Update 3: Frameworks for Virtual CFO

This week’s research and updates center around collection of data around the different functions of financial advisors and around the evaluation of preexisting models for developing virtual CFOs.

 

When looking at different job descriptions of six different financial advisors, there are some similar notes and duties that permeate throughout the job. I have compiled a list of these below aggregated by Indeed.com.

  • “Recommend investment products and services that are suitable for prospects and clients based on their objectives, resources, time horizon, risk profile, and preferences”
  • “Execute and negotiate follow through of implementation vehicles including insurance, investments, tax planning, debt management, estate planning, and other tasks quoted to client”
  • “Decide how to build your practice by choosing your clients and the markets you want to pursue”
  • “Solicit clients actively via telephone, mail, referrals, etc.”
  • “Maintain proper documentation following preset guidelines established by compliance and management”
  • “Comply with all industry rules and regulations”
  • “Well organized with the ability to manage time effectively while managing multiple priorities”

 

Additionally, here is a general list of Soft Skills that many sites recommend for Financial Advisory:

  • Active listening
  • Critical Thinking
  • Reading Comprehension
  • Verbal communication of different financial services
  • Service Orientation

 

At a high level, it seems that these different roles and duties of the financial advisor are able to be emulated or represented on a computational level. The next thing I did was look for some OpenSource code for these virtual implementations. The primary one I found was called wealthbot.io. Wealthbot or “Webo,” for short, was founded in an OpenSource (available for public editing/viewing) format. Below is a screenshot of its various abilities from GitHub.

webo screenshot

Feel free to play around with Webo: http://demo.wealthbot.io/

 

In my next update, I will cover the cybersecurity implications of this project as well more details on the final product of this Monroe project.

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