Private Equity backed FinTech solution FRisk beta-launches into the wills and probate sector!
FRisk (Family Risk management) is an innovative software solution – the vision of Martin Holdsworth, founder and owner of IDR Law, that seeks to reduce the distress and potential claims caused when a family member dies, by showing the FRisk user exactly what their own family would face if they lost capacity or died yesterday without proper planning in place. FRisk personalises the reality of death – it breaks the taboo and inertia – before providing an instant “one click” link to vetted providers of the solutions the user needs to consider putting in place, to remove all the risks faced.
Martin says: “I am so excited to see FRisk actually working in the sector I have operated in for more than 2 decades. The response from both the financial services sector and the legal sector has been quite remarkable – FRisk doesn’t give out legal advice: it draws in an individual user and extracts enough familial and financial information to then hold up a metaphorical family picture and unequivocally inform them of what their family will face without proper planning in place. It is a distress sell for sure – it is designed to be a wake-up call – but one that immediately moves the user to a solution through a simple interface to those that can help.”
FRisk is a no-obligation, personal review of the risks posed by an individual’s death on their family. For any given user, the software highlights who inherits that person’s wealth, levels of tax payable before exemptions/planning, what happens to their children (it even picks up on users who don’t have parental responsibility automatically), what happens to property, the impact of losing capacity without an effective LPA in place, who could bring inheritance claims, what happens to their pets, digital asset issues, cost of funeral and more. With the warnings and alerts in place, a one-click solution is provided to connect the user immediately with a vetted panel of expert service providers for each of their needs.
FRisk has been designed with input from both the financial and legal sector so it provides all subscribers and partners with benefits beyond the needs of individual clients – the report provides IFAs with best-practice family succession planning and introduces their existing and target clients to their financial preservation products and inter-generation discussions. For law firms and will writers it provides a simple, but highly effective, lead generation tool that points the client back to the firm to carry out the wills and LPAs etc. For everyone else, FRisk is a huge “value add” to their existing client/customer facing offering with the added advantage of a new income stream following. The financial model of FRisk ensures a low cost/high volume path.
FRisk is intuitive in use – taking less than 10 minutes from registration to personal FRisk report. It is free to use for any individual accessing it through a referring subscriber and less than £15 for anyone using the software direct. With private equity backing in place, FRisk has set the bold goal of reducing the number of people without wills from its existing level of 65% to below 50%. From the outset, some 10% of all FRisk net profits go to the charity Grief Encounter, a charity which supports bereaved children and their families.
FRisk is currently being live tested in the field by a number of companies and full launch is expected in June 2020. FRisk already has first full users lined up including a well-known IFA network, a large EAP scheme provider and a national organisation uniquely placed in the wills and probate sector to reach as many consumers as possible.
Access to FRisk is through simple subscription and is open to IFA networks, law firms/will writers, EAP scheme providers and other national organisations who are looking to provide additional value and support to their customers and/or employees. For more information, or if you are interested in becoming a FRisk Subscriber and/or applying to join our service provider panel, see FRisk’s website: https://www.familyriskreport.co.uk/ or register your interest on our contact page https://www.familyriskreport.co.uk/contact-us.
IDR Law is an approachable, boutique firm and the only one in the country dealing solely with inheritance dispute resolution. Whether you’re a law firm, or an individual who feels they would benefit from our expertise, get in touch here, email us at [email protected] or call on 01423 637050.