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Technology > Investment Platforms > Turnkey Asset Management

Envestnet Helps Advisors Optimize Clients’ Health Insurance Coverage: Tech Roundup

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What You Need to Know

  • Envestnet entered an exclusive partnership with digital engagement platform Healthpilot.
  • Franklin Templeton model portfolios can now be found on GeoWealth’s platform.
  • Fidelity’s eMoney Advisor announced a new partnership with the Foundation for Financial Planning.

Envestnet entered an exclusive partnership with digital engagement platform Healthpilot that simplifies the Medicare health insurance plan selection and enrollment process, the companies said in a joint announcement.

As part of the pact, announced Tuesday, the companies are “equipping financial advisors with a powerful new capability to enable their clients in or nearing retirement to optimize their health insurance coverage every year, adding a new service for a key demographic for their practices,” they said.

Healthpilot will be available at no cost to advisors and their clients via integrations with the Envestnet and Envestnet | MoneyGuide platforms.

The Healthpilot platform uses proprietary decision-support algorithms to determine the best Medicare plan for each user, the companies said.

In addition to simplifying the Medicare plan selection, enrollment and management process for clients, Envestnet’s integration with Healthpilot “merges health insurance coverage and healthcare expense estimates — a key area of focus for clients nearing or in retirement — into the hyper-personalized, holistic digital experience enabled by Envestnet,” the companies said.

Clients can enroll directly in their chosen Medicare Advantage, Medicare Supplement or Medicare Prescription Drug coverage option online in under 15 minutes, the firms said.

Based on the client’s insurance plan selection, the estimated out-of-pocket expenses and estimated savings are automatically relayed back to the advisor for incorporation into a financial plan for the client.

Healthpilot will regularly monitor changes to clients’ health needs and modifications to health plans made by insurers and communicate the updates to clients.

GeoWealth Adds Franklin Templeton Model Portfolios

Franklin Templeton Model Portfolios have been added to GeoWealth’s turnkey asset management program for advisors, the companies said Thursday.

GeoWealth’s open-architecture TAMP supports advisor-managed and third-party model portfolios, helping RIAs to achieve and maintain scale while delivering custom solutions to investors.

The multi-asset model portfolios are managed by Franklin Templeton Investment Solutions and “represent their best thinking in model portfolio construction and underlying fund selection,” the companies said in a joint announcement.

The models are managed to help RIAs using the GeoWealth platform to build, implement and maintain portfolios “attuned to client risk profiles across asset class, style, sector, and region with the end goal of producing superior risk-adjusted returns,” they said.

The Franklin Templeton Core Multi-Manager Model series includes eight target allocation portfolios and an “Alternative Completion” model for advisors seeking the benefit of liquid alternatives in client portfolios.

The Franklin Templeton Core Multi-Manager series allocates to a mix of underlying funds from Franklin Templeton’s specialist investment managers and third-party active managers. The models use a mix of active and passive vehicles to achieve desired portfolio exposures in a cost-efficient manner, the companies said.

eMoney Partners With FFP

Fidelity’s eMoney Advisor announced a new partnership with the Foundation for Financial Planning.

Through the partnership, eMoney joins FFP’s Corporate 100 Club, committing to a multi-year sponsorship and donation of $100,000 over the next four years.

Also, eMoney executives are serving on FFP’s Corporate Advisory Council and Pro Bono Technology Committee to “strategize how to use technology for more efficient and effective pro bono engagements for both clients who are underrepresented and advisors who are looking to help,” eMoney said.

Over the course of the four-year partnership, eMoney will work with FFP on several initiatives, including the Pro Bono Challenge at the 2021 eMoney Summit, Oct. 25-27.

eMoney will also host a panel of financial experts for “The Gift of Advice: A Panel Discussion” on Nov. 4, from 2 to 3:30 p.m. ET. The all-star panel will share reflections from 2021 and strategies for sharing financial tips with clients of all ages, backgrounds and financial situations, eMoney said. eMoney will donate $5 per attendee to the FFP to “help share the gift of advice with those in need,” it said.

The announcement was made in conjunction with the start of Financial Planning Month, which eMoney noted is celebrated every October.

(Credit: Shutterstock)


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