Automated assessment of personal financial risk tolerance

Details Automated assessment of personal financial risk tolerance Automated assessment of personal financial risk tolerance

2005-02-22

2005-02-22

Chilcot, Richard (Department: 3627)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S03600T

Reexamination Certificate

active

06859788

ABSTRACT:
A method and system for the automated assessment of personal financial risk tolerance comprises a data means for receiving responses to a series of questions, with each response being one of a number of choice represented by a numerical value falling within a predetermined range, spanning least risk tolerance to most risk tolerance. Software instructions, implemented on a computer, are used to automatically substitute a z-score for each of the numerical value responses, based on predetermined norms, and then to determine a risk tolerance score from the z-scored answers by summing the z-scored answers, and z-scoring and scaling the calculated sum. The risk tolerance score is categorized within one of a number of pre-defined risk group bands, and a report is generated to the respondent containing information particular to the relevant risk group band and the individual's characteristics in relation to that band.

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“How Mutual Funds Work”, Risk Tolerance Questionnaire, © 1998, Fredman and Wiley.*
Grable, John, et al., “Financial risk tolerance revisted: the development of a risk assessment instrument,” Financial Services Review, publication date unclear, pp. 164-181.
“Personal Financial Risk Tolerance,” The American College, Bryn Mawr, Pennsylvania, 1994.
“Survey of Financial Risk Tolerance: User's Guide,” The American College, Bryn Mawr, Pennsylvania, 1994.

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