Dual Access
Both the asset manager and the client can make changes to the file. With every change made by a client, notifications are sent to the advisor and the changes are saved as a new version. So you can always get insight into the past situation. This ensures user-friendliness, but also compliance with certain points of the AVG.
The asset manager and the client
The SCOPE KYC Cloud Portal assumes two types of users: clients and asset managers.
Both users have access to the stored data, although the portal looks different for the types of users.
The client only has access to his/her own data. The asset manager has access to the data of all his clients.
Giving the client access to his/her own data and the ability to modify things on his/her own complies with at least two core rules of the AVG.
Everything is shared
Because both the asset manager's staff and the client are looking at the same data, there is no room for misunderstanding. Any change, made by anyone, is reported to the person who did not change the information. Also, when logging in, double authentication is requested via SMS to keep the data exchange extra secure.
Personal situation
First, the personal situation of the client is recorded. In addition to NAW data, the family situation is also asked, as this can also influence the course of the assets.
Objectives
As part of the financial situation, goals are also set. For example: how much return does the client want in twenty years. It is calculated whether these objectives are achievable and in which investment profile they should be invested.
Knowledge and experience
Knowledge and experience are also requested. This step records education, as well as knowledge and experience with financial products such as bonds and stocks.
Risk tolerance
Based on the financial situation and the investment objective(s), the EPI-Engine performs Monte Carlos simulations to understand what may happen to the assets in different stock market climates. In addition, the SCOPE KYC Cloud Portal includes a psychometric risk tolerance test to estimate what risk the client considers acceptable.
financial situation
The financial situation is obviously important to choose a good investment strategy. Possessions, debts, income and expenses are recorded.
Vastleggen
The final step is to choose a risk profile and a matching investment strategy. Then all the steps are converted to a PDF document, which can be signed by both parties.