Be careful with envision
Kind of strange that in the same conference call Ludeman tells you that you get zero retention, he pushes the financial planning software. If I worked there I would be afraid that the bank will use the data you put in their to target your customers for "banking services." How do you know that WFC won't use the data, maybe even sell the data on credit card usage, loans etc? Is there anything in the contract that prohibits other channels in the bank from using the data? I would be worried that at some point when Wells sells or spins off the securities side, that they would still have that very personal data, which is way more detailed then a regular brokerage account card. Be careful, don't trust them.
Envision is a great tool in many aspects. It helps the client focus on their goals in terms most people can understand, instead of how did I do against a benchmark. It has also been very successful in helping brokers gather assets and build better relationships with their clients.
There are two issues you need to be aware of:
1) Make sure you fully understand how the simulation engine runs and how the risk return for the asset classes and the asset allocation models are derived. These types of systems blew clients up in the 90s. The whole Markowitz efficient frontier economic theory. These systems can work but the devil is in the details. I cannot stress enough for you to do your own research, do not just buy their sales pitch. A system like that is only as good as the assumptions put in them, and you need to know those assumptions and their limits.
2) Once your client buys in to the Envision system, they want to know where their dot is. They become very trusting / dependent on the system. This makes them very sticky as clients to the firm and harder to move if you decide to leave. That is one of the reasons DL likes the system.
Hope this info helps.