At Envestnet, we firmly believe that financial planning is the gateway through which you can help your clients achieve financial wellness. But, how do you get your clients and prospects to not only see the value of financial planning, but also actively engage in the planning process? It’s not always easy. Adding to this challenge, investors often don’t want to take the time to answer tough questions, are intimidated by the feedback they may receive, and don’t know where or even how to start.

MyBlocks, a new tool from Envestnet | MoneyGuide, helps to eliminate these concerns by flipping the script on traditional financial conversations – giving investors control and enabling them to tackle their finances one “block,” or topic, at a time.

Flipping The Script

Getting started is simple. Once signed in, users are greeted with a familiar interface, similar to the entertainment websites they use every day. But, in the place of movies or TV shows, there are different blocks, which represent various financial topics: retirement, life insurance, debt optimization, etc.

Within each block there is a series of questions and prompts to help investors better understand their financial situation in relation to the block’s topic and what they need to do to achieve their goals.

Once a block is complete, the information is shared with you in real-time via an immediate notification. This seamless data-sharing is part of what makes MyBlocks so valuable across a client relationship – from prospecting to onboarding, and beyond.

  • Prospecting: Give potential prospects access to MyBlocks to improve your sales process.
  • Onboarding: Optimize the information-gathering process required for new clients.
  • Planning: Enhance the overall value you provide to a client by getting them involved in the process.

You can suggest blocks to clients, pinning them to a recommended list, or clients can log in on their own and complete blocks that are of interest to them.

Based on your clients’ activity, you’ll get a better understanding of their financial priorities. You’ll also be able to instantly gather valuable data to build a plan more likely to lead to success, not only because you’re focused on their key goals, but also because they’re engaged.

Empowering Clients On Their Financial Wellness Journey

Perhaps the greatest strength of the MyBlocks ecosystem lies in its ability to apply to a broad base of investors with diverse financial backgrounds, spanning the stages of life from teens, to young adults, middle-age, retirement, and even legacy. As an advisor, this can expand your client base – even within the same family – as well as the spectrum of advice you can provide.

MyBlocks helps all investors incrementally focus on the goals that they consider to be the most relevant and achieve immediate feedback. It encourages them to consider their bigger financial picture, leading to critical conversations about the additional types of support you can provide to help them in their journey toward financial wellness.

Add a few dollars a month to the retirement calculator and see how much it could grow in 25 years. Pay off credit card debt in two years instead of three and find out how much money that saves in interest payments.

And more blocks are coming – blocks for high school students preparing for college or technical school, blocks for couples hoping to understand their partner’s finances to deepen their relationship, and so much more!

In the end, MyBlocks is a planning option for those who are hesitant, or even intimated, to look behind the curtain of their own financial wellness. And because each block can take anywhere from just two to fifteen minutes to complete, it gives you the opportunity to help your clients without the perceived stress of a formal planning process, expediting the planning process for all types of advisors and investors, and making a quality financial plan more accessible than ever before.

Making Financial Wellness Accessible To All

Driven by constant innovation and frequent enhancements, our solutions, including Envestnet | MoneyGuide, are always evolving to meet the needs and wants of advisors and investors and to take advantage of the latest technological updates available. MyBlocks is more than just one of the most innovative financial wellness tools on the market. Most importantly, it’s a conversation starter.

Check out the newest addition to the Envestnet family today. Contact Envestnet | MoneyGuide to learn more.

The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.

%d bloggers like this: