Default Request: Client Risk Tolerance Update

Oct 17, 2023

The Client Risk Tolerance workflow is a six task process that is resolved once the client has been notified of the changes in their portfolio, and all six tasks have been tagged as completed.

Team Roles required in Workflow: Advisor

Step 1:

First task is created, called "Provide Client with Risk Tolerance Questionnaire", and it is assigned to the Team Role: Advisor. It is expected the Advisor provides the required paperwork to the client for the updates.

Task one is due one day after the Client Risk Tolerance request is created.

Step 2:

Second task is created, called "Update Client's Financial Plan", and is assigned to the Team Role: Advisor. Based on the questionnaire, the Advisor is expected to update the client's financial plan.

Task two is due three days after the "Update Client''s Financial Plan" task is created.

Step 3:

Third task is created, called "Update Internal Systems to Reflect Change in Client Risk Tolerance", and it is assigned to the Team Role: Advisor. This task reminds advisors to update needed internal systems with the changes, including CRM, PMS, etc.

Task three is due three days after the "Update Internal Systems to Reflect Change in Client Risk Tolerance" task is created.

Step 4:

Fourth task is created, called "Review Client's Target Asset Allocation", and it is assigned to the Team Role: Advisor. This task reminds the Advisor to review the current and new allocation requirements.

Task four is due three days after the "Review Client's Target Asset Allocation" task is created.

Step 5:

Fifth task is created, called "Rebalance Portfolio", and it is assigned to the Team Role: Advisor. This task reminds the Advisor to place needed trades to rebalance to the updated risk tolerance.

Task five is due three days after the "Rebalance Portfolio" task is created.

Step 6:

Sixth task is created, called "Communicate to Client That Changes Have Been Completed", and it is assigned to the Team Role: Advisor. This task reminds the Advisor to communicate the changes to the client, whether the information is transmitted electronically, in person, or via the mail. Once confirmed that all six tasks are completed, the Request status will update to Complete.

Task six is due seven days after the "Communicate to Client That Changes Have Been Completed" task is created.

Here is a list of the default fields that are included in the Request, as well as they type of information that is needed in each field. It is possible, as a System Administrator, to customize these fields within all Requests, including updating the existing names, removing fields, or adding different fields.