Envestnet Features Solutions For Personalization At Scale

New Research Paper Explores How To Unlock Personalization at Scale With Insights for Advisors to Meet Shifting Client Expectations
PRNewswireMay 2, 20237 min

Set against the backdrop of the $84.4 trillion Great Wealth Transfer1 and market volatility that has tested investor fortitude, Envestnet encourages firms to consider solutions that help facilitate hyper-personalized and holistic financial experiences. To meet shifting client expectations across the wealth management industry, Envestnet has released a research paper that dives into the concept of personalization at scale, its benefits, and opportunities to personalize solutions for clients.

To download a copy of the paper, Unlocking Personalization at Scale to Better Serve Clients Today and Tomorrow, please visit:  https://www.envestnet.com/personalize.

“This paper serves as a guide for asset managers and advisors looking to think bigger, act smarter, and embrace innovation as we navigate the uncharted implications of the Great ¬†Wealth Transfer,” said¬†Dana D’Auria, Co-Chief Investment Officer and Group President, Solutions at Envestnet. “The traditional methods of portfolio management and financial planning simply will not suffice in this rapidly evolving landscape. With the ability to curate portfolios across asset types, leveraging technology and solutions, the Envestnet ecosystem can provide the insights and guidance needed for advisors and their clients to navigate this complex landscape.”

Personalization & The Intelligent Financial LifeTM
Personalization is what powers the Intelligent Financial Life. To get started along this path, Unified Managed Accounts (UMAs), one of the fastest-growing segments of managed investment solutions, provide advisory or wealth management firms the foundation for being able to personalize client portfolios. From there, Envestnet’s tax management capabilities, direct indexing solutions and private wealth consulting service offer advisors three immediate ways to personalize solutions for clients.

Three Immediate Ways To Personalize Client Solutions

  • Tax Management Capabilities¬†
    Customized tax management solutions offer customized, automated tax management solutions with ongoing monitoring and real-time adaptation to policy changes that aim to optimize after-tax returns and minimize liabilities.

  • Direct Indexing Solutions¬†¬†
    Quantitative Portfolios¬†enable cost-effective, personalized portfolios that can accommodate clients’ values, sustainability goals, and factor preferences while facilitating tax-loss harvesting and managing concentrated stock positions, often at a lower cost than actively managed accounts.

  • Private Wealth Consulting High Net Worth Services
    Enlisting the help of a customized wealth management service can assist advisors serving high-net-worth clients by providing professional outsourced portfolio management, goal planning, solution development, performance reviews, and advisory firm growth support.

Shifting Client and Consumer Expectations

According to an Envestnet study, “The Advisor’s Playbook for Leading Your Clients Forward” conducted in 2020, 70% of wealth management clients view highly personalized service as a factor in deciding whether to stay with their current advisor or switch to another firm. And according to a¬†report¬†from McKinsey, 80% of consumers say that personalization is important to them. Meanwhile, a 2018 Gartner report titled, “Predicts 2019: Marketing Seeks a New Equilibrium,” found that 67% of consumers say it’s very important for brands to automatically adjust content based on customer context and 42% get annoyed when content isn’t personalized. In addition, when asked in a¬†2020 survey¬†from Broadridge Financial Solutions what they like to see in communications from their advisor, respondents preferred information that is individualized to them.

Tying it all together, Envestnet’s new research paper offers ways to personalize client portfolios as well as examples of hyper-personalized solutions, such as personalized direct indexing and tax overlay features, that can enable the Intelligent Financial Life‚ĄĘ. Envestnet’s concept of the Intelligent Financial Life‚ĄĘ represents a shift in the way we approach financial management. Rather than simply providing investment advice or asset allocation strategies, today’s leading advisors are leveraging technology, intelligence, and solutions to empower their clients to make more informed decisions about their finances, manage their wealth more effectively, and ultimately achieve their financial goals.



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