What is TAVIQ Profiler, how does it work, and who uses it?
Q: What is TAVIQ Profiler?
A: TAVIQ Profiler is a client acquisition tool that financial advisors use to profile their prospective clients before their first meeting. TAVIQ analyzes potential client’s personality and communication style based on DISC profiling – an assessment that examines how an individual ranks in four areas of behavior: dominance, inducement, submission and compliance.
Q: What is the purpose of TAVIQ Profiler?
A: The purpose is two-fold: 1) to get more knowledge about the prospect’s needs and personality type so the advisor can be better prepared for client meetings, and 2) to get the prospective client more engaged to your services.
Q: You are talking about financial advisors, who is that and what does it mean?
A: Financial advisor is an umbrella term. Here at TAVIQ we focus mainly into “investment services industry” and this covers all of these titles: Financial Adviser, Registered Investment Adviser (RIA), Independent Financial Advisor (IFA), Wealth Adviser, Wealth Manager, Investment Advisor, Private Banker, Client Acquisition Manager, Relationship Manager, and many others. Depending on geographical location and company, the terms vary a lot. All in all, we at TAVIQ work with anyone who is involved in client acquisition and our main focus is in investment services industry.
Q: How does TAVIQ Profiler work?
A: Financial advisors use TAVIQ to invite prospective clients to profile themselves by using our service. Usually this is done in the very first steps of the sales process: for instance after the initial phone call where the advisor and potential client agrees to meet each other for the first time. Concrete steps are as follows: 1) Advisor invites prospect to use the profiler, 2) Prospect uses the profiler by receiving a link to it via email, 3) Prospect answers questions in the profiler and sees her own results, 4) Advisor sees a more detailed view of the prospect’s profile, 5) Advisor uses this profile to be better prepared for the upcoming meeting with this prospect.
Q: How can I describe TAVIQ to my colleagues?
A: You can try one of these:
- Client acquisition tool for financial advisors
- Prospect profiling software
- Know Your Client’s Personality or KYCP (This is our favorite as we all love KYC anyway. Or was it KFC?)
- Tinder for financial advisory (We hope you use this when talking to Silicon Valley VCs about us. They like “x for Y” pitches)
- A way to enrich prospect and lead data with personality analysis (hmm, maybe you can try this for technical people or C types..)
- A way to segment prospects based on personality type
- A tool that tells you “how to sell” to each potential client
Q: How can I start using TAVIQ Profiler?
A: You can sign up to a limited Trial version here to test it out – Or you can contact us by phone from +358-505-279506 or via email at firstname.lastname@example.org and we will help you set up a proper account in no time.
Q: How is the Trial version different from a Real Thing?
A: Here’s some of the biggest additional things that are in the Real Thing:
- All questions in the questionnaire, outgoing email templates etc. can be customized for the need of your company
- All logos, colors, branding are customized for your company
- Individual advisors have own accounts and sales management has a master account with aggregated data analytics
- You get additional features like real-time feedback system for client meeting quality
- API connections and possibilities for other use cases than face-to-face advisory
- TAVIQ provides coaching and training for you and your advisor users covering topics like: “How to use the solution?” and “How to use and benefit from DISC profiles in sales?”
Q: What does TAVIQ Profiler cost?
A: TAVIQ’s pricing model is based on amount of adviser users (as of 31st of January 2018):
- First 1-5 users = $130 / user / month
- Next 6-10 users = $65 / user / month
- Next 11-20 users = $30 / user / month
- Next 21-50 users = $20 / user / month
- Next 51-100 users = $15 / user / month
- Next 101-200 users = $10 / user / month
- More than 200 users = ask for quotation
Q: How does TAVIQ do personality analysis?
A: At the core of TAVIQ’s solution is a proprietary personality profiling engine that combines behavioral metrics with a compressed DISC personality evaluation questionnaire. We have trained the underlying personality evaluation questionnaire with multiple data-sets to figure out the most meaningful correlations to different personality types. This unique combination of using behavioral metrics and user’s answers to few personality statements enables TAVIQ to make accurate personality evaluations with just 8 personality statements and in 1-3 minutes.
Q: How about if I just want to ask basic background information questions from my prospects without the personality analysis?
A: That is totally ok. We can opt-out the personality analysis feature and the personality question-set from the questionnaire. In that case you lose the core feature but you are still able to ask background information from the prospect which is also helpful. Note also, that the default personality analysis question-set is only a default example. We can work together to make you another version of it as we have plenty of proven and tested personality analysis questions in reserve. This way we can find a version of it that suits your case better.
What prospects might ask and how to answer them?
Q: Which kind of questions are you asking?
A: We are asking basic questions on your family situation, your investment activity, and how familiar you are with financial services. We will also ask some questions on what services you might need and, lastly, we ask some personality preference statements to understand which kind of advisor would fit your style.
Q: Is there a time limit to fill in the questionnaire after the link is received?
A: No, there is no time limit but it is good to do it after you receive it so that it is not forgotten. We can also send you a reminder just before the meeting.
Q: Where can I see the results?
A: You will see the results right after filling the questionnaire and clicking next on the last page of the questionnaire.
Q: What do you do with the results / What is it used for?
A: We will use the results for preparing to your meeting. This way we know how to structure the meeting for you and we get a better understanding on your situation right at the start. You will also see your own results and they give you understanding on which kind of advisor would fit the best for your personality type. You will also see some suggestions of which services you probably would be interested at the moment.
Q: What should I do after filling in the questionnaire?
A: Nothing further is needed from you before the meeting. After you finish the questionnaire just have a look on your results and come to our meeting on the agreed time. We will continue to discuss about the answers and results with you in the meeting.
Q: How is my information handled?
A: Your information is handled following the best practices in IT security. The information is not mixed with any other data, like banking data, and contains only the answers you have given to the questionnaire and your email address.
Q: Can I withdraw my information?
A: Yes, you can request us to remove your information any time and we will remove it.
Q: How can my information be updated?
A: You can use the same link that you used to fill in the questionnaire to update your answers.
Q: How is this going to help me reaching my financial goals?
A: By knowing which kind of services you might need at the moment we are more able to offer them to fit your situation. Also, by knowing more about your personality and communication style we are able to offer the financial information in a way that is most natural to you and make a better connection with your advisor. This way the service is more tailored for you and your financial goals.
Q: Who will see my results/profiling / Will anyone except my advisor see my profiling?
A: Your results will be seen by the person meeting you and by your potential advisor. You will also see your own results.
Q: What is the profiling based on?
A: The profiling has two parts: the services part and personality part. The services questions are formed so that they give us an overview on your situation while being simple and short enough. The personality analysis part is based on personality evaluation method called DISC profiling. This method divides personalities to 4 basic types and we use this knowledge to match you to the most suitable advisor for your personality and communication style to make the service more personal.
If you have any questions about TAVIQ software, please contact us at:
90590 Oulu, Finland.
This document was last updated on January 31, 2018.