Wealth management technology company Advisor Software launched a behavioral finance profiling solution, Behavioral IQ. The new tool helps advisors uncover their clients’ behavioral characteristics that influence their risk and financial decision-making.

Dr. Andrew Rudd, Chairman and CEO of Advisor Software, described current risk assessment tools for wealth management as “broken,” pointing out that their “flawed results” may lead to “disastrous outcomes.” Rudd added, “Behavioral IQ’s measure of deep behavioral factors influencing risk and decision making enables financial advisors to truly understand clients’ personalities and risk tolerance to make smarter, more informed financial decisions.”

The Behavioral IQ assessment takes a Myers-Briggs approach to determine a client’s decision-making process and risk preference. The six modules of risk analysis assess financial decision-making preferences, risk tolerance, financial knowledge, comfort levels in gain and loss scenarios, confidence, and financial loss tolerance. Combined, they produce a multi-dimensional evaluation that offers advisors the information they need to make better-aligned investment selections for their clients.

Advisor Software was recently named to our list of Top Business-to-Business Wealth Players. The company showcased its Wealth Management apps for Salesforce Financial Services Cloud at FinovateSpring 2016. In 2015, Advisor Software presented the suite of more than 100 APIs that comprise its developer solution at FinDEVr. The company was founded in 1995.

Advisor Software this week introduced its white-label, robo-advisor platform, ASI Digital Advisor. The technology, announced at the TD Ameritrade National LINC conference in Florida, makes it easier for wealth managers and financial advisors to begin providing their clients with automated digital investment advice.

“By building our application in a modular fashion using APIs,” said company VP of Product Management Kevin Kraus, “we were able to develop a digital advice solution that is the most flexible and scalable on the market today.”

Pictured: Advisor Software VP of Product Management Kevin Kraus and VP of Engineering Archana Rao demonstrating their Wealth Management Cloud at FinDEVr San Francisco 2015.

ASI Digital Advisor gives wealth managers the ability to generate model portfolios, build risk- and goal-based portfolios, and automate processes such as client onboarding and rebalancing, all with a responsive design to a state-of-the-art user experience.

Chairman and CEO of Advisor Software Andrew Rudd said that the new technology was a standard-setter in terms of “usability, scalability, and flexibility in the digital advice space.”

“Competitive platforms often ask advisors to make too many compromises,” Rudd said. “With our solution, advisors can easily modernize the user experience for their clients without having to alter the way they do business.”

Advisor Software’s new solution arrives just a few weeks after the company announced major hires for the position of Chief Technology Officer and Vice President of Sales. David Cooper, a former senior executive at Fiserv and Greendot, will take the helm as CTO, and Tom Flint, co-founder of Tiburon Wealth Management, will become Advisor Software’s next VP of Sales.

Founded in June 1995 and headquartered in Walnut Creek, California, Advisor Software demonstrated its Wealth Management Cloud platform at FinovateFall 2015. In its FinDEVr debut a month later, Advisor Software showed how the more than 100 APIs on its platform help developers build and deploy a wide variety of wealth management apps.