Envestnet, Inc. (NYSE: ENV) has announced the launch of the new version of its Recommendations Engine for enterprise organizations.
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The Recommendations Engine smartly sifts through the wealth and industry data across Envestnet’s unified platform, which includes access to connectors such as Salesforce and MoneyGuide, and powers the “Opportunities to Engage” dashboard, a list of actionable steps that advisors can take based on a client’s unique, machine-learning-created profile. These timely, data-driven recommendations for advisors are presented in a comprehensive, streamlined list format.
“Put simply, the Recommendations Engine can save advisors from spending hours—or more—preparing for client meetings,” said Todd Buck, Managing Director and Head of Business Development at Envestnet Analytics. “The smart solution can also proactively alert advisors when it may be an opportune time to call a certain client. For example, the system can flag when a key retirement date is upcoming for one of the hundreds upon hundreds of clients an advisor serves. Or maybe it is a good time to talk college savings planning strategies with another client, based on the ages of children in a household. This is next-level innovation, available for Enterprise clients today.”
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Examples of “opportunities to engage” which can be surfaced by Envestnet’s Recommendations Engine include:
- Underperforming product
- Unrealized loss in taxable accounts
- High held-away non-401(k) assets under management (AUM)
- Life insurance gap
- Unusually high cash levels
“Giving advice is what advisors do. But giving advice to the right client at the right time is what makes advisors great,” said Mr. Buck. “Now, our system can alert an advisor on which clients they may want to call—and why. And what’s even more game-changing is that we now have the ability to customize how wide the Engine’s reach can go. Making it easier for advisors to give timely advice is one way Envestnet empowers advisors to help make financial wellness a reality for more people.”
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