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Envestnet Debuts Plethora of New Solutions at Advisor Summit

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Using its annual summit as a launch pad, Envestnet unveiled several new products and applications this week. Many of these products were designed with the goal of attaining “financial wellness,” a theme highlighted by Envestnet Chairman & CEO Jud Bergman and President Bill Crager in their opening keynotes.

New solutions will give RIAs the abiliity to reduce friction of onboarding and funding accounts, enable them to utilize voice technology, such as using Alexa to ask questions, and will provide an option for greater security through a LifeLock partnership.

Here are some of the new products and solutions that Envestnet highlighted at the conference:

  • Envision: This solution is to streamline and reduce common problems of gathering data from various systems, as well as improve the ability to import market and competitor data into internal reports, and alleviate the difficulty of adapting from conventional systems such as books and records data. According to Envestnet, the product aggregates data within Envestnet and open ENV APIs and then reconciles and enriches the data to be used through easy-to-use portals. “With Envestnet Envision, advisors and enterprises can find connections in data to not only provide actionable insights for clients, but also to stay competitive and efficient,” Bergman said.
  • Envision IQ is an enterprise data management solution that combines intelligent data, machine learning and advanced analytics to help provide better insights to clients. With Envision IQ, RIAs can get information through desktop and mobile visualizations, “as well as by voice using Alexa-enabled devices, allowing users to get the information they need with as little disruption as possible, including daily briefings in the car or on the way to work,”  according to Envestnet.
  • Envestnet Logix will provide additional functionality and will allow integration capability of insurance-based products and processes; tools to create custom layouts and presentations for financial plans; and enhanced views that evaluate net worth, social security and more.
  • Asset Transfer Service: Envestnet l Yodlee enhanced its data aggregation capabilities “to reduce friction for asset transfer by providing accurate account profile and holdings data with fewer NIGO (Not in Good Order) errors,”  according to a statement. By entering credentials, clients will be able to see the detailed account profile information required for an asset transfer. Other features include account and asset verification and counterparty information. “Our technology has been designed and built to not only elevate the advisor-client relationship but also to support holistic advice through streamlined and secure data aggregation and data accuracy,” said Colby Payne, VP of Wealth Solutions at Envestnet | Yodlee.
  • Other updates to the client portal and digital advice program include a customizable digital investment solution that combines a robo-offering with an infrastructure that automates financial planning and investment processes. Program highlights include: a self-directed or advisor-assisted client planning and profiling tool; a financial wellness score application to help clients track their progress toward goals; an advisor communications tool; an upgraded client vault; a mobile phone application,  and multifactor authentication for increased security.

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