Paul Resnik

PlanPlus of Toronto, Canada and FinaMetrica of Sydney, Australia are delighted to announce their merger, effective 1st August 2017.

The merged entity is called PlanPlus Global, but the globally recognized PlanPlus and FinaMetrica brands will also continue to offer their world-leading products on a stand-alone basis. Each is a recognized international leader in its market – PlanPlus for its innovative multi-currency, multi-jurisdiction financial and investment planning software and FinaMetrica for its proven personal financial risk tolerance measurement tools.

The merger means that PlanPlus Global can now offer an integrated solution – around evidence-based investment suitability – to banks, investment managers and financial advice enterprises who want to build robust, defensible planning and advice applications that can be scaled globally.

PlanPlus founder, CEO, Shawn Brayman said: “We believe we are the first truly world class provider of professional advice solutions for enterprises and individual planners. Our products range from the world’s most respected psychometric risk tolerance profiler to a goal-based robo adviser to comprehensive financial planning, all in several languages with more than 12,000 users in dozens of countries.”

The two firms have collaborated together for over a decade, sharing a deeply-held belief that customers and providers all benefit when rigorous academic research underpins financial advice processes. Each has individually built an international reputation for delivering tools to help enterprises build consistency into scalable advice solutions.

FinaMetrica co-founder, Paul Resnik said: “The strategic match between FinaMetrica and PlanPlus is extraordinary. Our products complement each other and we share a common commitment to delivering financial systems that prioritize client’s best interests. Meanwhile, we both have global businesses serving the corporate market and individual advisors. The merger comes at just the right time for us to meet the market’s demands for an affordable, scalable and defensible advice solution that can be applied internationally across platforms, channels and borders.”

The merged business serves customers in more than 30 countries with significant presences in Canada, US, UK and Australia and substantial user bases in India, Germany, South Africa and Malaysia. PlanPlus Global has staff, offices and representatives in all major time zones to ensure all clients, large and small, are fully supported.

FinaMetrica co-founder Geoff Davey will now exit the business after his retirement from executive roles in 2015. Paul Resnik said “FinaMetrica’s world leading reputation in financial risk tolerance is largely the result of Geoff’s insight, intellectual rigour and hard work. We thank him and wish him a long and happy retirement.”

PlanPlus Global is accelerating an ambitious development plan, including continued expansion of their collaborative platform that provides scaled advice from Do-It-Yourself to traditional advisor driven, and exploring the potentials of big-data and artificial intelligence as additional components in standardizing and automating the Know Your Client process.

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Paul Resnik

FinaMetrica is pleased to announce the implementation of its risk tolerance score technology for industry leading software and data provider Financial Express (FE).

Currently used by thousands of leading financial advisors across the globe, FinaMetrica’s award-winning risk profiling process scientifically assesses a client’s risk tolerance, helping advisors to deliver suitable investment advice and encouraging clients to stay invested and achieve their financial goals. More than a million FinaMetrica risk tolerance profiles have been completed to date.

FinaMetrica’s methodology for mapping risk tolerance scores has been introduced as part of FE’s asset allocation tools, allowing advisors to make an ‘apples-to-apples’ comparison between a client’s own risk tolerance and the inherent risk in the investment strategy required to achieve their goals.

The FE FinaMetrica classification automatically breaks down a broad range of equity and fixed income asset classes to enable a quick overview of a client’s current allocations. Adviser can view the overall growth versus defensive assets split within client portfolios, enabling them to identify if a particular portfolio fits with the client’s risk tolerance comfort zone.

The FE FinaMetrica module is available now for no extra costs – advisors simply need to contact FE to activate this new feature. Furthermore, to coincide with the integration, mutual subscribers of both FE and FinaMetrica can also enjoy a 10% discount off their subscription.

A live demonstration is also set to take place at the ‘Best of Breed’ Integration event – Sydney Information Session, 24 November 2016. Interested attendees can register here.

Commenting on the launch of the new FE FinaMetrica partnership, Paul Resnik, Co-Founder and Director of FinaMetrica, said: “There is a growing body of evidence to suggest that investors with unframed risk and investment expectations run underperforming portfolios, as they will be more prone to make more emotional responses that can lead to value diminishing market timing.

