The Risk Tolerance Update 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 marked as completed.
Relationship Team members required in this workflow: Relationship Manager
Step 1:
First task is created, called "Provide Client with Risk Tolerance Questionnaire", and it is assigned to the Relationship Manager. It is expected the relationship manager provides the required paperwork to the client for the updates.
- Description: Provide Client with Risk Tolerance Questionnaire. Ensure the most recent version of questionnaire is retrieved.
- Due Date: 1 business day
- Duration: 20 minutes
- Task Type: Paperwork
Step 2:
Second task is created, called "Update Client's Financial Plan", and is assigned to the Relationship Manager. Based on the questionnaire, the relationship manager is expected to update the client's financial plan.
- Description: Update the client's financial plan to reflect the questionnaire. Include any amendments as required.
- Due Date: 2 business day
- Duration: 30 minutes
- Task Type: Update Internal Systems
Step 3:
Third task is created, called "Update Internal Systems to Reflect Change in Client Risk Tolerance", and it is assigned to the Relationship Manager. This task reminds relationship manager to update needed internal systems with the changes, including CRM, PMS, etc.
- Description: Update internal systems to reflect change in client request tolerance.
- Due Date: 2 business day
- Duration: 45 minutes
- Task Type: Update Internal Systems
Step 4:
Fourth task is created, called "Review Client's Target Asset Allocation", and it is assigned to the Relationship Manager. This task reminds the relationship manager to review the current and new allocation requirements.
- Description: Review client's target asset allocation.
- Due Date: 2 business day
- Duration: 20 minutes
- Task Type: Review Client Details
Step 5:
Fifth task is created, called "Rebalance Portfolio", and it is assigned to the Relationship Manager. This task reminds the relationship manager to place needed trades to rebalance to the updated risk tolerance.
- Description: Rebalance client's portfolios
- Due Date: 3 business day
- Duration: 45 minutes
- Task Type: Update Portfolio Accounting System
Step 6:
Sixth task is created, called "Communicate to Client That Changes Have Been Completed", and it is assigned to the Relationship Manager. This task reminds the relationship manager 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.
- Description: Communicate to Client that Changes have been Completed
- Due Date: 1 business day
- Duration: 20 minutes
- Task Type: Client Services
