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 (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.
Each block of MyBlocks is grouped by topic, including: Protect Your Family (including life insurance and long-term care), Explore Retirement Topics (social security, health care and longevity), Have Some Fun (retirement compatibility game and inflation quiz) and FastPath to Freedom (credit card debt, college loan debt, retirement savings, building an emergency fund and saving for an experience or financial goal).
Blocks dealing with long-term care analysis, income protection and financial goals and concerns are “scheduled to be released later this quarter,” the company said.
MyBlocks is a separate, $125 a month product offering outside of the firm’s MoneyGuide financial planning software suite that includes MoneyGuideOne ($50 a month), MoneyGuidePro ($125 a month) and MoneyGuideElite ($175 a month). MyBlocks integrates with all current configurations of MoneyGuide, the company said. But advisors can opt to subscribe to MyBlocks alone, Leal noted.
As part of a special limited-time deal, MyBlocks users can also have integrated data aggregation with Envestnet Yodlee, including a suite of Yodlee FinApps that enables analyzing expenses, budgeting, linking accounts, reviewing transactions and viewing a summary of accounts, he said. For advisors with MoneyGuide, the data will import into a full financial plan, doing away with the need to request paper statements, the company said. More blocks and integrations will roll out through 2019 and into 2020, it said.
The company is targeting a wide range of advisors with MyBlocks, including RIAs, mid- and small-size banks and midsize and large broker-dealers, Leal said. It was “designed to feel like a consumer technology interface,” he said in the company’s announcement.
MyBlocks can be used on any device with a browser, including computers, mobile devices and smart TVs, Leal told ThinkAdvisor.