A series of new analytics tools intended to empower financial advisors to make better, data-driven decisions and ultimately drive more productivity were introduced by Chicago-based Envestnet this week.
“Envestnet Advisor Analytics” made its debut at the 2019 Envestnet Advisor Summit in Austin, Texas, May 1-2, and will officially launch in June 2019.
The new offering will be available on Envestnet Intelligence, which is Envestnet’s omni-channel platform that includes desktop, mobile, voice, notification and alerting channels. The platform leverages artificial intelligence and machine learning, natural language processing, and an advanced data analytics engine, which enables advisors to easily answer key business questions.
“Envestnet Advisor Analytics represents our belief that the future of advice will be powered by the intelligent use of data,” said Bill Crager, chief executive, Envestnet Wealth. “We are pleased to offer advisors a suite of tools that provides detailed insights into their practices, comparison and peer analysis and helps them continuously monitor clients’ progress toward goals. We believe these tools will provide essential support to advisors in how they manage and grow their businesses and also how they intelligently engage their clients.”
The Envestnet Advisor Analytics platform, the company says, features data-driven insights enabling advisors to work more efficiently and stay informed of key trends; view peer benchmarks that will provide comparisons of overall business, risk ratings, advisor fees and account performance; and access to actionable intelligence to help monitor client investment performance and goals more effectively.
The new features
There will be five new features available to financial advisors within this platform:
- Enterprise Advisor Analytics: Enterprise clients will gain access to practice-level dashboards that show fees and account performance, peer benchmarking analysis and predictive analytics through a more unified platform user experience.
- RIA Analytics: Independent and RIA firms will also gain practice level analytics and peer benchmarking analysis with an improved user experience.
- RIA Pulse (Live): A weekly report of curated data that will give clients an aggregated market snapshot, including peer RIA activity, product trends and seasonal market shifts, to make informed decisions.
- Platform Integration: By integrating platform insights with third-party data feeds, fee and performance comparisons will be available for advisors to view via widgets.
- LifeYield TaxEfficient Score Dashboards: As part of LifeYield’s partnership with Envestnet | Yodlee, advisors will gain insights to help clients manage a tax-smart investment portfolio.
“With this new suite of advisor tools, we are moving from 0 to 100 miles per hour in empowering advisors to make more informed recommendations to help clients achieve financial security and success,” saidFrank Coates, executive managing director of Envestnet | Yodlee. “We’re making it easier for advisors to manage their practices by providing actionable and digestible insights in a way that’s as simple as interacting with an Excel file, widget and weekly newsletter.”
Envestnet is one of the largest providers of wealth management solutions to independent financial advisors. More than 3,500 enterprises and over 96,000 advisors including 16 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms and over 500 of the largest Registered Investment Advisors leverage Envestnet technology and services.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
