United Capital Financial Advisers and FinLife Partners, a division of United Capital, launched a new client experience system that links to the advisor’s existing client relationship management (CRM) system.
FinLife CX is an evolution of FinLife OS — a fully integrated wealth management platform that included client experience, a full client relationship management (CRM) system, and training and coaching — which was launched less than two years ago.
In the past, firms needed to transition their client data to a new CRM before they could offer the client experience.
FinLife CX allows advisors that want to maintain their existing CRM to overlay the proprietary client experience system in a white-labeled manner. The new offering provides the ability to deliver the digital suite and client experience more quickly, shortening firm onboarding time and the impact to their clients. Firms can later decide if they want the full operating system or access to United Capital’s Investment Platform.
According to founder and CEO Joe Duran, United Capital launched FinLife OS to allow advisors access to its system without having to sell their firms to United Capital. And the firm has had success with FinLife OS, signing 22 firms and nearly $9 billion in assets under contract since mid-2016.
“As we continue to evolve the platform, we’ve been working to deliver the client experience without having to convert an advisor’s entire CRM,” Duran said in a statement. “It will allow for three things to happen: shortening the time to begin delivering the unique financial life management process; expanding our universe of potential partners; and revising our pricing to reflect a cleaner, simpler, per-client model.”
FinLife CX moves away from traditional fees based on assets under contract and management to a new fee structure that will charge an annual $600 per-client guidance fee. In addition, implementation and ongoing support fees will be assessed and vary based on the complexity of installation.
FinLife CX comes with a suite of proprietary discovery tools and exercises, a mobile-enabled client portal and on-demand 24/7 staff training and coaching.
The discovery tools in FinLife CX include an updated version of the MoneyMind analyzer, which guides consumers through quick-response questions that reveal their biases toward money. MoneyMind 2.0 results blend the characteristics that influence a consumer’s decisions around spending, saving, planning, safety nets, risk-taking and timing.
The upgraded mobile-ready portal, which gives clients access to their financial plans, goals, accounts and portfolios, also allows advisors to send a personalized video to deliver advice and communications without having to schedule a meeting, freeing themselves and clients from the limits of geography.
FinLife CX also includes an advisor-led discussion — called HonestConversations — to help individuals and couples understand their motivations and the trade-offs that come with financial decisions.