Envestnet | MoneyGuide and Oyster Consulting Collaborate to Help More Firms, Advisors Offer Financial Planning Services

Rhea-AI Summary

Envestnet | MoneyGuide announced a partnership with Oyster Consulting to enhance financial planning services for advisors. This collaboration aims to help firms, particularly those that haven't traditionally offered planning, to provide cost-effective financial plans to clients. The partnership is backed by research indicating a nearly 60% increase in planning penetration for firms using a hybrid approach. Paraplanners from Oyster Consulting will receive specialized training on MoneyGuide's tools, helping advisors optimize financial planning for their clients.

Positive

• Partnership with Oyster Consulting aims to enhance financial planning services for advisors.
• Research shows a nearly 60% increase in planning penetration for firms adopting a hybrid approach.
• Training provided to Oyster paraplanners on MoneyGuide's financial planning tools.

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• None.

RICHMOND, Va., April 20, 2021 /PRNewswire/ -- Envestnet | MoneyGuide today announced a partnership with Oyster Consulting to offer paraplanning services to mutual clients. The collaboration aims to empower more financial advisors to cost-effectively initiate, scale and deepen financial planning relationships with clients.

"More than ever, clients are leaning on advisors to provide peace of mind and holistic advice in addition to portfolio strategies," said Tony Leal, President of Envestnet | MoneyGuide. "For advisors who already offer financial planning services, the financial plan proves its value again and again during these types of conversations. Our partnership with Oyster Consulting can enable more firms – especially those that haven't traditionally offered planning, and/or those that worried about the time it may take for their advisors to create plans themselves – to offer end-investor clients the financial plan they deserve in the most cost-effective way."

The partnership with Oyster Consulting, a firm that offers clients comprehensive consulting, outsourcing and software solutions, further supports MoneyGuide's mission to provide quality financial plans to everyone. A recent study by Kehrer Bielan found that household planning penetration increased nearly 60% for firms that offered a hybrid approach of supplementing advisors with a centralized planning team.

"Oyster's Consultants are knowledgeable professionals; and thanks to this collaboration, our paraplanners are certified on MoneyGuide's innovative financial planning tools and solutions," said Buddy Doyle, Founding Principal, CEO and Managing Director of Oyster Consulting. "Oyster Consulting was founded to help our clients achieve their best outcomes. A solid understanding of a client with a good plan to turn goals into reality is the best way to be successful. Now, our MoneyGuide-trained paraplanners can deliver financial planning support that helps our clients offer that same approach to their own clients as well."

Ahead of the launch of this first-time offering of its kind, Oyster paraplanners attended MoneyGuide's Foundational Bootcamp and underwent further, extensive training on MoneyGuide's financial planning tools. Once paraplanners complete the training, they will collaborate with advisors in a non-client facing capacity, helping them to complete and best optimize MoneyGuide's financial plan for individual clients from within the software.

For more information on the new MoneyGuide/Oyster paraplanning services offering, interested parties can visit www.oysterllc.com or www.moneyguidepro.com.

About Oyster Consulting
Oyster provides consulting, outsourcing and software to financial services firms. Our products and services are delivered by experienced industry practitioners to add more value to your organization. Our focus on client experience and developing long-term relationships is driven by our belief that value creation happens best when there is a deep understanding of the goals and culture of an organization. For more information on Oyster Consulting, please visit www.oysterllc.com and follow us on LinkedIn.

About Envestnet
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 106,000 advisors and more than 5,100 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, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet | MoneyGuide, please visit www.moneyguidepro.com and follow us on Twitter at @ENVMoneyGuide or LinkedIn. 

Oyster Consulting and Envestnet are separate and unaffiliated firms. This press release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

Media Contact:
Dana Taormina
JConnelly for Envestnet
973.647.4626
envestnetpr@jconnelly.com

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SOURCE Envestnet | MoneyGuide

FAQ

What is the partnership between ENV and Oyster Consulting about?

The partnership focuses on providing cost-effective financial planning services to advisors, enabling firms to better serve clients.

How will the MoneyGuide and Oyster Consulting partnership benefit financial advisors?

It offers advisors access to trained paraplanners who can assist in creating optimized financial plans.

What does the recent study by Kehrer Bielan reveal about financial planning services?

The study indicates a nearly 60% increase in planning penetration for firms using a hybrid approach.

When was the partnership between ENV and Oyster Consulting announced?

The partnership was announced on April 20, 2021.

What are the implications of ENV's partnership with Oyster Consulting for investors?

The partnership is expected to enhance service offerings, potentially leading to increased client engagement and satisfaction.