Understanding and Managing Risk Profiles

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Overview

The Risk Profile feature within Practifi provides the functionality for Advisors, Client Service, Compliance and Management users to complete a survey to determine the proper asset investment allocation for your Client's portfolio. Users can save multiple Risk Profiles to your Client's Household, Organization or Individual record to track their Risk Profile over several years with your firm. 

System Administrators can enable or disable the Risk Profile feature within your Practifi instance. Please consult our Enabling Policy Coverage & Risk Profile article for enabling or disabling this feature.

Please note: If your firm utilizes the eMoney or MoneyGuidePro integration, you may not need the functionality provided by our Risk Profile feature. Reach out to your CSM with any questions on if this functionality is helpful for your firm. 

Creating a Client's Risk Profile 

To create a Risk Profile for a Client in your organization:

  1. Navigate to the Client's Key Entity record. 
  2. On the record side panel, select the Risk Profile navigation icon. 
    Screen_Shot_2021-11-01_at_3.18.28_PM.png
  3. Select the Create Risk Profile button to begin the Risk Profile creation on the Risk Profile record table.
    Screen_Shot_2021-11-01_at_3.22.30_PM.png
  4. Selecting this button will open a pop-up menu on your screen with the Risk Profile questionnaire. Enter the information specific to the Client in these questions and select Save to finalize the Risk Profile creation. 
    • Please note: The Risk Band will automatically generate based on the answers provided. Users can overwrite the Risk Band field information by entering the Risk Band information into the Override Risk Band field. 

Viewing a Client's Risk Profile

To view a Client's Risk Profile:

  1. Navigate to the Client's Key Entity record. 
  2. On the record side panel, select the Risk Profile navigation icon. 
    Screen_Shot_2021-11-01_at_3.18.28_PM.png
  3. Select the hyperlinked Questionnaire Name to open the completed Risk Profile questionnaire. 

Managing Risk Profile Settings

System Administrators can modify Risk Profile questions and Risk Band settings to suit your firm's needs and procedures. 

Editing questions

Your Practifi organization comes pre-loaded with standard Risk Profile questionnaire questions. These questions can be modified to suit your firm's preferences for phrasing. To edit existing Risk Profile questions:

  1. Click the App Launcher located in the upper left-hand corner of Practifi. 
  2. Select the Settings app from the drop-down menu of apps available. 
    • Please note: Depending on the number of apps assigned to your profile, the Settings app may not display by default. If this app is not displaying, use the Search apps and items... search bar within the App Launcher to search for and select the Settings app. 
      Screen_Shot_2021-11-02_at_1.27.26_PM.png
  3. Select the caret icon beside the Navigation Menu to open the drop-down menu of settings pages. 
    Screen_Shot_2021-11-02_at_1.29.12_PM.png
  4. From the drop-down menu, select Questions.
    Screen_Shot_2021-11-02_at_1.30.20_PM.png
  5. Select the caret icon located beside Recently Viewed to change the list view to All.
  6. To modify a question, select the hyperlinked Question Name on the list view. 
    Screen_Shot_2021-11-02_at_1.36.44_PM.png
  7. Selecting the Question Name will open a details page for the specific question. To edit the question's information, select the Edit button located in the upper right-hand corner. 
    Screen_Shot_2021-11-02_at_1.38.29_PM.png
  8. Select Save to finalize any changes made.
  9. To edit a question's answer, select the hyperlinked Answer Name.
    Screen_Shot_2021-11-02_at_1.40.36_PM.png
  10.  On the Answer's details page, select the Edit button located in the upper right-hand corner. 
    Screen_Shot_2021-11-02_at_1.41.55_PM.png
  11. Select Save to finalize any changes made.

Adding questions

Questions can be added to your Risk Profile questionnaire to suit your firm's specific needs. It is important to note that there is a ten-question maximum for the Risk Profile questionnaire. If your firm is looking to add a new question, an existing question will need to be edited to have their Active checkbox deselected before proceeding with question creation.