“At FinaMetrica we believe there should be no investment surprises in a client-focused world and we are confident that our work with FE will help ensure that investors are able to give truly informed consent before making any investment decisions. It is our belief that this latest development from FE marks an important step in the right direction for advisor firms of all shapes and sizes, from one-man operations through to larger scale enterprises.”

Matt Surfleet, Commercial Director at Financial Express, also commented: “We are excited to be working with FinaMetrica as part of our drive to constantly look for ways to improve our service for both advisors and their end clients. Risk profiling certainly looks set to become a key addition to our existing toolkit for advisers given the continued focus that is being placed on client suitability throughout the financial services market, making this a really positive development for our business.”

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Paul Resnik

Australian robo advisers must reach beyond the limited scope of recently published ASIC RG255 guidance on digital advice.

Regulatory Guide 255 about providing digital financial advice leaves many questions about the integrity of robo algorithms and investment standards unanswered. However, these are critical questions that every digital advice operator must address.

“ASIC’s regulatory guide is clearly not meant to be a comprehensive operating manual for robos” said Paul Resnik, from FinaMetrica. “It does not address in any useful detail many of the important issues about standards for robo-advice, such as knowing your client and investment suitability.”

“FinaMetrica powers risk tolerance assessment tools, in human, cyborg and robo channels around the world to ensure our customers have an accurate risk profile of the client and a risk-matched investment solution. But ASIC is not dealing with those types of issues in RG255 – it is primarily clarifying some important licensing questions and establishing very basic, minimum operational standards.”

“The operational standards appear quite low. For instance, to meet RG255 a robo firm only requires one person who understands the robo algorithm and one person who can review the advice – and they can even be the same person. Our guess is this will assist foreign and entrepreneurial robos to develop a presence in Australia without initially requiring a large local staff.”

“Hopefully Robo operators will reach beyond the bare minimums in RG255, because all the rules that apply to human advice apply equally to robo advice” said Paul Resnik. “Investment decision standards are barely discussed, yet they are at the heart of a good financial advice process and are at the heart of every robo.”

“Robo operators need to give good advice, supported by robust defensible algorithms – it’s not just about access and transaction speed. A failure in automated advice would undermine confidence and could deliver investor losses that easily dwarf the recent scandals over mis-selling by human advisors.”

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Paul Resnik

FinaMetrica has been crowned ‘Best Risk Profiling Solution’ at the 3rd Family Wealth Report Awards 2016. The independently owned Australian-based business says the award is a much appreciated confirmation that it provides a best-of-breed tool for measuring risk tolerance to better match portfolios to the needs of investors.

FinaMetrica won the award for the second time for best Risk Profiling Solution, which recognises the best “technology solution to help wealth managers assess and document the risk appetite of clients.”

According to the judges, FinaMetrica “is rightly regarded as one of the early pioneers in this area and now has impressive global reach.”

Co-founder and director Paul Resnik said the award’s credibility will assist in FinaMetrica’s move to providing its suitability services to robo-advisers. Automation of advice is an agenda item in most countries as governments and businesses wrestle with a shortage of quality personal advisers. A recent FINRA report in the US on weaknesses in robo-advisers emphasises the need for defensible risk tolerance practices.

“We are delighted to be recognised by the US Family Wealth Report Awards 2016 for the second time. Being able to accurately measure an investor’s risk tolerance is critical to providing advice that is suitable and in the client’s best interests. Investors with portfolios that take into account their risk tolerance are less likely to be overwhelmed by anxiety and emotional turmoil when markets fall,” said Resnik.

Tyler D. Nunnally, FinaMetrica US Strategist, said: “It is truly an honor to be the two-time winner of this prestigious award. To be acknowledged as the best risk profiling solution by such an esteemed panel of industry leaders is a testament to FinaMetrica’s great work in North America and sterling reputation across the globe.”

Showcasing ‘best of breed’ providers in the global private banking, wealth management and trusted adviser communities, the awards were designed to recognise companies, teams and individuals which the prestigious panel of judges deemed to have ‘demonstrated innovation and excellence during 2015’.

