Envestnet, Inc. and Envestnet | Tamarac announced they are strengthening the level of integration with MoneyGuidePro® across both platforms, giving advisors scalable, efficient tools to gather information they need to determine every client’s best interest, and evaluate advice and investment recommendations based on the client’s risk tolerance, investment objectives, and retirement needs.
PIEtech℠’s MoneyGuidePro®, Best Interest Scout™, and myMoneyGuide®solutions will be available to Envestnet advisors and enterprises. These programs work together to capture additional data to help advisors better understand their clients’ goals and overall financial wellbeing. These enhanced data sets can confirm if the proper information is available to evaluate the need for a best interest contract (BIC), and align advice accordingly to comply with the new regulations from the Department of Labor’s (DOL) Fiduciary Rule. Advisors can also securely record and archive the data obtained through Best Interest Scout and myMoneyGuide, which helps to document the process that led to each account action and recommendation.
“The post-DOL landscape will be a very different one for members of the wealth management industry, and advisors have their hands full preparing for the new rules to take effect,” said Kevin Knull, CFP®, President of PIEtech, Inc. “Our ongoing integration with Envestnet can help advisors seamlessly make necessary adjustments in their practices so they can both strengthen engagement with clients and ensure all advice they offer is in each client’s best interest.”
REGISTERED INVESTMENT ADVISORS (RIAS)
These solutions from MoneyGuidePro are accessible to RIAs leveraging Envestnet | Tamarac’s Advisor View™ and its client portal. If advisors find they need more information about a client’s risk tolerance, investment objectives, and retirement needs—the criteria which the DOL Fiduciary Rule requires advisors to use to identify a client’s best interest—they can send an email asking the client to log into Best Interest Scout through the Advisor View client portal. When the client logs in, Tamarac will import known client data into Best Interest Scout, which will ask the client to enter the unknown information and send the completed questionnaire back to the advisor.
“We are always seeking innovative ways to help advisors seamlessly combine account management and financial planning within a unified platform,” said Stuart DePina, Group President of Envestnet | Tamarac. “Our enhanced integration with MoneyGuidePro empowers fee-only advisors to quickly update their workflows to bring their businesses up to speed with changing regulations—and, simultaneously, increase engagement with clients so they can work together to invest in their best interests.”
FINANCIAL ENTERPRISES AND ADVISORS
Best Interest Scout’s scalable client discovery process, integrated with Envestnet | Yodlee’s data aggregation, will streamline data into Envestnet’s core platform, further powering Envestnet’s recently announced Best Interest Assessment solutions. It is critical to have a thorough understanding of a client’s financial situation that goes beyond a risk questionnaire and also takes into account factors such as: market timing, liquidity, employment, and current health conditions that could create variables to a client’s long-term investment horizon.
“We have identified PIEtech’s Best Interest Scout and myMoneyGuide as the most comprehensive DOL discovery solutions available in the marketplace. By combining their solutions and ours, together we can help advisors and enterprises understand their clients’ full financial circumstances in order to complete a thorough best interest evaluation,” said Jim Lumberg, Co-Founder and Executive Vice President of Envestnet. “This powerful combination arms advisors with the competitive edge necessary to deliver better outcomes to clients through a scalable, data-driven process that aligns with the client’s best interest.”
Information about the depth and breadth of Envestnet’s DOL Solutions is available at: http://www.envestnet.com/DOL.
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to financial enterprises and advisors. Their solutions unify and fortify the wealth management process, delivering flexibility, accuracy, performance, and value. Envestnet enables the transformation of wealth management into a transparent, independent, objective, and fiduciary standard of care, and empowers enterprises and advisors to more fully understand their clients and deliver better outcomes. For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel (https://twitter.com/envintel).
About PIEtech℠, Inc.
PIEtech℠, Inc.’s vision is that everyone needs and deserves a quality financial plan. PIEtech℠ is the creator of MoneyGuidePro®, one of the industry’s leading financial planning software programs, myMoneyGuide®, an online guided planning solution that allows firms to broadly offer financial planning, and Best Interest Scout℠, a standalone, scalable discovery solution to help firms of all types obtain necessary client information. For more information on PIEtech℠’s financial planning solutions, please visit http://www.moneyguidepro.com.