Envestnet is Fully Vested in helping others live an Intelligent Financial Life – connecting people’s daily lives with their long-term goals. Is your practice prepared to do the same thing?

Why financial wellness matters to your business

We know why it is important for clients to achieve financial wellness. But did you know that advisors also benefit? Delivering financial wellness is correlated with stronger revenue growth and higher levels of client satisfaction. Today’s clients want more than just an annual meeting with recommendations, they want their advisor to act as a financial coach and coordinator in addition to performing their traditional role.

Envestnet partnered with Aite-Novarica Group to better understand how advisors deliver financial wellness to their clients and how those efforts affect their practices. Thanks to this research, we now know that the delivery of financial wellness correlates to:

    • Revenue growth
    • Higher levels of new business
    • Higher levels of client satisfaction

    Simply put, the firms that focus on financial wellness, not just traditional financial planning, can be more successful than firms that offer less comprehensive service.

    Download the full white paper for a deeper dive.

    How to know if you deliver financial wellness

    It is one thing to say you want financial wellness for your clients, and another thing to have your practice structured so that you can deliver it. That is why Envestnet worked with Aite-Novarica Group to design an assessment of the delivery of financial wellness by financial advisors to their clients. The assessment looks at:

    • Range of services offered
    • Breadth of advice and planning support
    • Methods and frequency of client engagement
    • Utilization of platforms and applications

    The advisor’s responses in key areas are then combined to create their overall Intelligent Financial Life Advisor Practice Score. Advisors who score higher are more likely to enjoy the benefits of helping their clients to achieve financial wellness. The assessment can also serve as a diagnostic tool, helping advisors to understand how they might improve their business to better serve their clients in the future.

    Advisors with a score of 80 or higher manage $443 million in client assets on average – representing 69 percent more assets than their counterparts who scored in the bottom quartile of the survey, with a score lower than 67.

    Take the assessment for yourself

    As you progress through the assessment, be prepared to answer questions about:

    • The services you provide to your clients
    • How those services are delivered
    • The ways that you engage with your clients and their families
    • What topics come up when you speak with your clients
    • How you approach planning

    The entire process takes less than 15 minutes. At the end of the assessment, you’ll receive a score for each of the five categories. The five individual category scores will also be combined into a single overall metric called the Intelligent Financial Life Advisor Practice Score.

    The Intelligent Financial Life Advisor Practice Score is intended to be a valuable tool for advisors, providing them insight into how effectively they are delivering financial wellness to their clients, identifying areas of strength and weakness, and helping them adapt their approach in ways that are likely to lead to improved financial outcomes for not only their clients but also their practice.

    Curious? Give it a try today!

    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.

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