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Risk Assessment Tool on Wealth Management Portal

The Finance Institution launched a client-facing Risk Assessment Tool on the Wealth Management Portal to increase client engagement with a financial advisor and users to be more hands-on as a self-directed investor as their choice.

PROJECT DETAILS 
Client: Major Finance Institution
Timeline: 12 weeks
Date: 2020-2021
Platform: Web 
UXUI Lead: James Hwang
CONTRIBUTION
UX Contribution
UX Research Contribution
UI Design
Interactive Design
COLLABORATION
Research Team
Research Partners
Business Partners
Product Team
PROCESS
PROBLEM
  • The current wealth management portal does not have a self-directed risk assessment tool.
     

  • Today advised users depend solely on their advisors to get clarity of their portfolio risk.

GOAL
  1. Create a uniquely informative experience for a self-directed and an advised user by developing a clear choice of protection plan:

    • Easy to understand advice from Risk Management tool

    • Offer clients the ability to compare portfolios before and after the Risk Management plan.

    • An informative tool to empower the user to connect with FA to get advice more in-depth guidance
       

  2. Drive client adoption to the FA by offering the service at the right moment in time when the user needs the help.
     

  3. Seamlessly connect the client experience between advisors and online channels.

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Solution Highlight

By introducing a risk assessment tool within the wealth management portal, we aim to help users better understand the risk of their investments so they can then have more productive conversations with their advisors focused on maintaining and optimizing their portfolio.

Right Persona

The day one Risk Assessment tool is focused on one of the 5 personas of the Wealth Management Platform.

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Hypothesis

Vision: End-to-end User Journey

Create a vision of an end to end journey to communicate with the team to map out the starting point.

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Creative Workshop

Continue to work through some UX issues within the UX team or having a workshop to find a solution.

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UX Research

The research is base on a hypothesis finding from the interview of users,

review of competitive analysis and FA's risk tools.

RESEARCH GOALS

We want to validate the MVP risk assessment tool within the Wealth Management Platform. Specifically, we want to understand:

  • Does the risk assessment tool fulfill the user’s needs?

  • Is the risk assessment tool useful for the user?

  • Can the user quickly find the risk assessment tool?

  • How would users like to use the risk assessment tool?

RESEARCH PLAN

Research Objective

  • Assess findability of the risk assessment tool

  • Determine the level of value the tool offers

  • Evaluate the general usability of the tool

  • Learn how users will react to the tool’s interim state (self-directed and all accounts views)

Methodology

  • Moderated test with five remote live sessions and sessions will be conducted independently of each other.

  • Panelists from Usertesting.com with prospects screened to WMP profiles.

  • Evaluative usability tests with participants will interact with a clickable prototype.

  • Each participant will interact on desktop and mobile and provide feedback.

RESEARCH REPORT

Key Insights

  • In general, participants saw value in the risk tool. They mostly saw value in being able to see an aggregated risk assessment.

  • Participants sought transparency on why some aspects of the tool were unavailable.

  • The way the tool displays available risk data is in-line with user expectations. Only minor changes, such as copy edits and label additions, will likely need to be made.

  • The level of information met the core needs of users. However, there are opportunities for further engagement.

  • Using the main navigation to find the risk assessment tool was difficult for some participants. Most expected to be able to access the device from the homepage.

Detailed Findings

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One of the highlights of the detailed findings

Next Steps

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One of the next steps to improve UX experience with finding.

Wireframes

Low-fi wireframes user journey

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Low-fi wireframes with content specs

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All Accounts

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Managed Account

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The Final Design

The final design is based on successful FA portal frameworks' integrity with many users' input to improve Risk Assessment experiences.

The new design is ready for the self-directed users' challenge by giving more self-starter control over risk tools and allowing connecting with FAs for their investment opportunities.

15

Interviews

5

Usability Tests

46

Iterations

All Accounts

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Managed Account

1140_Scenarios_Managed_Accounts Copy 14.