New Research Paper Explores How To Unlock
Personalization at Scale With Insights for Advisors to Meet
Shifting Client Expectations
BERWYN,
Pa., May 1, 2023 /PRNewswire/ -- 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™. Envestnet's concept of the Intelligent Financial Life™
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.
About Envestnet
Envestnet is transforming the way
financial advice is delivered through an ecosystem of technology,
solutions, and intelligence. By establishing the connections
between people's daily financial decisions and long-term financial
goals, Envestnet empowers them to make better sense of their
finances and live an Intelligent Financial Life™. With
$5 trillion in platform assets,
approximately 106,000 advisors, 16 of the 20 largest U.S. banks, 47
of the 50 largest wealth management and brokerage firms, more than
500 of the largest RIAs, and thousands of companies depend on
Envestnet technology and services to help drive better outcomes for
their businesses and for their clients.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For more
information on Envestnet, please visit www.envestnet.com and follow
us on Twitter (@ENVintel).
Neither Envestnet, Envestnet | PMC™ nor its representatives
render tax, accounting or legal advice. Any tax statements
contained herein are not intended or written to be used, and cannot
be used, for the purpose of avoiding U.S. federal, state, or local
tax penalties. Taxpayers should always seek advice based on their
own particular circumstances from an independent tax
advisor.
Nothing contained herein is intended to constitute legal,
tax, securities, or investment advice, nor an opinion regarding the
appropriateness of any investment, nor a solicitation of any type.
Investing carries certain risks and there is no assurance that
investing in accordance with the strategies mentioned will provide
positive performance over any period of time. Investors could lose
money if they invest in accordance with the strategies discussed
herein. Past performance is not indicative of future
results.
Media Contacts:
Amy
Norcini
Envestnet
Amy.norcini@envestnet.com
Dana Taormina
JConnelly for Envestnet
envestnetpr@jconnelly.com
(973) 647-4626
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1 Cerulli,
2021
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SOURCE Envestnet