EV upgrades risk rating capabilities

23 November 2022

Financial software provider EV has upgraded its risk rating capabilities with automated links to providers’ model portfolio ranges.

Advisers can now select from nearly 250 model portfolios through the firm’s EVPro adviser tool suite.

Launched in January this year, EVPro allows advisers to create and manage client financial plans. The firm said it also supports advisers in meeting the requirements of the Consumer Duty using stress-testing functionality and stochastic modelling to deliver realistic forecasts of client outcomes and avoid foreseeable harm.

The software already allowed firms to build and risk rate their model portfolios using a universe of over 160,000 risk-rated funds but the new functionality delivers greater automation, removing the new to rekey information.

Gemma Brazier, product owner at EV, said: “We designed EVPro to cover the complete financial planning journey in one easy-to-use solution, from understanding the client’s goals and assessing their risk profile, to selecting suitable investments, stress testing the portfolio and reviewing the overall plan. By putting stochastic modelling at advisers’ fingertips, EVPro illustrates the likelihood of meeting the client’s goals, supporting crucial conversations while evidencing suitability and complying with the new Consumer Duty rules.

“We’re committed to continually enhancing the software and know from adviser feedback that greater automation around adding and maintaining model portfolios will support firms in achieving greater efficiencies and better financial planning outcomes.”

Roger Clark, compliance manager at adviser firm Heritage Investments, said the new MPS functionality “will significantly reduce the time spent importing and updating the model portfolios we use, and more importantly, allow us to risk rate blended solutions.”

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Professional Paraplanner