There are a seemingly endless number of aspects to your clients’ finances. Envestnet brings it all together through our financial wellness ecosystem, creating one cohesive Intelligent Financial Life™, with dynamic, 360˚ views of their finances today – and where they’re headed tomorrow.
Our ecosystem is made up of scalable, interconnected services, products, tools, and technologies that fall into three key categories: intelligence, technology, and solutions.
We’ve all heard the cliché “knowledge is power.” In our case, we mean it very literally. The Envestnet ecosystem turns knowledge, specifically data, into the intelligence you can use to power your clients’ plans and opportunities in three ways:
1. It aggregates data
An Intelligent Financial Life is all about connecting the dots across a client’s financial life. That takes data – comprehensive, accurate, and enriched data. Envestnet | Yodlee is the leading data aggregation and data analytics platform on the market today. The platform helps consumers live better financial lives through innovative products and services created for over 108,000 advisors and more than 6,000 companies—including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leveraging Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.
Today, when you sit down to prepare for a client meeting, the data is right there at your fingertips. As we’ve written about in the past, data analytics enable you to make each client interaction deeper, timelier, and more relevant than ever before.
2. It drives goals-based planning
To live an Intelligent Financial Life we believe everyone needs and deserves a quality financial plan based on the most current, accurate data available. Envestnet | MoneyGuide (MoneyGuide) is dedicated to this mission – and focuses exclusively on helping advisors use financial planning to more effectively motivate each client to create, implement, and maintain a strategy that best meets their financial goals.
A goals-based plan requires your expertise as an advisor, a lot of data, and your client’s knowledge of their own life, goals, hopes, and fears. MoneyGuide facilitates that by engaging your client in the planning process, helping them to:
- See a clear picture of their own financial life today
- Identify their wants, needs, and wishes (even before meeting with you)
- Test out different hypothetical short and long term cash flow scenarios
- Stress test their future plans, thinking through the tough questions with your help
Advisors can also leverage MyBlocksSM, a client-facing financial planning tool, to help clients visualize their finances and understand the next steps to achieve their goals. The MyBlocks series breaks down complex financial topics and offers side-by-side comparisons of different potential outcomes. These interactive modules can help clients get “under the hood” of their own finances to discover many ways to improve their overall financial health.
3. It helps advisors to identify and capture opportunity
Once you have great data at your fingertips and a tailored plan in place, it’s time to look for and take advantage of opportunities to help your clients grow. Envestnet Data and Analytics is the foundation that creates and deploys intelligence into the financial services universe. We offer over 20,000 data sources and 1,000+ wealth and custodial feeds, providing strong data acquisition capabilities, as well as extensive data cleaning, enrichment and reconciliation expertise, and advanced data intelligence. In short, we provide the best and most comprehensive financial data available to our enterprise, advisor, and asset manager partners.
All of this knowledge comes together to empower our partners to answer key business questions, make better data-driven decisions, manage risk, and ultimately lead to more people having access to an Intelligent Financial Life.
We are Fully Vested in the connections that power and deliver an Intelligent Financial Life. Stay tuned as we continue to share more about Envestnet’s comprehensive financial wellness ecosystem.
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.