Profiling - Financial advisors use profiling in their business. The main categories are:
a) Risk profiling.
b) Profiling for marketing purposes.
c) Establishing affordability and providing quotations for financial services and product
a) Risk Profiling
To establish a customer’s attitude to investment risk (relates to pensions and investments) advisors have automated calculators which calculate the customers’ attitude to various levels of risk having answered a series of questions.
b) Profiling for marketing purposes*.
When we seek to contact you about other services, as outlined above * we run automated queries on our
computerised data base to establish the suitability of proposed products or services to your needs.
c) Establishing affordability and providing quotations for financial services products.
Our Regulator, The Central Bank of Ireland, requires that we establish a customer’s ability to afford the cost of a financial or mortgage product before proceeding with a transaction. We have automated processes which assist us profile and calculate a customer’s net disposable income from the information that customers provide to us in relation to their gross income, family expenses, taxation and commitments etc.
Additionally, we have automated processes that enable us to calculate the costs of products including protection insurances and mortgages. These costs can vary between customers depending on matters such as age, term of a proposed product, type of product and product features. A customer’s health may also have a bearing.