ProQuest sheds its skin after success

ProQuest will change its name to FinaMetrica Limited from early February after extensive growth in offshore markets drove the need for a change in branding and marketing of the web-based psychometric financial risk tolerance assessment tool.

The group will adopt the new name from the February 11 this year with chief executive Geoff Davey stating the tool had gained traction in US and UK markets in recent months necessitating the name change.

“We wanted to trademark the name and it was easier to do with a new name as the old one had too many similarities in markets outside Australia,” Davey says.

At present ProQuest is in use by 1000 financial advisers based mainly in Australia and New Zealand with 40,000 risk profiles supplied to clients so far.

Davey says the looming date for the Financial Services Reform regime and Policy Statement 175 had both alerted advisers to the need to ascertain a client’s risk tolerance which in turn had led to increased interest in the ProQuest tool.

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"There are very immediate and tangible benefits from both a sales and compliance perspective in understanding your clients’ financial risk tolerance. Most advisers now know that financial risk tolerance is a measurable psychological trait and that proper measurement is in the realm of psychometrics."

“We will be using the relaunched brand to emphasise to advisers their obligations to clients to ensure they meet with legal requirements given that many have had many other things on their mind for the past year.”