eMoney Advisor Unveils Virtual Reality, Optimized Marketing Tools

EMoney debuted a virtual simulation at the Technology Tools for Today conference in Garden Grove, California, on Wednesday that helps advisors explain to clients how they will interact with them and the eMoney platform throughout the planning process. In the simulation, users can take a “virtual tour through the inner workings” of either the client side or the advisor side of the eMoney system, according to Kelly Waltrich, senior vice president of marketing for eMoney.

“We thought it was a fun and innovative way for advisors to show their clients the interactive experience that they’ll get working with them,” Waltrich told ThinkAdvisor in a phone interview on Wednesday.

The simulation is part of eMoney’s new Advisor Branded Marketing (ABM) tool, which will be launched in May, Waltrich said. The simulation will be optimized for various virtual reality devices, including the Oculus and devices at lower price points.

ABM will let advisors create custom marketing campaigns from the eMoney dashboard; it features a multimedia library with content advisors can share with their clients.

“We are seeing the same data that everyone else is looking at around the diminishing value of the referral,” Waltrich said. “Advisors are going to need to be more digitally inclined, not just in their wealth management processes but also in their marketing.”

With the ABM tool, advisors can send content personalized for users based on their data in the eMoney platform, she adds.

“If you think about the way that advisors are marketing today, they’re likely taking a piece of content and sending it to their distribution list. If they’re a little bit more sophisticated, they’re segmenting their distribution list and sending slightly different pieces of content to different types of prospects,” the executive said.

The new tool will let them “look at those prospects who came in to the eMoney system through digital channels, and we can send personalized content to them based on their financial lives,” Waltrich explains.

The firm is increasing automation tools, too, to help advisors streamline the registration and onboarding process.

A new compliance solution is coming as well. EMoney said that it will release an updated Advisor Assurance compliance workflow in April to help with documenting and archiving client interactions.

The Automated Managed Platform, an advisor-focused digital advice offering developed by eMoney and Fidelity, is expected this summer. Fidelity said in a separate statement that the platform will go into a pilot phase at select advisory firms by the end of the first quarter.

Fidelity Update

Fidelity announced on Wednesday that it is rolling out new offerings in its Wealthscape advisor technology platform.

Performance Measurement, the first offering from Wealthscape Portfolio Tools, will be available in April, the company said in a press release. It is currently being piloted at 14 advisory firms in more than 290,000 accounts.

It will provide clients and their advisors with time-weighted and money-weighted rates of return for accounts and households. Users can view the data on any device in an interactive format, according to the release.

The tool also will let advisors compare performance to up to five industry and blended benchmarks at a time.

Fidelity said future enhancements to the Performance Measurement tool include multi-custodial performance data, a book of business performance dashboard and integration with the Advisor Vault in eMoney.

Fidelity’s integrations with eMoney’s planning software last year have been adopted by over 200 firms with more than 650 users, according to the company. The integrations help streamline document management, client import and householding capabilities.

Additional integrations planned for the rest of the year and into 2018 will allow advisors to move easily between client plans in eMoney to their brokerage account at Fidelity, and will let clients do more on the eMoney investor portal, including opening accounts.  

Fidelity research has found that advisors who use twice as many technology capabilities as their peers, a cohort it refers to as “e-advisors,” enjoy 40% higher assets under management 25% more compensation.

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