Sealcorp reduces risk with ProQuest

SEALCORP has become the first major institution to sign up for the ProQuest Risk Profiling system, and will rollout the service to its advisers during the next six months.

More than 450 proper authority holders within the Securitor and PACT dealer groups will have access to the risk profiling system, with the rollout entirely funded by Sealcorp.

While not disclosing the sum outlaid for the system, Sealcorp Investment and Insurance director Caroline Saunders says the return for the group includes less long-term risk and a tighter financial planning process for its advisers.

“People keen to use the system would pay for it, but those who were less keen and did not want to pay the money would not and that would be greater risk for Sealcorp,” Saunders says.

The group will also extend its ProQuest availability to another 42 dealer groups and more than 200 advisers through its D2D (Dealer Group Services) set up.

While some of the larger practices within the Sealcorp dealer groups already use the ProQuest system, a six-month trial was held early last year with a number of advisers. These included a sample who were initially resistant to the new risk profiling tool, Saunders says.

The ProQuest risk profiling system replaces Sealcorp’s Investor Risk Profile, a system that has been in use for 10 years. The older system will be phased out during the next 12 months as all advisers make the transition to ProQuest.