Key Takeaways
- How the Insights Engine works
- How the Insights Engine helps enable The Intelligent Financial LifeTM
- How the Insights Engine transforms how advisors deliver advice
Giving advice is what advisors do. But giving the right advice to the right client at the right time is what makes advisors great. Now, the Envestnet ecosystem can help an advisor identify which clients they may want to reach out to – and why – by leveraging our Insights Engine.
The Insights Engine in action
The Insights Engine sifts through consumer and industry data available through the Envestnet platform, as well as through data connectors such as Envestnet | MoneyGuide and Salesforce. It combines that data with each individual client’s unique information. Using machine learning, the Insights Engine powers a list of actionable steps that an advisor can take to engage with each client—timely, data-driven decisions presented in a streamlined list.
For example, the Insights Engine can flag:
- When a retirement date or other lifecycle event is coming up
- A life insurance gap
- An unusually high level of cash
- An underperforming product
- High held-away non-401(k) assets under management
- An unrealized loss in a taxable account
- When it’s a good time to talk college savings planning strategies based on the ages of children in a household
To enable advisors to view and act on these recommendations directly in the systems where they already work, the data can flow back to select CRM systems. In practice, that means an advisor can view a client contact, see a list of data-driven decisions for that client, obtain details on the underlying data powering the decisions, reach out to the client, and mark the opportunity as complete—all within their existing CRM.
The Intelligent Financial LifeTM
Our ecosystem of interconnected services, products, tools, and technologies exist to help advisors identify client opportunities and challenges and seamlessly take action, driving the Intelligent Financial Life. The Insights Engine demonstrates just that.
- Connection with Envestnet | MoneyGuide: Through single-sign-on access to the Insights Engine in MoneyGuide, advisors who use the MoneyGuide financial planning solution can receive advisor-level, data-driven decisions to help clients adhere to their plans.
- Connection with Fiduciary Exchange (FIDx): Through data connection with FIDx, the Insights Engine delivers information on how annuities might benefit clients.
- Connection with Envestnet’s data and analytics: This provides the blueprint for how advisors can bring all the pieces together for households and engage with clients at a higher level.
- Connection with CRMs: This flows data back into CRMs like Salesforce and Microsoft Dynamics so advisors can streamline their suite of technology and evaluate information within the system where they’re already doing business.
The technology is always on, always gathering data and looking for opportunities to help advisors optimize the advice they give and engage clients in real time.
Transforming how advisors deliver advice
Advisors today are tasked with delivering more for their clients—more personalization, more holistic advice, more communication. At the same time, they’re looking for ways to grow and scale their business and bring additional assets under management from existing clients. Simple, strategic changes—like leveraging the right technology—can enable them to do more with less, while improving the client experience.
For advisors, this is an innovation that offers direct value—the opportunity to meaningfully engage with clients without additional burden.
Put simply, the Insights Engine can save advisors from spending additional time preparing for client meetings. And for clients? It can offer timely, personalized insights and more holistic advice across the scope of their financial lives. Here’s a closer look at how the Insights Engine can empower your practice.
We continue to implement updates to the Insights Engine to give advisors greater insight to serve clients more effectively and efficiently. Contact us today and start uncovering your clients’ hidden opportunities.
