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July 23, 2019 at 03:53 PM
Tony Leal, Envestnet MoneyGuide president.
Envestnet MoneyGuide expanded and enhanced its MyBlocks financial wellness ecosystem that the company said enables advisors to engage clients and prospects of all ages and financial backgrounds.
Twenty-one “blocks” of information are available now via the digital client engagement tool and more are being developed each month, the company said in a July 23 announcement. New enhancements include a self-registration feature that gives advisors a custom link to reach prospects more efficiently through their digital marketing efforts, it said. That link serves as a prospect engagement and lead generation tool for advisors to use on their websites, in email campaigns and on social media channels, according to the company.
“By the end of this year, I should have at least 35” blocks available, including new ones targeted at young people planning to get married (called Financial Bliss) and even high school-age children of advisors’ clients (called Kickoff), Tony Leal, Envestnet MoneyGuide president, told ThinkAdvisor.
“So many couples … get divorced because of money matters,” he noted, adding: “How great would it be for the couple to go through” an interactive questionnaire before marriage to learn where each one stands on important financial issues? A similar Retirement Bliss block is already offered by the company for older couples, he pointed out.
A recent survey by Northwestern Mutual and wedding planning and registration site The Knot found that although financial issues often create problems within a marriage, most engaged couples and newlyweds aren’t talking about money on a regular basis.
Future MyBlocks enhancements will include the addition of artificial intelligence, Leal said. Envestnet, which bought MoneyGuide parent PIEtech early this year for about $500 million, has an enterprise data management solution called Vision that “takes in a tremendous amount of data and then can do all sorts of business intelligence from it,” he noted, adding: “We are going to create a project with Vision” that will bring the same kind of AI to MyBlocks. But “I don’t have a timeline yet” for that, he said.
