Should you capture the Risk Number ® for each person individually or have them answer the questionnaire together? With the enhanced Risk Number experience, advisors can choose to move forward with a single Risk Number OR choose to capture multiple Risk Numbers with our Risk Confirmation workflow.
Sending the Questionnaires
When sending or creating unique questionnaires for a single household client, you’ll have the ability, as always, to select a Simple or Detailed Questionnaire, and launch it in your browser, email it to your client directly from our system, or copy a link to the questionnaire to send out yourself. You will also notice a few optional fields you can pre-fill before launching or emailing the questionnaire:
- Client Name - If you’re working with a household (Wayne and Dianne Diaz, for example) you have the option to define a more specific “Client Name” for the questionnaire. Whatever you type here, will be used to greet the client on the first slide of the questionnaire you create, and will also be saved in your Active questionnaires list for reference. If you don’t define a client name for the questionnaire, we’ll still greet the client on the first slide of the questionnaire, with the name saved for them in Riskalyze.
- Purpose - The purpose field provides you with additional flexibility when assessing a client’s Risk Number®. Whether you’re aiming to address risk tolerance at a more general goal-level, or you want to capture one per account type, defining a “Purpose” for a questionnaire allows you to define the investments a given questionnaire pertains to. Anything defined here will be pushed to the welcome slide of the questionnaire.
- Investment Amount - As always, you can pre-fill the investment amount for a questionnaire prior to sending or launching it.
Additionally, when emailing a questionnaire directly from within Riskalyze, we’ll pre-fill the email address you have associated with the client above. You can also edit this email address - allowing you to send questionnaires directly to any of a client, or household’s, other email addresses without editing the one you’ve saved as their primary email. The Risk Number workflow allows you to create and send multiple risk questionnaires for a given client or household. To do so, simply click “+ New Questionnaire” at any time.
Confirming a Risk Number
Whether your client has taken one questionnaire or taken one for each account, you’ll have a chance to review their results and confirm their final Risk Number. When all questionnaires have been completed, you’ll notice the client’s Risk Number in a Pending status from the Client List. A Pending Risk Number can be confirmed by navigating to that client’s Risk Number tab and clicking Assign Risk Number.
In the Risk Number confirmation screen, you can manually adjust the suggested Risk Number by clicking the up and down arrows next to our recommendation or select different combinations of questionnaire results to recalculate the best fit. From this screen, you also have the ability to record and save any notes about a particular Risk Number confirmation. These notes will persist along with the Risk Number once you’ve clicked “Confirm Risk Number” at the bottom right of the page.
Going through the extra effort to find out each individual’s Risk Number can be a great step towards keeping both members of a household engaged throughout the relationship lifecycle. Advisors that manage various client accounts as distinct ‘buckets’ may also choose to have a risk questionnaire completed for each account. The owner of the 401K bucket could complete a risk questionnaire independently, the spouse most passionate about college savings may complete the questionnaire for the 529 accounts, while both spouses may complete a questionnaire together on the trust account.
Note: If the client has only taken one questionnaire, you’ll have a one-click option available from the Risk Number tab to “Confirm the Result” as their Risk Number, or enter the same confirmation workflow by clicking “Manually Adjust Risk Number”