ClearView Financial Media’s CEO, and Publisher of Family Wealth Report, Stephen Harris, was first to extend his congratulations to all the winners. He said: “The firms who triumphed in these awards are all worthy winners, and I would like to extend my heartiest congratulations. These awards were judged solely on the basis of entrants’ submissions and their response to a number of specific questions, which had to be answered focusing on the client experience, not quantitative performance metrics. That is a unique, and I believe, compelling feature. These awards recognise the very best operators in the private client industry, with ‘independence’, ‘integrity’ and ‘genuine insight’ the watchwords of the judging process – such that the awards truly reflect excellence in wealth management.

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Paul Resnik

When it comes to investing, women don’t fancy as much risk as their male partners – in just one in six couples will it be the female who is the bigger risk taker, according to data from suitability expert FinaMetrica, which is warning financial advisers to act in the best interests of the female investor in a couple, as well as the man, on International Women’s Day.

According to FinaMetrica data, in 65% of Australian couples, men have a higher tolerance for financial risk than their female partners.  Where there is a material difference in their risk tolerance levels, in 82% of cases it is the man who is the risk taker.

That is similar to the US where in 67% of U.S. couples, men have a higher tolerance for financial risk than their female partners. Where there is a material difference in their risk tolerance levels, in 83% of cases it is the man who is the risk taker.

“Our data shows that with five out of six couples, men tend to favour riskier investments, while women typically have more conservative tastes,” said FinaMetrica co-founder Paul Resnik.

“The important point is that financial advisers must consider the risk preferences of each person in a couple in giving investment advice – and shouldn’t ignore the needs of the less risk-tolerant partner, who is usually the woman.

“Financial advisers often skip the process of separately assessing each member of a couple’s risk tolerance and either apply the male’s risk tolerance in determining a financial plan or, presumptively, superimpose their own preferences on the couple, which fundamentally fails any suitability test.

“Any differences between male and female risk preferences must be considered in investment recommendations so they meet the often different needs of each partner in the couple. It’s not unusual, for example, for females in couples to be several years younger than their male partners. This presents a significant challenge about how to communicate and advise a couple when the female not only has a lower tolerance for risk but needs her investments to last longer,” said Mr Resnik.

A good risk tolerance test can take as little as 10 minutes to complete yet reveal important details.

“Taking the test, and reviewing how they differ from the other million who have taken the test often empowers each person in the couple to become more involved with decisions about their financial future. It could also help to make the couple’s relationship, as well as the relationship with their adviser, more transparent and stronger. This helps engender trust in the adviser, as he or she actively seeks a couple’s input in developing their financial plan. Everybody’s a winner when women’s individual needs are recognised,” Mr Resnik said.

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Paul Resnik

FinaMetrica, the global risk and suitability expert, says if you are an investor, there are three key things to think about when share markets sell off to avoid panic selling or knee-jerk reactions that could dent your wealth over the long term.

By the time the bad news is being reported, it is typically too late to take effective action. Here are three things to consider now if you are an anxious investor.

Number 1: Stick to your guns

If you have a portfolio mix that you devised when you were in a calm and rational state or agreed to with your advisor, then now that markets are volatile is unlikely to be a good time to change that mix. Ideally you will have a portfolio that takes into account your risk tolerance, as well as your financial needs. If you feel you must trade, don’t read the newspaper headlines screaming market devastation and historical drops, or fantastic buying opportunities for 48 hours before you act.

Number 2: Stay diversified

Most news reporting in market downturns focuses on the most dramatic. The emphasis is on the largest drops in both percentage and dollar terms. Many investors on the other hand own portfolios with a broad level of diversification. The volatility in their portfolios will be very different, and much less violent than the particular shares or asset classes reported in the news.

Number 3: Know your risk tolerance

The important point to know and understand is that your risk tolerance is generally stable over time and doesn’t tend to fluctuate with changing markets. What changes as markets move is typically investors’ risk behavior driven by their perceptions of risk, not their risk tolerance. Notice from the chart below how little it changed through the market crash of 2007-08.

“What we’ve learned since we launched FinaMetrica in 1998 is that in times like these when markets are selling off, risk averse investors often become overwhelmed by anxiety and sell down shares out of their portfolio – to their loss over the long run,” said FinaMetrica co-founder and director Paul Resnik.

