CHICAGO, May 18, 2016 /PRNewswire/ -- Envestnet, Inc.
(NYSE: ENV) unveiled The Essential Advisor™, which
advocates the quantifiable value professional financial advisors
deliver in helping consumers reach their financial goals, at this
year's Envestnet Advisor Summit
(http://www.envestnet.com/advisorsummit), currently underway at the
Hilton Chicago.
The new initiative (www.envestnet.com/essentialadvisor)
- Draws on the proprietary expertise Envestnet has obtained from
supporting almost 50,000 advisors on its platform, enabling the
firm to provide insights into how the most successful advisors are
running their practices.
- Is grounded in the firm's Capital Sigma: The Return on
Advice™ study, which finds advisors have the
potential to add 3 percent in value to their clients annually.
- Delivers actionable insights and educational programs,
including an enhanced vision for the Envestnet Institute.
- Will culminate in the release of a new book, The Essential
Advisor: Building Value in the Investor-Advisor
Relationship.
"The principle of being an 'essential advisor' is a driving
catalyst for how we will continue to empower the nearly 50,000
advisors who utilize our platform and the millions of accounts
those advisors service—acting as the central idea guiding all of
our strategic initiatives, from our ongoing technology innovations
to our product roadmap," said Bill
Crager, President of Envestnet. "Our goal is to put our
expanding network and solutions to work to help advisors and
institutions across the industry assess and refine their practices
at all stages of their business development."
Crossing the Digital Divide by Delivering a Return on
Advice
While digital advice platforms continue to make headlines, they
cannot deliver the added value and insightful guidance that
investors can receive when they develop a trusted, long-term
relationship with a professional financial advisor, according to
the Capital Sigma white paper. The study's research,
conducted by Envestnet | PMC's Quantitative Research Group, found
that there are several pillars, or sources, of advisor-created
value that can be quantified. These pillars include financial
planning, asset class selection and allocation, investment
selection, systematic rebalancing, and tax management. Advisors who
successfully implement all of these pillars can produce around 3
percent of annual added value for a client's portfolio.
"The top advisors of the future will be those who can easily
customize advice and touchpoints to the specific needs of each
client, as well as effectively communicate the value they add,"
said Jud Bergman, Chairman and
CEO of Envestnet. "The Essential Advisor leverages our Capital
Sigma research as a framework for how advisors can successfully
cross the digital divide to strengthen client relationships and
increase productivity—and, ultimately, win in the digital age."
The Essential Advisor: A Roadmap to the Future for
Advisors and Investors
Envestnet's ongoing effort to help advisors implement the
Capital Sigma pillars of value and return on advice will
culminate in the release of The Essential Advisor: Building
Value in the Investor-Advisor Relationship. The book, published
by Wiley, will be available Monday, May 23,
2016 wherever books and eBooks are sold, and is currently
available for pre-order: http://bit.ly/EssentialAdvisor.
The book's co-authors are Mr. Crager and Jay Hummel, Managing Director of Strategic
Initiatives and Thought Leadership at Envestnet, and its
foreword is written by Jean
Chatzky, Financial Editor for The TODAY Show.
While the wealth management industry is evolving, so are
consumers—and some advisors are finding themselves left behind as
old methods become less relevant. The Essential Advisor
serves as an insightful handbook for advisors looking to navigate
this changing landscape.
The book will also empower consumers with a better understanding
of what advisors do, how they deliver better results for consumers,
how consumers should think about the wealth management industry,
and what criteria they should consider when selecting an advisor.
In addition to Ms. Chatzky's foreword, Pam Krueger, Gracie Award-winning host of the
Emmy Award-winning PBS program MoneyTrack,
partnered with Mr. Crager and Mr. Hummel on the book to include a
consumer perspective section at the end of each chapter.
"While the Capital Sigma research demonstrates there are
ample opportunities for advisors to deliver value, The Essential
Advisor shows advisors how to adapt their business models so
they can actually deliver this added value. The advisors of the
future will spend more time delivering advice as opposed to
implementing it, and at Envestnet, we are dedicated to providing
the technology, data, intelligence, and other tools that advisors
need to deliver advice that is not just valuable, but essential,"
said Mr. Hummel. "Advisors can use The Essential
Advisor, as well as the Envestnet platform, as resources to
understand the value proposition they must adopt in order to
effectively compete now and in the future, and communicate the
essential role they play in managing wealth to
clients."
In addition to Ms. Chatzky and Ms. Krueger, 13 industry leaders
contributed their insights to The Essential Advisor through
interviews with the co-authors, including: Patricia Farrar-Rivas, CEO of Veris Wealth
Partners; Michael Kitces,
Partner and Director of Financial Planning at Pinnacle Advisory
Group; Chip Roame, Managing
Partner at Tiburon Strategic Partners; Knut Rostad, President of the Institute for the
Fiduciary Standard; and Mark
Tibergien, Chief Executive Officer of Pershing Advisor
Solutions.
Delivering Essential Advisor Tools and Resources Through
the Envestnet Institute
"The Essential Advisor" initiative will also be a driving force
behind the enhancement of the Envestnet Institute. Over the course
of the coming year, the Institute will build on Envestnet's
expanding data aggregation and analytics capabilities, acquired
through the ongoing integration with Yodlee, to provide advisors
with more quantifiable, actionable insights. Advisors will be able
to log into the Institute's website to assess their practices and
curate content as part of a customized Institute experience that
can empower them to become essential. Envestnet also plans to add
new curriculum materials in addition to ongoing content, research,
and commentary from the Institute's asset manager partners.
Advisors can keep track of Envestnet Advisor Summit happenings
in real time by following Envestnet on Twitter
(https://twitter.com/ENVIntel) and using the #ENVSummit
hashtag.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a
leading provider of unified wealth management technology and
services to investment advisors. Our open-architecture platforms
unify and fortify the wealth management process, delivering
unparalleled flexibility, accuracy, performance, and value.
Envestnet solutions enable the transformation of wealth management
into a transparent, independent, objective, and fully-aligned
standard of care, and empower advisors to deliver better
outcomes.
Envestnet's Advisor Suite® software empowers
financial advisors to better manage client outcomes and strengthen
their practices. Envestnet provides institutional-quality research
and advanced portfolio solutions through our Portfolio Management
Consultants group, Envestnet | PMC. Envestnet | Tamarac provides
leading rebalancing, reporting, and practice management
software.
Envestnet | Yodlee is a leading data aggregation and data
analytics platform powering dynamic, cloud-based innovation for
digital financial services. More than 950 companies, including 12
of the 20 largest U.S. banks and hundreds of Internet services
companies, subscribe to the Envestnet | Yodlee platform to power
personalized financial apps and services for millions of consumers.
Envestnet | Yodlee solutions help transform the speed and delivery
of financial innovation, improve digital customer experiences, and
drive better outcomes for our clients and their customers.
For more information on Envestnet, please visit
www.envestnet.com and follow @ENVintel
(https://twitter.com/envintel).
Media
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JConnelly
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SOURCE Envestnet, Inc.