Envestnet: Advisors Can Now Ping Clients When Clients Are Most Receptive

Envestnet has announced the launch of the new version of its Recommendations Engine for enterprise organizations.

dashboardThe Recommendations Engine smartly sifts through the wealth and industry data across Envestnet's unified platform, which includes access to connectors such as Salesforce and MoneyGuide, and powers the "Opportunities to Engage" dashboard, a list of actionable steps that advisors can take based on a client's unique, machine-learning-created profile. These timely, data-driven recommendations for advisors are presented in a comprehensive, streamlined list format.

"Put simply, the Recommendations Engine can save advisors from spending hours—or more—preparing for client meetings," said Todd Buck, Managing Director and Head of Business Development at Envestnet Analytics. "The smart solution can also proactively alert advisors when it may be an opportune time to call a certain client. For example, the system can flag when a key retirement date is upcoming for one of the hundreds upon hundreds of clients an advisor serves. Or maybe it is a good time to talk college savings planning strategies with another client, based on the ages of children in a household. This is next-level innovation, available for Enterprise clients today."

Examples of "opportunities to engage" which can be surfaced by Envestnet's Recommendations Engine include:

  • Underperforming product
  • Unrealized loss in taxable accounts
  • High held-away non-401(k) assets under management (AUM)
  • Life insurance gap
  • Unusually high cash levels

"Giving advice is what advisors do. But giving advice to the right client at the right time is what makes advisors great," said Mr. Buck.

"Now, our system can alert an advisor on which clients they may want to call—and why. And what's even more game-changing is that we now have the ability to customize how wide the Engine's reach can go. Making it easier for advisors to give timely advice is one way Envestnet empowers advisors to help make financial wellness a reality for more people." 

Envestnet Analytics can connect to additional data sources in nearly any format to give advisors the most complete set of analytics, and Recommendations from the analytics, possible. These data connectors not only accept additional data, but now have the ability to push data to CRM systems, such as Salesforce and Microsoft Dynamics, to allow advisors to view and act on recommendations directly in the systems where they already work. For example, an advisor can view a client contact, see a list of Envestnet Analytics' data-driven recommendations for that client, obtain details on the underlying data powering the recommendation, reach out to the client, and mark the opportunity as complete—all without leaving their CRM. 

Some examples:

  • Non-Envestnet AUM and transaction data
  • Firm hierarchies, including teams and split rep codes
  • Custom product names
  • Revenue/expense data
  • Sales and activity data
  • Envestnet rolled out the RIA version of the data-driven, platform-wide engine that serves as a time-saving office assistant for advisors last year.

For more information on this new offering and how to deploy it in your own practice, use our VIP Messenger to see if you can get a replay of last week's webinar presentation. Or ask any questions at all.



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