White Paper: A New Way to Deliver Wealth Management

Wealth management is undergoing drastic changes, driven by technology advancements, regulatory complexities and increasing client expectations. Clients do not want more data; they want plain and clear insights.

Recent research into behavioral finance and risk management reveals powerful new ways advisors can use to un-commoditize service, satisfy Reg BI and deliver truly personalized services. This new approach, enabled by integrated technology, holds great promise to simplify the complex and differentiate advisors in a sea of sameness, while ensuring that regulatory demands are easily met.

This whitepaper dives into these industry trends and discusses how new advisor technology available today can move clients seamlessly from risk tolerance to the Investment Policy Statement, deliver unprecedented transparency, and enable advisors to run better businesses.

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Featured Articles

  • Building the Ultimate Risk Tolerance Assessment Helen Yang, AdvisorPerspectives.com, September 2022
    • Is investor risk tolerance stable? If so, how can we measure it accurately, make it personalized, and infuse it with behavioral finance?
  • A Deep Analytic Perspective of the 2022 Market Correction, Helen Yang, AdvisorPerspectives.com, June 2022.
    • This article walks through how financial advisors can combine behavioral finance and deep analytics to help clients better understand their emotions and tell a compelling long-term story.
  • How Risky is Bitcoin? Helen Yang, AdvisorPerspectives.com, Feb. 2022
    • If the risk score of an 100% equity portfolio is 100, the risk score for bitcoin will be 400, and Tesla 300.
  • Total Onboarding, by Bob Veres, Inside Information, October 2020
    • “Andes Wealth has brought back the investment policy statement generator—but that’s only a small part of what the program offers,” Bob Veres wrote. “It’s possible to determine a prospect’s risk tolerance with one image. The IPS pulls from a full suite of client onboarding tools, and the program also offers a robust way to stress-test your model portfolios under different market conditions.”


  • Seeking Differentiation in Wealth Management Helen Yang, WealthManagement.com 2022 Outlook, Jan. 2022
    • To fundamentally transform the traditional cookie cutter service, we need a new theory, and this theory is the Adaptive Markets Theory. Developed by Dr. Andrew Lo from MIT, the Adaptive Market Theory reconciles behavioral finance with efficient markets.
  • Deep Analytic Market Insights for 2021, Helen Yang, AdvisorPerspectives.com, Jan. 2022
    • The U.S. stock market had a good year in 2021. What insights can we glean beyond the impressive 28% return?
  • Using Deep Analytics to Align Risk Perception, Helen Yang, AdvisorPerspectives.com, Dec. 2021
    • Our perception of the market is influenced by recent events, a behavioral trait known as the “recency bias.” Risk perception is an integral part of a risk-measurement framework, and irrational responses are often triggered by the wrong perception of market risk.
  • The Disconnect Between Risk Tolerance Questionnaire and Portfolio Decision, Helen Yang, WealthManagement.com Midyear Outlook, Aug. 2021
    • “Many firms use model portfolios to standardize their investment practices, and the most direct approach is to ask the client to pick a model in the model set based on the upside/downside tradeoff that the client is most comfortable with (see chart). It is like going to a café that offers salad, soup, sandwich, and hamburger, and you pick one based on your appetite.”
  • Helen Yang featured in Tina Powell’s podcast “In the suite”, June 2021
    • “In 2017, Helen created her own company under the name Andes Wealth Technologies. She was one of the first females to have found a FinTech company in a male-dominated industry. Furthermore, it was the first company to combine behavioral finance with analytics to help financial advisors drastically improve practice management and deliver a client experience like never before.”
  • Wealth Management Hyperloop – Digitizing the path from client profiling to portfolio management, by William Trout, Javelin Strategy, February 2021
    • Will points out “the inexact and psychologically loaded nature of the risk profiling exercise, and the challenge of translating results into actionable strategy”.
    • “One way to illustrate possible tradeoffs among portfolio models or risk brackets is to show the upside and downside of each model and then ask the client to choose the model with which she feels most comfortable. This is the approach pursued by risk profiling vendor Andes Wealth, which takes the further step of automating the creation of an IPS.”
  • Is Financial Planning Commoditized?, by Helen Yang, CFA, Wealthmanagement.com (January 2021)
    • “With financial planning getting commoditized, it is time for financial advisors to find ways to deliver real insights and better client experience. Fortunately, money is an emotional matter. Those deeper conversations are not something that algorithms can replace any time soon.”
  • How to reduce panic with passion and credibility, by Helen Yang, CFA, Advisor Perspectives (March 16, 2020)
    • “Even the most rational clients are subject to emotions, especially during the current coronavirus outbreak, when the threat is both financial and physical. “
  • ‘Do more for me’: Clients demanding digital banking options, by Suleman Din, Financial Planning (March 2, 2020)
    • “In a way this Walmart [for financial advice] already exists,” says Helen Yang, founder and CEO of Andes Wealth Technologies, a behavioral finance software company.
    • “Most companies are becoming more and more similar. What people get from RIAs is a relationship, but that might not be enough anymore. What they really want are insights into their financial lives that they can’t get anywhere else.”
  • How Can Advisors Add Value and Defend Fees? By Helen Yang, WealthManagement.com (January 2020)
    • “Advisors need to move beyond ‘buy and hold’ and ‘high risk, high return’ to deal more with clients’ behaviors and emotions.”
  • Visualizing Financial Crisis By Helen Yang, ETF Market Trends and 2020 Outlook (page 10) (January 2020)
    • “However, the market often deviates from 30-year averages, sometimes dramatically. According to Dr. Andrew Lo from MIT and his Adaptive Markets theory, the risk and return relationship changes over time, hence it is important to monitor it closely, especially during times of uncertainty.”
  • We made it to the famous Advisor FinTech Map by Michael Kitces! (December 2019)
    • Find us in the Behavioral Assessments section.
  • Michael Kitces Nerd’s Eye View (Nov 2019).
    • “It’s tough to stand out in the space for risk profiling tools, but Andes Wealth has built some innovative features into their product including behavioral finance that should help advisors know their clients better and identify at-risk accounts.” — Craig Iskowitz
  • New Tech Help To Manage Your Retirement And Investments, by Richard Eisenberg, Forbes.com (October 11, 2019)
    • “With the tagline ‘Where Behavioral Finance Meets Analytics’, the company’s Real-Time Risk Monitor lets financial advisers visualize and communicate investment risk for clients; its Risk Tolerance Test and behavioral surveys help clients understand how much investment risk they can tolerate, and its Cognitive Ability Test lets advisers know if their clients are having cognitive issues that could impede their ability to make wise personal finance decisions.”
    • “Helen Yang, Andes Wealth Management’s founder and CEO, said her service uses investment personas for each client based on MIT research.”
    • “We are at the end of a bull market,” Yang warned, adding, “the relationship between risk and return varies over time and you have to stay on top of it.”