Wealth Management Expert Launches Income Protector and Quiet Advisor
3Q Solutions, the wealth management and financial planning technology expert, has announced the launch of its ‘Income Protector’ and ‘Quiet Advisor’ modular software solutions for financial services organisations and independent financial advisors.
Both solutions enable financial businesses and IFAs to manage multiple wealth portfolios and develop closer, more profitable relationships with their clients. Tailor-made to be easy to use and responsive to client needs, these products seamlessly integrate real-time client details and market data into a clear and compelling graphic representation that helps clients to make informed decisions about the financial solution that best suits their specific situation.
Income Protector enables the financial advisor to analyse a client’s balance sheet and then recommend the most effective course of action should their income stop. By illustrating the loss of income on assets held, Income Protector also highlights the ensuing risk of asset and lifestyle erosion if the recommended course of action is not taken.
In a recent report, Datamonitor made the following observations about Income Protector, "It has developed a ground breaking method of communicating the need for income protection to customers."
The product takes a markedly different approach to existing applications in the advisory marketplace. Instead of asking how much cover the client needs, Income Protector recommends how much cover the client should get. As such, the onus is placed on the advisor to provide information rather than the client, thus making for a less interrogative and more constructive relationship.
Income Protector is designed to be both easy for the advisor to manage and a decision-aiding visual tool for the client. The product analyses the client’s entire balance sheet and their desired lifestyle costs, and through an inbuilt, sophisticated rules engine, translates the information into detailed, but easy to understand, graphical analysis. This allows the client to review the options available and to make an informed decision, for example, to reduce their lifestyle costs on an ongoing basis to prevent asset erosion before retirement.
Quiet Advisor provides a ‘holistic health check’, enabling the advisor to present a comprehensive overview and recommendations on the client’s asset growth and retirement provisioning. Via a user-friendly interface, the client’s financial objectives are ascertained and their overall tolerance to risk is established using a form of psychometric testing. This information allows Quiet Advisor to generate coherent short, medium and long-term agendas for future discussion between the advisor and the client about how investments and assets can continue to be managed profitably.
As with the Income Protector product, Quiet Advisor is a bespoke product that can be adapted for any organisation, such as by aligning certain economic indicators with the client’s way of thinking. Again, the Quiet Advisor formulates the information inputted by the advisor into a unique graph demonstrating the areas that need to be altered within the customer’s personal financial plan to ensure, for example, financial independence.
"The key to our products’ success is that complicated financial data is transformed into graphics which are easy for the advisor to explain and the customer to understand," said John Finan, chairman of 3Q Solutions and ex Winterthur Life UK chairman and chief executive. "We demystify the financial labyrinth for clients in order to help them take stock of their finances as they answer our three key questions: Where are they now? Where do they want to be? And, most importantly, how can they get there?"
Ray Young, CEO of 3Q Solutions, has commented, "Asset and lifestyle erosion are very real problems faced by many individuals – a high-paying job today doesn’t guarantee a wealthy future if savings and investments are not being properly managed. And an unexpected change in circumstances can really knock people for six if they haven’t prepared financially. Our products provide information that helps advisors to encourage clients to make potentially life-changing decisions."
Both Income Protector and Quiet Advisor provide financial organisations and IFAs with a seamless, bespoke and easily navigable system, common to all of 3Q’s products. By providing advisory information as a series of easily comprehensible graphs, the client is empowered to make financial planning decisions based on information they understand visually. Income Protector and Quiet Advisor are also both modular, which means that advisors can choose to specialise in these specific areas of wealth management without having to purchase and deploy an unnecessarily complex and expensive financial planning system.
The convergence of traditional assets with digital assets brings a new wave of challenges influencing the future of financial institutions on multiple...View article
Calypso voted the best software solution and best buy-side collateral management solution of the year by FTF Calypso Technology Inc., a leading provid...View article
Calypso Technology, Inc. is sponsoring the Central Banking Summer meetings from June 14th to June 18th, 2021! Herve de Laforcade, Global Head of Marke...View article