“Specifically, risk intolerant investors cash-out of companies that haven’t dropped greatly but hold on to the ones who have taken the biggest falls hoping for them to recover. They sell winners and hold losers! History shows that these are often decisions they, and their portfolios, later regret.”

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Paul Resnik

Macquarie Group has joined forces with FinaMetrica to use its risk profiling software for its new robo-adviser platform, OwnersAdvisory.

and Macquarie collaboration enriches the value proposition of both parties. It enables FinaMetrica to deliver its market proven enterprise risk profiling consistencies to Macquarie’s advisory customers,” said FinaMetrica co-founder Paul Resnik.

“It gives FinaMetrica’s subscribers the opportunity to bring Macquarie’s industrial strength portfolio efficiencies to the management of all their clients’ financial assets.”

Mr Resnik said FinaMetrica has over the last 20 years helped hundreds of professional financial planning businesses around the world to scientifically assess the financial risk tolerance of their clients.

“With close to a million tests now complete, working with robo-advisers to match portfolios to the needs of clients is a natural extension of that experience,” he said.

“FinaMetrica’s goal is to be the global preferred ‘suitability heart’ of quality robo advisers. The FinaMetrica Investor Profiler is already embedded in robo-advisers from a leading South African planning firm and a Swiss private bank, NBK Private Bank Switzerland (NBK). In the pipeline are further robo engagements in the US, the UK, Canada, Germany, India and Portugal.”

Mr Resnik said FinaMetrica’s strategy is to accelerate software integrations with other market leading service providers to financial advisers and investment managers in the 20 countries in which it is active.

“Integrations are complete in the US, the UK and South Africa. Developments are underway in Australia, Germany, New Zealand and India. Canadian integrations include a multi-currency, multi-jurisdictional bank strength financial planning suite,” Mr Resnik said.

FinaMetrica has a flexible range of robo advice services which include complete suitability algorithm consultancy and implementation, white-labelling of existing robo models and risk test integrations into clients’ algorithms.

FinaMetrica has just completed a review of over 60 robo advisers around the world. Copies of FinaMetrica’s new groundbreaking report, The Robo Revolution, are available here. The report details 10 dramatic impacts of robo-advisers on the global financial planning industry and how traditional advisers can protect their market share against their onslaught.

The Macquarie robo-advice platform will offer customised advice in line with an investor’s profile, goals and risks, across all standard asset classes – cash, fixed income, equities, commodities and alternatives. Macquaire’s robo-adviser allows investors to execute trades and implement their advice with any existing financial product provider and to use existing accounts.

Importantly, the service offering uses FinaMetrica’s market proven 12-question psychometric risk tolerance test.

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Paul Resnik

A new report from risk profiling specialist FinaMetrica, The Robo Revolution: Robo Advice Market Commentary and Analysis, details 10 dramatic impacts of robo-advisers on the Australian and global financial planning industry.

The report, released in Australia this week and authored by FinaMetrica co-founder Paul Resnik, describes robo-advice as the “most significant development in the delivery of financial advice in the last 30 years”. He says while some human roles will undoubtedly be replaced by automation, robo-advisers will still struggle with gaining market share given the high costs of customer acquisition.

“Robo-advisers are likely to be as great a disrupter to the delivery of financial advice as Uber is to public transport. It could be an expensive mistake to make an uninformed decision to operate a robo-adviser or to choose to disregard or dismiss them,” said Mr Resnik.

“While robo-advisers are the flavour of the month, they still have a tiny market share of less than 1% of assets under management (AUM). But based on all we know, here is our take on 10 dramatic impacts that robo-advisers will have on the financial planning industry,” said Mr Resnik.

1. Robos are big.

You’re going to hear a lot about them and they will impact on your life. We believe that the impact will be overwhelmingly positive! Don’t believe the gloom that says robos will replace human advisers. They won’t.

2. Robos will be everywhere.

Everyone in the financial services supply chain will have a robo, either as a direct-to-consumer offering or as a tool for financial advisers to use.

3. Your client base may be under threat.

Robos will be everywhere and your clients will be courted by them. Your new competitor might be a club or a community based organisation or affiliate – any organisation with a large membership could soon be in the market for a white-label robo.

