Envestnet Rolls Out Enhancements Across Its Ecosystem, Giving Advisors Greater Visibility Into Clients' Finances

Rhea-AI Summary

Envestnet has implemented significant technological updates in Q3, enhancing user experience across its WealthTech, Solutions, and Data and Analytics sectors. New features in Envestnet | MoneyGuide include estate planning tools, a client prospecting center, and debt consolidation strategies. The company's Tamarac platform has integrated with FIDx for annuity solutions and the Envestnet Credit Exchange for strategic credit management. Additionally, a new Wealth Data Platform has been introduced, aiming to streamline data connections for wealth advisory firms, ensuring advisors can provide comprehensive financial strategies.

Positive

• New estate planning tools enhance financial advisory capabilities.
• Prospecting Center feature increases client acquisition potential.
• Integration with FIDx expands access to annuity products.
• Wealth Data Platform offers comprehensive data solutions for advisors.

Negative

• None.

Updates Throughout Q3 Include New Reporting Views, Prospecting Capabilities, Debt Consolidation Strategies, Portfolio Products & Partner Integrations, to Further Bolster the Intelligent Financial Life™

BERWYN, Pa., Nov. 2, 2022 /PRNewswire/ -- Envestnet implemented a series of technology enhancements during the third quarter to strengthen the user experience throughout its ecosystem. These updates, which were rolled out as part of Envestnet's ongoing commitment to giving advisors the power to help clients make sense of their finances, apply to the company's business lines—Envestnet WealthTech, Solutions, and Data and Analytics.

"We continue to make enhancements across the Envestnet ecosystem so that advisors can better connect their clients' daily and long-term financial decisions, through solutions, technology and intelligence that help them achieve an Intelligent Financial Life™," said Tom Sipp, Executive Vice President, Business Lines at Envestnet.

Updates across the Envestnet ecosystem include:

WealthTech

Envestnet | MoneyGuide

• New Views/Reports in Envestnet | MoneyGuide's Wealth Studios:
• "Estate Flow Chart," which utilizes the family tree function to overlay the flow of assets between heirs and entities, and provides real-time updates through the modeling of estate planning strategies and recommendations.
• "Net Worth Over Time," which breaks down a client's projected net worth on an annual basis by types of assets and liabilities. 
• New "Prospecting Center" in MyBlocks™ by Envestnet | MoneyGuide: This new lead-generation feature enables advisors to attract new clients across demographics which are vital for the survival of their businesses.
• Younger Millennials, who account for 21% of the general population and 28% of the affluent, are turning to online sources for long-term financial planning, according to Envestnet's Intelligent Financial Life National Study.
• Envestnet's research also found that 73% of Generation-X are more worried about their financial futures than ever before. The Prospecting Center can enable advisors to leverage their own custom marketing links on their websites, social media accounts, and email messages in order to reach more qualified prospects—and learn more about them and their financial situations, including details such as income levels, goals, retirement expectations, and existing debt.
• New blocks in Envestnet | MoneyGuide's MyBlocks:
• "Debt Consolidation" Block: Allows advisors to introduce clients to different debt consolidation strategies for potentially helping them lower their monthly payments, simplify payments, decrease interest paid, and adjust payoff dates.
• "Life Insurance Assessment" Block: Helps advisors quickly identify clients' life insurance needs for supporting their families in the event of their death and determine whether their current insurance coverage meets that need.

Envestnet | Tamarac

• New Integration with FIDx: Independent registered investment advisers (RIAs) can now access annuity products, and annuity management and research tools, from the Envestnet Insurance Exchange powered by the Fiduciary Exchange LLC (FIDx) through single-sign-on via the Tamarac platform. This integration enables advisors to seamlessly provide clients with access to retirement protection and income solutions that are designed to help ensure they remain on track to, and through, retirement to meet their financial needs.
  
  
• New Integration with the Envestnet Credit Exchange: Independent RIAs can access advice-driven financing solutions to help their clients manage credit as strategically as they manage investments. Advisors utilizing the Tamarac platform can introduce clients to firms offering residential real estate, unsecured "signature", and non-purpose securities-backed loans for managing both sides of clients' balance sheets to help build net worth. Access to this capability can help advisors support additional client financial goals, including cash flow, education, home purchases and refinancing, business investments, and tax obligations. The Envestnet Credit Exchange is powered by the Advisor Credit Exchange (ACx). 
  
  
• New Integrations with Digital Asset Platforms: Advisors utilizing the Tamarac platform are now able to view their digital assets much like any other asset. This includes being able to view digital holdings in performance reporting and billing. This enhancement was made possible through two direct, custodial integrations with Flourish Crypto, Flourish's turnkey, direct-ownership cryptocurrency investing solution built for RIAs and their clients, and Gemini's BITRIA Wealth Management platform, fully integrated digital asset solution for wealth managers.

"Our most recent technology updates give advisors the ability to service clients even more holistically," said Molly Weiss, Chief Product Officer, WealthTech and Solutions at Envestnet. "The technology solutions across our platform are designed to work together to consolidate as many assets as possible under an advisor's purview, expanding and strengthening the advice they can deliver as heroes who help clients make proper sense of their finances."    

Wealth Solutions

• Fixed Income Quantitative Portfolios (QPs): This series is designed to provide consistent income and low sensitivity to rising interest rates through a diversified set of securities. The two products, which are now available to investors, are the "Fixed Income QPs: Corporate Bond Ladder" and "Fixed Income QPs: Municipal Bond Ladder."
  
  
• Enhanced Overlay Capabilities: The next-generation proposal workflow in Envestnet's ecosystem now includes a new overlay feature—the Fund Strategist Tax Management Service developed by Envestnet | PMC, which enables advisors to provide Fund Strategist Portfolios, either third party or proprietary home office models, that are tax managed to client specific tax sensitivity levels. The service also illustrates within the proposal the tax consequences and potential tax savings at specific tax sensitivity levels of moving an account to a fund strategist model when using this service. 

Envestnet Data & Analytics

• Launch of Wealth Data Platform: Envestnet recently unveiled its cloud-based data intelligence solution for wealth advisory firms, to enable home offices and financial advisors to connect and enrich all the data sources across their practices, and provide their clients with actionable insights at scale—all on one platform.

Advisors attending Schwab IMPACT 2022 can learn more about these updates to the Envestnet ecosystem by visiting the Envestnet booth #1206.

About Envestnet
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life.  More than 105,000 advisors and over 6,500 companies—including 16 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, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

The information, analysis, and opinions expressed herein are for general information only. Nothing contained in this document is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.

 

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SOURCE Envestnet

FAQ

What updates has Envestnet made in Q3 2022 for stock ENV?

Envestnet has introduced technological enhancements across its ecosystem, including new tools in WealthTech and integrations for better client management.

How does Envestnet plan to support advisors in managing client finances?

Envestnet aims to empower advisors with new reporting views, prospecting capabilities, and integrated solutions for comprehensive financial advice.

What is the significance of the new Prospecting Center in MyBlocks by Envestnet?

The Prospecting Center allows advisors to attract new clients, especially younger demographics, improving their business growth opportunities.

What integrations has Envestnet launched recently?

Recent integrations include FIDx for annuity access and the Envestnet Credit Exchange for strategic credit management, enhancing advisor tools.

How does the Wealth Data Platform benefit advisors?

The Wealth Data Platform streamlines data connection for advisors, providing actionable insights and improving client service capabilities.