Finworx is now Lirio Finance!

You might have heard of Finworx or Finworx360, the persona-based risk assessment solution that put behavioral finance into action. Well, guess what … that’s us! Finworx is now Lirio Finance!

We’ve learned a lot through our experience as Finworx, and in our constant effort to do better and increase the efficiency and value of our offering, we have decided to challenge the status quo and adopt a new name that aligns best with our long-term vision—Lirio Finance.

 

What’s driving your clients’ behavior?

 

Know how your clients think.

Truly knowing each and every client is imperative to serving their best interests. So, your organization’s credibility hangs on how well you know your clients’ needs. To truly improve outcomes and consistently deliver value, you must go beyond what your clients say, and strengthen your understanding of how they make decisions—what they actually do.

How We Put Behavioral Finance Into Action

Behavioral Risk Survey

Our survey was carefully crafted by our behavioral finance experts to reveal willingness to take risk and other preferences that help you understand an individual’s risk tolerance. We use psychometrics, risk preferences, and persona segmentation to provide a highly personalized, comprehensive view of individuals at a glance.

Individualized Messaging

We use our IDEAL Engagement Framework™, behavioral persona-based content, and machine learning technology, to deliver the right message to the right person at the right time to impact behavior. We help you deliver information your clients expect in the most effective way to nudge them toward beneficial decisions.

High-Level Assessment of Risk Tolerance

The Behavioral Risk Survey was created based on industry best practices and psychometric principles. Our survey questions were carefully designed to reduce the effect of framing on the investor’s responses, ensure one “wrong” answer does not skew an investor’s results, adjust questions dynamically based on prior responses, and determine the investor’s willingness to take risk with as much accuracy as possible. It uses the client’s answers to previous questions to select the best next question, adapting in real-time to most accurately determine the following details for each of your contacts:

Willingness to Take Risk

Examining their loss tolerance (What would they do if their investments lost money over a specific period?) and reactions to volatility (How would they proceed with certain hypothetical and historical portfolios with varying levels of volatility?).

Attitudes Toward Investment

Includes self-assessment (Which investment scenarios or descriptions most closely describe them?) and looks at how they view tradeoff (Which is more important to them—avoiding loss or earning high returns?), as well as leverage (Is their attitude toward leverage consistent with their risk tolerance?).

Propensities Toward Biases

Behavioral economics outlines two types of biases, emotional and cognitive. Emotional biases come from “impulse” or “intuition,” while cognitive biases come from errors in calculation or faulty reasoning. Identifying specific behavioral biases to expect for each client (e.g. loss aversion, confirmation, status quo, etc.) helps you navigate client relationships more smoothly, explain concepts more clearly, and anticipate certain outcomes. Investor biases can also inform which portfolios or investment opportunities you present to specific clients.

Our approach helps you understand how your clients think and make decisions.

Having your clients take the Behavioral Risk Survey regularly will help you monitor any potential changes in their attitudes toward risk.

Results & Reporting

We give a detailed breakdown of how the client answered each question, highlighting any inconsistencies in their answers, revealing their investor persona, and detailing some potential biases the client may have.

Persona-Based Insights

The insights provided by Lirio help you manage individuals’ biases and achieve more effective communication via email, face-to-face, phone, or any other channel, making your clients happier to make your life easier.

Interesting, right?

Reach out to learn more.

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