Investing > Best Wealth Management Software
Tulip is a behavioral finance software that sheds new light on investor’s instinctual reactions to market events. Armed with a new perspective, financial advisors can be more effective in developing investment recommendations, understanding investor behavior, and helping clients stay true to their financial goals and objectives. In short, it’s designed to bring the lessons of behavioral finance and goals-based investing directly into the lives of advisors and clients.
Tulip helps minimize the behavior gap en route to better outcomes for everyday investors. In pursuit of this mission, Tulip empowers advisors to do three things:
• Detect – assess proneness to all major behavioral biases
• Perfect – allow for fine-tuning of portfolios
• Protect – provide real-time alerts for clients most in danger of making poor investment decisions
Clients complete a brief, gamified market simulation that will give advisors a sense of their goals and behavioral strengths and weaknesses, and will update the advisor in real-time when the client is at highest risk of making a behavioral error. Once the client completes the assessment, they will be given a report to review with their advisor that will speak to risk-taking behavior, investment strengths, and propensity toward various types of bias. Additionally, Tulip generates a report with a pre-commitment device known as a behavioral policy statement that helps the advisor and client arrive at an agreed-upon course of action and frames the relationship as the true partnership that it is.
Tulip is the first project brought to market by the Behavioral Innovation Lab, powered by Brinker Capital. The Behavioral Innovation Lab was launched in March 2019 by Brinker Capital, an investment management company, as an incubator designed to bring tools, training, and technology to financial advisors that allow for the practical application of behavioral science.