice to more investors and setting the right expectations while you onboard them. In the spirit of equipping you to be your best at that, there are two big game-changers:

 

Harness the power of Rational Choice Theory.

When you give your clients the power of choice, it gives them a new-found confidence in their plan. After all, they’ve made the choices themselves.

 

According to the Rational Choice Theory, “Individuals use rational calculations to make rational choices and achieve outcomes that are aligned with their own personal objectives… we know that when people are given a choice between option A and option B, they will always feel more confident in their selection instead of someone giving them one choice, yes or no.

 

People support what they help create.

Drafting multiple proposals shifts the narrative from, “Do you want to implement this proposal? Yes or no?” to “Here are three different proposals that are built around your goals and risk tolerance. Let’s make a selection together.”

 


My daughter just turned three, and her favorite phrase is “something else!”

When I offer her carrots for her snack, I can count on her saying “I don’t want carrots.” When I ask, “Well, what do you want, sweetheart?” she’ll always say “something else!”

Here’s the trick: when I ask her if she wants carrots or celery, she gleefully chooses carrots every time. Optionality is a powerful thing.

— Justin Boatman, SVP Marketing at Riskalyze


 

So, how can we put this into action? We all know not every Risk 55 portfolio is created equal—so, why not give your clients the power of choice by showing a variety of portfolios with different investment objectives or investment products?

  • Risk 48 – Fixed income funds and annuities
  • Risk 55 – Socially Responsible Investment ETFs
  • Risk 59 – Individually selected technology and manufacturing stocks

When clients have options, they feel like they are in control, and they’ll believe in their plan that much more.

 

Prove that you’re acting in your clients’ best interests.

You know your clients best. That’s why they’re working with you! But we also know that it’s no longer enough to simply act in a client’s best interests — you have to be able to prove it. 

 

Riskalyze now saves every proposal — regardless of status — allowing you to easily account for previous proposals that have been delivered.

 

When you can demonstrate that you have constructed multiple proposals for your clients and have allowed them to review each one, then you can prove that they’ve actually bought into their plan. This improves your compliance transparency and gives you the data to prove best interest. Win-win! With proposal statuses, that “ACAT Form Moment” shifts from ‘yes’ or ‘no,’ to ‘choose your plan!’

 

These new proposal statuses will be rolling out across Riskalyze Select and Riskalyze Elite accounts starting today, so be on the lookout for your in-app alert! If you’d like to learn how your proposal workflow is changing, feel free to dive into our Knowledge Base

 

Thanks for the noble work you do with your clients. We’re proud to know that every choice you present them with is a choice to invest fearlessly.

 

read the press release

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