A key focus for Envestnet in 2020 has been advisor intelligence and analytics, underscored by Envestnet | MoneyGuide’s latest announcement, called Plan Analytics Premium. The add-on is available for all tiers of MoneyGuide subscribers and gives users access to weekly auto-updates of a plan’s probability of success, along with a list of actionable items related to insurance, health and lending.
The new feature is designed to do “the ‘heavy lifting’ for advisors who use MoneyGuide,” said Tony Leal, president of Envestnet | MoneyGuide. Those tasks fall across three categories: Plan Pulse, Client Opportunities and a soon-to-be-released feature called Recommendations. Plan Pulse automatically updates financial plan success probabilities for advisors with clients that "have 80% of their investment accounts integrated through account aggregation" regardless of whether the aggregation is done by Yodlee or the outside aggregators integrated with MoneyGuide, according to Leal.
Client Opportunities is the next step in bridging financial plans produced within MoneyGuide with other Envestnet products centered around credit and insurance. It produces lists of opportunities for client engagement, allowing advisors to group clients by common advice topics to be addressed.
While not currently available, Envestnet’s recommendation engine, called Recommendations, “pushes ever-changing recommendations on portfolios the advisor might target/address to ensure they don’t miss a chance to give great advice,” according to the announcement. Envestnet did not provide a launch date for Recommendations.