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Financial Planning > Behavioral Finance

Envestnet Upgrades Platform to Enhance Client Relationships

By Michael S. Fischer

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Envestnet has released hundreds of platform updates to improve its users’ experience, the firm announced Monday.

“This latest round of enhancements to the Envestnet platform delivers more meaningful and powerful functionality for our users and their clients,” Blake Wood, Envestnet’s director of product strategy, said in a statement.

Envestnet said its product and development teams had collaborated on some 400 projects across more than 3,000 developer days to plan, build and execute the platform updates.

The latest update release features co-browsing and video integration with SaleMove, which reshapes how advisors and clients communicate with one another. The integration, now live, provides another way for advisors to quickly address client questions on the Envestnet platform. It also gives Envestnet’s service and support teams their own version to assist advisors.

In addition, Envestnet is improving the Yodlee user experience. Yodlee applications in the Client Portal provide clients with an intuitive and informative look into their full financial picture.

The new enhancement involves implementing the FastLink 3.0 workflow for aggregating accounts, making it easier for advisors to identify financial institutions, add credentials and link accounts, and confirm when all this is complete and available on the Client Portal. The new release will also enable advisors to control the availability of individual financial wellness solutions.

And with the addition of a new application — OK to Spend — clients can see their upcoming recurring expenses, paycheck deposits, financial events and projected balances on future dates in a centralized calendar view.

In another area, Envestnet is adding two more options for advisors to its standard methodology for calculating the plan probability number for the likelihood of a financial plan being able to satisfy all of a client’s goals.

According to the announcement, plan probability can now also be determined using the traditional method — successful simulations divided by the total number of simulations — and the weighted priority of goal probabilities. This provides advisors with a plan output that aligns with their approach to planning.

With the addition of an equity compensation feature, advisors will also now be able to model different share exercise and sale options to incorporate into plan scenarios with Advanced Logix. The equity compensation analysis can be used as a strategy within plan scenarios, as well.

Finally, Envestnet has added more report content options and flexibility for delivery of quarterly performance reports. QPRs can now be customized to incorporate other firm documents alongside the reports selected in the template.

The reports can also be generated at a group level, rather than only at the client household level, resulting in a more effective report with only the most relevant information included. In addition, clients will now be able to access individual performance reports directly from their site.

Envestnet said that in addition to the announced enhancements, it has completed a significant amount of development on its other strategic initiatives:

  • Core functionality for the Envestnet Insurance Exchange (which now enables solicitation of a pilot user group)
  • New integrations and APIs through Open ENV
  • Establishing a framework for expanding the capabilities of the new advisor experience and enhanced trading modules like Single Portfolio Trading

“By regularly reviewing and updating our advanced technology offerings, Envestnet is committed to providing enterprises and advisors with the necessary tools to better understand their clients’ financial picture,” Wood said.

— Check out BlackRock-Envestnet Deal Part of a ‘Broader Game’ on ThinkAdvisor.

Michael S. Fischer

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