Envestnet has launched a new version of its Recommendations Engine for enterprise organisations.
The 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 advisers can take based on a client’s unique, machine-learning-created profile. These timely, data-driven recommendations for advisers are presented in a comprehensive, streamlined list format.
“Put simply, the Recommendations Engine can save advisers from spending hours—or more—preparing for client meetings,” says Todd Buck, Managing Director and Head of Business Development at Envestnet Analytics. “The smart solution can also proactively alert advisers 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
• Unrealised 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 advisers do. But giving advice to the right client at the right time is what makes advisers great,” says 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 customise how wide the Engine’s reach can go. Making it easier for advisers to give timely advice is one way Envestnet empowers advisers to help make financial wellness a reality for more people.”
Envestnet Analytics can connect to additional data sources in nearly any format to give advisers 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 advisers 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.
Envestnet rolled out the RIA version of the data-driven, platform-wide engine that serves as a time-saving office assistant for advisers last year.