Envestnet Rolls Out Enhancements Across Its Ecosystem, Giving Advisors Greater Visibility Into Clients’ Finances

Envestnet Rolls Out Enhancements Across Its Ecosystem, Giving Advisors Greater Visibility Into Clients’ Finances

Updates Throughout Q3 Include New Reporting Views, Prospecting Capabilities, Debt Consolidation Strategies, Portfolio Products & Partner Integrations, to Further Bolster the Intelligent Financial Life™

By Joel Bruckenstein, CFP

Envestnet implemented a series of technology enhancements during the third quarter to strengthen the user experience throughout its ecosystem. These updates, which were rolled out as part of Envestnet’s ongoing commitment to giving advisors the power to help clients make sense of their finances, apply to the company’s business lines—Envestnet WealthTech, Solutions, and Data and Analytics.

“We continue to make enhancements across the Envestnet ecosystem so that advisors can better connect their clients’ daily and long-term financial decisions, through solutions, technology and intelligence that help them achieve an Intelligent Financial Life™,” said Tom Sipp, Executive Vice President, Business Lines at Envestnet.

Updates across the Envestnet ecosystem include:

WealthTech

Envestnet | MoneyGuide

  • New Views/Reports in Envestnet | MoneyGuide’s Wealth Studios:
    • “Estate Flow Chart,” which utilizes the family tree function to overlay the flow of assets between heirs and entities, and provides real-time updates through the modeling of estate planning strategies and recommendations.
    • “Net Worth Over Time,” which breaks down a client’s projected net worth on an annual basis by types of assets and liabilities. 
  • New “Prospecting Center” in MyBlocks™ by Envestnet MoneyGuide: This new lead-generation feature enables advisors to attract new clients across demographics which are vital for the survival of their businesses.
    • Younger Millennials, who account for 21% of the general population and 28% of the affluent, are turning to online sources for long-term financial planning, according to Envestnet’s Intelligent Financial Life National Study.
    • Envestnet’s research also found that 73% of Generation-X are more worried about their financial futures than ever before. The Prospecting Center can enable advisors to leverage their own custom marketing links on their websites, social media accounts, and email messages in order to reach more qualified prospects—and learn more about them and their financial situations, including details such as income levels, goals, retirement expectations, and existing debt.
  • New blocks in Envestnet | MoneyGuide’s MyBlocks:
    • “Debt Consolidation” Block: Allows advisors to introduce clients to different debt consolidation strategies for potentially helping them lower their monthly payments, simplify payments, decrease interest paid, and adjust payoff dates.
    • “Life Insurance Assessment” Block: Helps advisors quickly identify clients’ life insurance needs for supporting their families in the event of their death and determine whether their current insurance coverage meets that need.

Envestnet | Tamarac

  • New Integration with FIDx: Independent registered investment advisers (RIAs) can now access annuity products, and annuity management and research tools, from the Envestnet Insurance Exchange powered by the Fiduciary Exchange LLC (FIDx) through single-sign-on via the Tamarac platform. This integration enables advisors to seamlessly provide clients with access to retirement protection and income solutions that are designed to help ensure they remain on track to, and through, retirement to meet their financial needs.
  • New Integration with the Envestnet Credit Exchange: Independent RIAs can access advice-driven financing solutions to help their clients manage credit as strategically as they manage investments. Advisors utilizing the Tamarac platform can introduce clients to firms offering residential real estate, unsecured “signature”, and non-purpose securities-backed loans for managing both sides of clients’ balance sheets to help build net worth. Access to this capability can help advisors support additional client financial goals, including cash flow, education, home purchases and refinancing, business investments, and tax obligations. The Envestnet Credit Exchange is powered by the Advisor Credit Exchange (ACx)
  • New Integrations with Digital Asset Platforms: Advisors utilizing the Tamarac platform are now able to view their digital assets much like any other asset. This includes being able to view digital holdings in performance reporting and billing. This enhancement was made possible through two direct, custodial integrations with Flourish Crypto, Flourish’s turnkey, direct-ownership cryptocurrency investing solution built for RIAs and their clients, and Gemini’s BITRIA Wealth Management platform, fully integrated digital asset solution for wealth managers.

“Our most recent technology updates give advisors the ability to service clients even more holistically,” said Molly Weiss, Chief Product Officer, WealthTech and Solutions at Envestnet. “The technology solutions across our platform are designed to work together to consolidate as many assets as possible under an advisor’s purview, expanding and strengthening the advice they can deliver as heroes who help clients make proper sense of their finances.”    

Wealth Solutions

  • Fixed Income Quantitative Portfolios (QPs): This series is designed to provide consistent income and low sensitivity to rising interest rates through a diversified set of securities. The two products, which are now available to investors, are the “Fixed Income QPs: Corporate Bond Ladder” and “Fixed Income QPs: Municipal Bond Ladder.”
  • Enhanced Overlay Capabilities: The next-generation proposal workflow in Envestnet’s ecosystem now includes a new overlay feature—the Fund Strategist Tax Management Service developed by Envestnet | PMC, which enables advisors to provide Fund Strategist Portfolios, either third party or proprietary home office models, that are tax managed to client specific tax sensitivity levels. The service also illustrates within the proposal the tax consequences and potential tax savings at specific tax sensitivity levels of moving an account to a fund strategist model when using this service. 

Envestnet Data & Analytics

  • Launch of Wealth Data Platform: Envestnet recently unveiled its cloud-based data intelligence solution for wealth advisory firms, to enable home offices and financial advisors to connect and enrich all the data sources across their practices, and provide their clients with actionable insights at scale—all on one platform.

Joel Bruckenstein
Joel Bruckenstein
Joel P. Bruckenstein, CFP®, is Publisher of the T3 Tech Hub (formerly the T3 newsletter) and the producer of the Technology Tools for Today (T3) Advisor Conference, the only annual technology conference for independent advisors, as well as the Technology Tools for Today (T3) Enterprise Conference. He also hosts other technology summits in partnership with thought leaders in the financial services industry (e.g., Brian Hamburger of MarketCounsel) and his own by-invitation-only fintech summit every summer. In 2020, Bruckenstein will produce for the first time a new one-day intensive called T3 Cyber University. Bruckenstein is an internationally acclaimed expert on applied technology as it relates to the financial service industry. He is the co-author of three books: Virtual Office Tools for a High Margin Practice, Tools and Techniques of Practice Management, and Technology Tools for Today’s High Margin Practice. Bruckenstein’s monthly technology columns appeared in Financial Advisor magazine and Financial Planning magazine for many years. In addition, he works in tandem with industry influential Bob Veres, publisher of Inside Information, to produce an annual technology survey for the financial planning community. Bruckenstein accepted the fifth annual Leadership Award bestowed by Bob Veres' Insider's Forum, a conference that brings together the leading figures of the financial planning profession during a main stage presentation at the Insider's Forum held September 6-8, 2017 in Nashville, TN. Bruckenstein has for more than twenty years advised financial service firms of all sizes on improving their technologies, processes and workflows. For more information about Joel Bruckenstein and the services his firm offers, please visit www.JoelBruckenstein.com.

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