4. There will be many different robos for different purposes.

You will have a choice of robos, which will not all be the same. If you plan on working with any one you will need to assess it carefully to ensure it will be fit for your purpose.

5. Early-movers don’t necessarily win.

Better to make a considered decision and use proven technology and processes like FinaMetrica’s risk profiling system.

6. Robos will have to adopt suitability standards.

To flourish, robos will have to meet the same suitability standards as human advisers. It is unimaginable that an advice business would want the same client getting a different recommendation depending on whether they used robo or human advice. A business built on a multi-factor assessment of risk tolerance, risk capacity and risk needed will, of course, expect those same standards in a robo.

7. Dealing with non-assigned clients and other relationships.

Robos are quick and accurate at process work, like collecting data. And they make things fast – an investment recommendation can be on the table moments after the data is collected. It will, of course, be expected that robos must integrate with your business practices.

8. Low-cost, multi-asset portfolios are here.

Robos deal in very low-cost investment structures and that is going to challenge current thinking, current practice and profitability. Like ripples in a pond, over time the effect becomes unpredictable even when it started out very structured.

9. You will have to prove your value proposition.

Advisers are professionals who add value to their clients’ financial lives. Be ready to prove that, because you will have to be able to do supply that proof to charge higher fees than a robo.

10. Fees may come under pressure.

Just as low-cost airlines lowered airfare costs, robos are likely to bring down the base-cost of advice. But, just as with the airlines, some people will not want to fly with the cheapest; some will be happy to pay full economy and some will want the silver-service that comes with first-class. The more holistic and detailed traditional advisers are, the more they will win. Robos are not currently good at complex matters such tax or estate planning or insurance. Possibly we will see traditional advice operating to create the financial plan, with robos dealing with ongoing transactional needs.

FinaMetrica is working on leading technology to analyse the ongoing suitability of investments for clients.

“Robo-advisers need smart investment suitability tools, like our risk tolerance test to ‘plug-in’ to their algorithms – just as every miner in the Californian gold rush needed a shovel. Our risk tolerance test is the best of breed. It has been tried and tested and we believe it should become the standard suitability test for robos. They may even boast about using FinaMetrica adding validity to the advice process,” said Mr Resnik.

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Paul Resnik

When it comes to investing, women are generally less tolerant of risk than men – but the difference is less than you might think, according to FinaMetrica co-founder Paul Resnik, who is warning advisors to test the risk tolerance of all investors and not superimpose their own preferences onto investors.

According to FinaMetrica data, the average risk tolerance level of males is 53.44, which compares to 46.82 for females. Within couples, the data is similar; with scores of 52.75 for men and 47.26 for women. In both cases, males are more risk tolerant than females by almost the same margin.

“Our data shows that while men tend to favour riskier investments, women typically have more conservative tastes,” said FinaMetrica co-founder Paul Resnik.  “This finding has been backed up by several studies over the years of males’ risk taking behaviour, highlighting their greater appetite to take on risk, with researchers often pointing to evolutionary reasons,” he said.

“Part of the reason we believe for males’ greater propensity to take financial risk could be buried in Darwin’s views of successful and adaptive behaviour.  Nature enabled aggressive males to flourish. They were successful hunters and gatherers and the more aggressive males flourished while the passive males never got to eat. So, over time, this has transferred over the males’ behavior generally, including their appetite for financial risk,” said Mr Resnik.

“But it’s also important to note that the difference in male and female risk appetite isn’t as great as some people might think. Both men and women on average sit in the same risk group, so what we are seeing are slight differences. Individually, however, males and females may vary widely in their risk tolerance levels.

“Either way, before they make financial decisions, each person should have their risk tolerance objectively measured, which is possible through scientific testing. Ultimately, how a person feels about financial risk will affect which type of investments suit their needs and those with which they can sleep well at night.

“It’s also very important that financial advisors don’t superimpose their own risk preferences onto clients, whether male or female, and there is a risk this will happen if advisors don’t scientifically test a client’s risk tolerance in an objective way.”

