EV enhances risk rating capabilities with automated links to nearly 250 model portfolios

by | Nov 22, 2022

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Financial software provider EV has enhanced its EVPro adviser tool suite by providing automated links to the model portfolios ranges of providers using the EV Risk Rating service. At the click of a button, advisers can now select from nearly 250 model portfolios managed by a breadth of market-leading MPS providers*.

Launched in January this year, EVPro is a complete financial planning tool that allows advisers to create and manage suitable client financial plans. Based on a consistent definition of risk, it also supports advisers in meeting the requirements of Consumer Duty, using unique stress-testing functionality and EV’s bespoke stochastic model to deliver realistic forecasts of client outcomes that can help 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 to the MPS process, saving time and removing the need to rekey information. EVPro’s automatic updates will also reduce firms’ ongoing portfolio maintenance requirements.

Gemma Brazier, Product Owner at EV, comments: “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 IFA Heritage Investments, says: “Our clients trust us to deliver the best service and solutions to meet their individual needs. EVPro helps ensure that the investments that we recommend match the client’s attitude to risk. 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.”

EVPro at a glance

EVPro is a flexible tool suite for financial advisers. It consists of three core modules:

  • EVPro Risk delivers a client risk profiling solution, including psychometric, knowledge & experience, and ESG-based questions. Advisers now have the ability to set up their own custom questionnaires for the first time.
  • EVPro Invest provides a comprehensive analysis of the client’s existing investments allowing advisers to create investment solutions consistent with the client’s financial objectives and risk appetite, including our pioneering income-at-risk methodology enabling the optimisation of income portfolios
  • EVPro Goal helps advisers easily create and communicate cash flow plans covering all stages of life, including pre, at, and post-retirement, giving clients a better understanding of their plans and the likelihood of meeting their financial life goals. The ‘automated stress-test feature’ which avoids the adviser running multiple stress-test scenarios.

These core modules can be used as standalone tools to complement the firm’s existing advice process, or in combination to create a more powerful planning solution.

There are also two additional bolt-on modules:

  • EVPro Solver is available as a bolt-on to both EVPro Invest and EVPro Goal. Powered by EV’s stochastic asset model, this automated functionality tool helps solve clients’ problems more efficiently, allowing advisers to add more value by finding additional solutions with just a click of a button.
  • EVPro Review is available as a bolt-on to the EVPro Goal module. It helps advisers to analyse, amend, and communicate clients’ financial plans and provides oversight of the overall financial plan.

Together, the five modules deliver a complete end-to-end financial planning tool that supports the entire advice journey.

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