Envestnet Enhances MoneyGuide Platform to Drive the Future of Digital Financial Planning
New
Is this generation prepared to plan for and manage this colossal transfer of wealth? As these data points collide, financial planning considerations have become front and center in many of today's advisor/client conversations.
To facilitate a more seamless experience for advisors whose practices incorporate financial planning,
"There has arguably never been a more important time for an emphasis on financial planning, and we consistently update our offering to set the pace of planning technology. Our goal is to make it easier for advisors to develop deeper client relationships and expand their services to all clients and prospects—regardless of their wealth, stage in life, or complexity of their finances—through digital financial planning experiences," said
The release includes the rollout of a Goals-Based Planning digital experience, which can align investment strategies with specific goals and streamline their implementation.
"These ongoing updates to our comprehensive financial planning suite give advisors quality data and actionable insights into their clients' financial lives," said
Additional highlights from
- Advanced Earmarking with
Monte Carlo : This enhancement enables the Probability of Success calculation to consider investment asset, retirement income, and other resource earmarking assignments. Accordingly,Envestnet | MoneyGuide's goal funding logic has also been updated, so that when a goal is funded, resources assigned to the goal expense, assigned to all goals, and assigned to other goals will apply. These earmarking advancements will also apply to deterministic results (Average Return, Bad Timing) and iterative results (Probability of Success). - Employer Awards: This new section has replaced Stock Options and Restricted Stock, and offers new features such as:
- Ability to specify the number of shares per vesting period.
- Annual, semi-annual, quarterly, and monthly vesting options.
- Automatically populated vesting schedules based on vesting frequency.
- Simplification of Exercise Strategies to At Vesting, At Expiration, and Custom.
- Appearance of vested amounts of awards within
Net Worth . - New Entity Section: This section will enable advisors and their clients to add information about trusts, charities, and businesses in plans.
- Goals: State-specific Health Care goal costs can be adjusted in the year a client moves during retirement, instead of using the new state's costs for the entire plan. Also, types of Celebration goals can be entered as recurring goals.
- Goal Strategies: Qualified Charitable Distribution (QCD) limits can inflate at the scenario's base inflation rate starting in 2024, instead of using a static
limit for the entire plan.$100,000
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