Fearful that an army of robo-advisors will raid your clients, eat your lunch, burn your fields and leave you high and dry?
Then you may be interested to know about a new tech offering that’s not trying to turn robots into financial advisors but rather to get the robots to work for the financial advisor.
Meet FlexScore, an online financial planning scoring system designed to provide average Americans with their “number”—not just for retirement but a numeric description of their entire financial picture.
The online tool, which has attracted some 30,000 consumers during its beta phase from September through April 29, is now available free to advisors as FlexScore Pro in a new advisor beta phase lasting till October 1.
In an interview with ThinkAdvisor, FlexScore’s CEO, Jason Gordo emphasized that far from competing with financial advisors, the tool actually solves a problem endemic in the advisor-client relationship: the tendency of clients to withhold information about their finances that they’re managing outside that relationship.
“They are willing to tell us everything because they want to get to a [perfect score of] 1,000; it’s a scoring system and clients want more points,” Gordo says of the game-style program.
“We’re trying to empower people to better engage with their advisor,” he adds. “Our whole aim was to build an engagement tool for clients. They can link accounts in an engaging format encouraging them to tell more about themselves, and the advisor can see everything going on. We don’t manage money; we don’t pitch advisors’ clients; we enhance the relationship the advisor has with clients.”
Indeed, Gordo, himself a practicing financial advisor with RIA firm Valley Wealth, based in California’s Central Valley, says of one of his own staff advisors:
“He thought he knew everything about a $600,000 client until [using FlexScore] he uncovered a $300,000 401(k) at Schwab. We uses Schwab as a custodian, so now [the advisor] manages $900,000 from that client.”
Gordo and his partner Jeffrey Burrow’s background as financial advisors is a key differentiator, he says, from the many robo-advisors out there.
“[But] we’ve given tens of thousands of people financial advice. We know the industry can do better and we are not in any way, shape or form trying to cut out the financial advisor. We’re driving awareness back to that advisor; we want to help brand the advisor and develop that client as a better client to the advisor.”