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