Using Digital Tools to Connect with Clients

A Q&A with Adair Moody

Like other industries, financial services was challenged in 2020 by pandemic-related lockdowns and remote working. In response, many advisors transformed their business models by quickly adopting digital tools like client portals. It was inspirational to see advisors retooling to provide digital interactions that are as meaningful to clients as traditional face-to-face meetings. 

Let’s look more closely at how the Envestnet Client Portal can promote digital experiences that satisfy clients.

Q: What challenges are advisors facing due to lockdowns and remote working?

Adair: Even before the pandemic, advisors and clients were looking for ways to connect beyond the traditional, semi-annual, in-person review. Social distancing and work-from-home accelerated this trend. 

In addition, they want to satisfy investors’ desire for on-demand access to their financial plans to better understand the impact of their decisions, and to ensure their daily behaviors align with their longer-term goals. 

Q: How can digital tools help advisors build relationships with clients? 

Adair: The Envestnet Client Portal features digital tools that can help advisors better connect with clients. And clients are engaging. Consultants at LibertyFi saw a tripling of the number of client logins into the Envestnet Client Portal—from 8,400 in 2019 to 23,500 in 2020. Tools offered through the Client Portal include:

Account aggregation – By securely aggregating data from a client’s financial accounts, the advisor and client gain a more comprehensive and dynamic picture of the client’s wealth, which improves the quality of financial plans. 

Financial wellness – The Client Portal provides overviews of clients’ current assets and allows them to review their progress to goals with easy-to-understand financial wellness scores. The “Track Your Money” tab has five financial wellness applications: 

  • Net worth tool that offers a holistic view of all the assets
  • Cash flow tool that shows a snapshot of available cash and liquidity
  • Budgeting tool that provides a budget framework based on income and spending
  • Expense analysis that details total spending and income over a designated period of time
  • Cash forecast that offers a predictive view of spending habits

Data-driven insights – Robust data and analytical tools provide detailed plans and projection simulations for retirement, education goals, safety net, and general savings to help clients determine if they are on the best path to their financial future.

Using the CoBrowse feature, advisors and clients can share screens simultaneously and review documents together. This level of collaboration can help clients make better sense of their financial lives in real-time from wherever they are.

Secure document vault allows investors to easily share documents relevant to their financial lives with their financial advisor. And they can do so with the confidence that the shared data is secure.

Building Trust and Deepening Relationships

Using digital tools, advisors can increase collaboration, which can build trust and deepen relationships. Financial advisors are finding new ways to connect by combining the best of human and digital interaction.

LibertyFi has deep expertise helping growth-oriented RIAs drive revenue and scale their businesses with the Envestnet unified advice platform of integrated solutions. Our personalized consulting services include evaluating clients’ business processes and their supporting technologies, implementing the Envestnet platform, streamlining operations, and providing middle-office support. We can help you center and strengthen your digital client experience.

For help assessing your fintech needs or managing the Envestnet platform, contact Alli Jordan at LibertyFi.


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