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Envestnet | MoneyGuide Expands MyBlocks To Help Advisors Get to Know Their Clients Better and More Efficiently

11/21/19 9:00 am EST

POWHATAN, Va., Nov. 21, 2019 /PRNewswire/ -- Envestnet | MoneyGuide, creator of the industry's leading financial planning software platform, today announced the expansion of MyBlocks with the addition of four new blocks – Financial Goals, Financial Concerns, Retirement Expectations and Retirement Concerns. The new blocks allow all parties involved in a family's financial planning to input their own expectations and concerns - not only retirement plans but also financial considerations that will impact their lives together. This allows the advisor to have a more in-depth understanding of everyone's financial goals – not just their usual point of contact.

(PRNewsfoto/Envestnet MoneyGuide)

"Many times, advisors are engaging with one individual within a couple, which can lead to a plan that only takes into consideration one person's goals. These new blocks are designed to not only help advisors engage the partner they typically would not have another opportunity to interact with, but also make sure the couple is aligned on their financial priorities," said Tony Leal, President of Envestnet MoneyGuide. "Understanding what expectations and concerns each client has for their financial life or retirement is the most important aspect when advising on their money."

  • Financial Concerns allows clients to self-diagnose concerns such as overspending, losing a job, buying a home and more. Each concern is rated on a degree of concern from low to high for each person. This creates a discussion for the advisor to identify new strategies that will give clients peace of mind to ease concerns and meet goals.
  • Financial Goals provides clients an opportunity to explore what they want to do with their money. Do they want to travel, buy a new home, pay for a child's school? Each goal is rated on a level of importance from low to high.
  • Retirement Concerns allows clients to self-diagnose concerns such as not having a paycheck anymore, healthcare costs, longevity and more. Each concern is rated on a degree of concern from low to high for each person. This creates a discussion for the advisor to identify new strategies that will give clients peace of mind to ease concerns and meet goals.
  • Retirement Expectations provides clients an opportunity to identify what they are looking forward to in their retirement and how important it is to their happiness. Clients can indicate if they expect to work and other activities they might do, which advisors can discuss with clients to ensure the retirement plan accounts for these expectations. This is a great tool for data gathering for a full financial plan.

In addition to allowing advisors to have deeper insight into their clients' needs and concerns, the data uploaded onto these new blocks pulls right into the clients' MoneyGuide plan – making it more efficient for advisors to meet their needs. The new blocks also allow a client to self-register, which enables them to input this information ahead of coming in for a meeting, ensuring in-person meetings are efficient in covering clients major concerns and expectations.

"Investors want to feel in control of their finances and their future and introducing planning in a way that is relatable, digestible, and engaging is key," continued Leal. "Knowing your client is even more important in today's environment, and all four of these Blocks will help advisors do just that."

MyBlocks is a separate product offering outside of the firm's MoneyGuide suite providing stealth planning, breaking down the process into pieces that clients can complete as they reach different life phases in their financial life journey. These blocks are all currently live and available on the MyBlocks platform today.

For more information on Envestnet MoneyGuide, or to learn more about its suite of products, visit www.moneyguidepro.com.

About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable intelligence that drives better outcomes and improves lives.

Envestnet Wealth Solutions enables enterprises and advisors to better manage client outcomes and strengthen their practices through its leading Wealth Management Operating System and advanced portfolio solutions. Envestnet | Tamarac provides portfolio management, reporting, trading, rebalancing and client portal solutions for registered independent advisers ("RIAs"). Envestnet | MoneyGuide provides goals-based financial planning applications. Envestnet Data & Analytics enables innovation and insights through its Envestnet | Yodlee data aggregation platform.

More than 100,000 advisors and more than 4,700 companies including: 16 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.

For more information on Envestnet | MoneyGuide, visit www.moneyguidepro.com and follow @ENVMoneyGuide.

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SOURCE Envestnet | MoneyGuide

FiComm Partners, Jessica Torchia, Jessica.torchia@ficommpartners.com, (908) 872-7319

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