Mr Resnik said a good risk tolerance test would take as little as 10 minutes to complete yet the benefits were numerous. “People are far more likely to stick to their financial plan through market highs and lows if they are comfortable with the risk levels they have taken and understand at the outset their financial plan, and the risks it entails, because they have been fully informed by their advisor.”

To briefly explain FinaMetrica’s test, risk tolerance scores are given on a 0 to 100 scale, mean 50 and standard deviation 10. Scores are distributed in the familiar bell curve as shown below. While male and female risk tolerance levels vary, on average, they sit within the same risk group, as the chart in the attached media release reveals.

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Paul Resnik

Self-managed superannuation funds (SMSFs) may be investing in more growth assets and exposing their portfolios to more investment risk than they might be comfortable with, according to investment expert Paul Resnik, co-founder of FinaMetrica, which specialises in the risk profiling of investors.

SMSFs allocated around one third of all their assets, at $187.1 billion, to Australian shares in the June 2015 quarter, down from $199.3 billion during the March quarter, according to recent data from the Australian Taxation Office (ATO). SMSFs poured a record amount into cash and term deposits, with holdings rising to $157.7 billion, up from $155.7 billion.

SMSFs’ Australian property investments, including residential and non-residential property, rose to a fresh high of $87.9 billion, up from $86.9 billion. Their total net assets fell to $571.8 billion in the June quarter from $582.4 billion in the March quarter.

Paul Resnik, co-founder of FinaMetrica, said the SMSF asset numbers highlight a risky allocation, dominated by growth assets such as local property and shares, allocations potentially out of line with the risk tolerance of most SMSF trustees.

“SMSFs need to ensure they achieve greater asset diversity with their portfolios and a greater awareness of their ability to tolerate investment risk. While one third of SMSFs are invested in Australian shares, SMSFs invested just $1.8 billion in international shares in the June 2015 quarter. While this figure may underrepresent the true amount, SMSFs’ offshore investments are still minor compared to their home investments,” Mr Resnik said.

“SMSFs would be prudent to consider how they can diminish their Australian equities risk and rebalance their portfolios to incorporate greater offshore diversification and an overall lesser exposure to equities. If the Australian dollar continues to fall, investors could see even greater gains from holding unhedged offshore investments, whether bonds, shares or alternative assets.

“Moreover, SMSFs are still piling money into cash investments despite historically low returns. This is a temptation that needs to be resisted for all investors as share markets fall. Over the long term, cash does not protect against the ravaging effects of inflation and build wealth. Even the big superanuation funds are piling into cash, with recent ABS Managaed Funds June quarter data revealing Australian pension funds boosted their cash deposits to $266.6 billion in the June 2015 quarter, up from $260.3 billion a year earlier.”

Mr Resnik said many SMSFs look to be in need of good investment advice. “By better understanding how financial markets work, and the impact of asset allocation on portfolio behaviour, SMSFs can better prepare for market downturns when they happen.

“FinaMetrica provides an online risk tolerance test which enables financial advisors to measure the financial risk tolerance of their clients and better match investments to their needs. The cost of our risk tolerance test has been deeply discounted to $5 from $55 for Australian consumers until 31 October 2015 as FinaMetrica is committed to helping consumers make better financial decisions during these challenging market conditions,” Mr Resnik said.

“The 25-question test takes just 10 to 15 minutes to complete. SMSF investors will then immediately be able to see their risk profile report, which is intended to help them be better understand themselves and the investments that suit their risk appetite. Click here to take your test.

“Don’t delay because whether you invest for yourself or you’re in a couple, it’s important to understand your appetite for risk and how different you are from your partner. For couples with a SMSF, the investment needs and risk appetites of both partners need to be separately assessed by advisors before a suitable financial plan for the couple can be finalised.

“It’s also not unusual, for example, for females in couples to be several years younger than their male partners. This presents a significant challenge about how to communicate and advise a couple when the female not only has a lower tolerance for risk but she needs her investments to last longer. Financial advisors can’t ignore this,” Mr Resnik said.

FinaMetrica’s well-regarded Risk and Return Guide can be used to help educate investors about market returns and volatility. The Guide presents a comprehensive analysis of historical portfolio performance across the risk/return spectrum that is meaningful to clients in the context of their risk tolerance.

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