Blake Wood, Head of Platform Strategy for Envestnet, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advances in artificial intelligence assist with personalized financial planning in ways that can grow an advisor’s business.
Today’s technology allows for personalization far beyond portfolio management. The data that advisors have on their client families allows them to deliver more curated advice. Technology is freeing advisors from tasks such as note-taking and meeting prep, which gives them more time to spend with clients and prospects. Predictive analytics allows advisors to offer more proactive advice, such as adjusting portfolio or tax strategies based on information learned in client meetings.
Envestnet is focusing on helping the enterprise RIA scale across planning and client engagement. Clients logging in to the portal are not seeing a transactional platform, but information that reflects their family goals and the conversations they have had with their advisor. This personalization can increase the engagement with the advice as well as client retention and referrals.
The prospect portal and micro planning opportunities can allow advisors and their team to immediately support clients and prospects when they are ready to engage for advice.
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