Brian Horn Uses Riskalyze to Win Clients and Uncover Held-Away Assets
How one financial advisor wins a high percentage of prospective clients when Riskalyze is brought up in the introductory meeting.Download PDF
Financial advisor Brian Horn has been in wealth management for 20 years. An industry veteran based in Portland, Oregon, Brian provides portfolio management, asset management, and financial planning. As a sole practitioner and federally registered investment advisor, Brian offers securities and investment advisory services through the trusted company LPL, which has a long track record of helping clients achieve their financial goals.
Brian was first introduced to Riskalyze by Waddell & Reed.
Even though Riskalyze was available and recommended by other advisors, Brian was unsure about the new software. He wanted to protect his long-lasting relationships with clients and maintain his commitment to providing clear, accurate, and accessible information. He also needed software capable of integrating seamlessly with his current tech stack.
“When I first looked at it, I was concerned that it might be gimmicky and not have much substance, to be candid with you,” Brian said.
He also didn’t know if Riskalyze was a platform that clients could access independently and how clients would respond to the Riskalyze name.
Brian didn’t take full advantage of Riskalyze’s software, opting to maintain his effectiveness with clients without risking a business disruption with a new and unknown product.
When Waddell & Reed was acquired by a new broker-dealer, Brian opted to use their free software package instead of Riskalyze. These programs did not help Brian gain prospective clients–in fact, they had the potential to hurt new business.
The software showed a very conservative rate of return that in Brian’s experience didn’t validate the amount of risk clients were taking. To Brian, these systems were also too time-consuming, requiring a lot of information with little return, not able to clarify information for his clients.
Brian knew that he would need to find another risk solution that cut through industry jargon and made risk conversations accessible and meaningful for the everyday client.
“It was pretty clear right away that I needed to get access to Riskalyze again.”
ENTER RISKALYZE — AGAIN
Brian was looking for a risk solution, and his colleagues highly recommended he give Riskalyze another try. “Advisors at Waddell & Reed said Riskalyze was really great and definitely worth the money and effort,” said Brian. However, what ultimately pushed Brian to take the leap was Brian’s desire to show a client with a set portfolio a side-by-side comparison of where they were versus where they could be.
Brian knew that Riskalyze could provide this turnkey information. Along with its ability to create efficiency, build client trust, and garner new business, Riskalyze also enables advisors a streamlined and straightforward way to compare portfolios, show examples, and present to clients without over-complicated graphs or overwhelming information.
“It’s a really easy way to show straightforward charts and graphs, where you and the client have something to point at and talk about.”
Brian said that the “most impressive part” of Riskalyze’s software is the Retirement Maps feature that displays how clients’ money will grow over time based on their initial and monthly investments. Brian was also impressed by Riskalyze’s technology integrations. The ability to seamlessly integrate Morningstar codes and other managing models validated Riskalyze’s data for Brian.
“When I saw that Riskalyze seamlessly integrated outside data, that gave me confidence that I was accurately showing a client how much risk they would take on with my recommendations based on the software.”
Today, Riskalyze helps Brian clearly and accurately convey complex financial information to clients, building trust and winning new business. Riskalyze has been an ideal fit for Brian’s services, playing a prominent role in his business growth.
COMING FULL CIRCLE
Brian had a prospective client who thought she was paying a lot and not getting a lot from a different advisor. She was not pleased with her current advisor relationship. She is one of many prospective clients Brian has encountered, who are paying 1.5% or higher in fees to have their mutual funds actively managed through a model portfolio.
Using Riskalyze, Brian has helped them switch to his firm. Brian gained her trust by showing her straightforward data and reduced fees supported by Riskalyze. She not only decided to move her account over, but also her mom’s account which had significantly greater investments.
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