Envestnet Upgrades Platform to Enhance Client Relationships

And with the addition of a new application — OK to Spend — clients can see their upcoming recurring expenses, paycheck deposits, financial events and projected balances on future dates in a centralized calendar view.

In another area, Envestnet is adding two more options for advisors to its standard methodology for calculating the plan probability number for the likelihood of a financial plan being able to satisfy all of a client's goals.

According to the announcement, plan probability can now also be determined using the traditional method — successful simulations divided by the total number of simulations — and the weighted priority of goal probabilities. This provides advisors with a plan output that aligns with their approach to planning.

With the addition of an equity compensation feature, advisors will also now be able to model different share exercise and sale options to incorporate into plan scenarios with Advanced Logix. The equity compensation analysis can be used as a strategy within plan scenarios, as well.

Finally, Envestnet has added more report content options and flexibility for delivery of quarterly performance reports. QPRs can now be customized to incorporate other firm documents alongside the reports selected in the template.

The reports can also be generated at a group level, rather than only at the client household level, resulting in a more effective report with only the most relevant information included. In addition, clients will now be able to access individual performance reports directly from their site.

Envestnet said that in addition to the announced enhancements, it has completed a significant amount of development on its other strategic initiatives:

• Core functionality for the Envestnet Insurance Exchange (which now enables solicitation of a pilot user group)
• New integrations and APIs through Open ENV
• Establishing a framework for expanding the capabilities of the new advisor experience and enhanced trading modules like Single Portfolio Trading

"By regularly reviewing and updating our advanced technology offerings, Envestnet is committed to providing enterprises and advisors with the necessary tools to better understand their clients' financial picture," Wood said.

— Check out BlackRock-Envestnet Deal Part of a 'Broader Game' on ThinkAdvisor.