FinaMetrica moves further into robo space

financial-planning/

16 September 2015
| By Staff |
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Risk tolerance specialist firm, FinaMetrica has moved further into the robo advice space.

The company announced this week it had joined with NBK Private Bank, Switzerland to develop a robo adviser for NBK's private bankers.

The announcement said the new robo adviser was a significant upgrade to the Arabic and English web based service developed by the FinaMetrica and NBK that had been in operation since 2008.

It said that at the heart of the new solution was FinaMetrica's suitability tool kit - a 12-question scientific risk tolerance test and a jointly created set of questions and scoring that took into account investors' time horizons, capacity for loss, risk tolerance, knowledge of investments and investment experience.

Commenting on the arrangement, FinaMetrica co-founder and director Paul Resnik said the robo advisor tool was developed to deliver suitable financial advice for NBK's clients.

"NBK has paired with FinaMetrica given our extensive experience developing suitability tools based on an established scientific testing methodology grounded in more than a decade of research and development.," he said.

Resnik said his firm was convinced that robo advice would have its most effective application in conjunction with personal advisers working with existing enterprise clients.

"We expect that every major financial institution will have a form of robo advice in the next two years," he said.

 

 

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