To add a Risk Profile questionnaire question:

  1. If not already within the Questions settings page, click the App Launcher located in the upper left-hand corner of Practifi. 
  2. Select the Settings app from the drop-down menu of apps available. 
    • Please note: Depending on the number of apps assigned to your profile, the Settings app may not display by default. If this app is not displaying, use the Search apps and items... search bar within the App Launcher to search for and select the Settings app. 
      Screen_Shot_2021-11-02_at_1.27.26_PM.png
  3. Select the caret icon beside the Navigation Menu to open the drop-down menu of settings pages. 
    Screen_Shot_2021-11-02_at_1.29.12_PM.png
  4. From the drop-down menu, select Questions.
    Screen_Shot_2021-11-02_at_1.30.20_PM.png
  5. Select the caret icon located beside Recently Viewed to change the list view to All.
  6. Select the New button located on the right-hand side of the Questions list view. 
  7. On the New Question page, enter the following:
    • Description - Enter the question as you would like it to display on the questionnaire.
    • Code - Give a unique value to the question. For example, "QUESTION001".
    • Active - Check this checkbox to have this question enabled in your organization.
    • Order - Set the ordering for how you would like this question to display within the questionnaire. For example, "1.00".
  8. Once the information for the question is input, press Save to finalize the question's creation. 
  9. Pressing Save will take you to the question's details page, where answers to the question can be added. To add an answer, select the New button in the Answers section. 
    Screen_Shot_2021-11-02_at_2.36.47_PM.png
  10.  Enter the following:
    • Name - Enter the answer as you would like it to display within the questionnaire.
    • Code - Give a unique value to the answer. For example, "ANSWER001".
    • Order - Set the ordering for how you would like this answer to display with the answer drop-down menu. For example, "1.00".
    • Active - Check this box to have this answer active and available for selection within your organization.
    • Score - Enter the value that you would like this answer to add to the Client's Risk Profile. For example, "3.00".
  11. Press Save to finalize the answer's creation. Select Save & New to save the current answer and begin the creation process again to create multiple answers at once.

Editing Risk Bands

Your Practifi organization comes pre-loaded with set Risk Bands. These Risk Bands can be modified to suit your firm's procedures and needs. To edit existing Risk Band settings: 

  1. If not already within the Settings app, click the App Launcher located in the upper left-hand corner of Practifi. 
  2. Select the Settings app from the drop-down menu of apps available. 
    • Please note: Depending on the number of apps assigned to your profile, the Settings app may not display by default. If this app is not displaying, use the Search apps and items... search bar within the App Launcher to search for and select the Settings app. 
      Screen_Shot_2021-11-02_at_1.27.26_PM.png
  3. Select the caret icon beside the Navigation Menu to open the drop-down menu of settings pages. 
    Screen_Shot_2021-11-02_at_1.29.12_PM.png
  4. From the drop-down menu, select Risk Bands
    Screen_Shot_2021-11-02_at_2.48.26_PM.png
  5. Select the caret icon located beside Recently Viewed to change the list view to All.
  6. To edit an already existing Risk Band, select the hyperlinked Risk Band Name.
    Screen_Shot_2021-11-02_at_2.52.15_PM.png
  7. Select the Edit button located on the right-hand side. 
  8. Make any adjustments needed to the Risk Band and select Save to finalize any changes. 

Adding Risk Bands

Risk Bands can be added to your organization in addition to the pre-loaded Risk Bands. It is important to note that the existing Risk Bands will need their Lowerband and Upperband fields modified to include the new Risk Band without overlap. 

  1. If not already on the Risk Band page within the Settings app, click the App Launcher located in the upper left-hand corner of Practifi. 
  2. Select the Settings app from the drop-down menu of apps available. 
    • Please note: Depending on the number of apps assigned to your profile, the Settings app may not display by default. If this app is not displaying, use the Search apps and items... search bar within the App Launcher to search for and select the Settings app. 
      Screen_Shot_2021-11-02_at_1.27.26_PM.png
  3. Select the caret icon beside the Navigation Menu to open the drop-down menu of settings pages. 
    Screen_Shot_2021-11-02_at_1.29.12_PM.png
  4. From the drop-down menu, select Risk Bands
    Screen_Shot_2021-11-02_at_2.48.26_PM.png
  5. Select the caret icon located beside Recently Viewed to change the list view to All.
  6. On the Risk Bands list view, select the New button located on the right-hand side to begin the creation process. 
  7. Enter the following:
    • Risk Band Name - Enter the Risk Band how you would like it to display within Practifi. 
    • Code - Give a unique value to the answer. For example, "RBGROWTH".
    • Lowerband - Enter the lowest value a Client would have from their questionnaire to qualify for this Risk Band.
    • Active - Check this box to have this Risk Band active and available for selection within your organization.
    • Upperband - Enter the highest value a Client would have from their questionnaire to qualify for this Risk Band.
  8. Once this information is entered, select Save to finalize the Risk Bands creation. Select Save & New to save the current Risk Band and begin the creation process again to create multiple Risk Bands at once.
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