CHICAGO, Oct. 25, 2016 /PRNewswire/ -- Envestnet, Inc.
(NYSE: ENV) and Envestnet | Tamarac announced they are strengthening the level of integration with MoneyGuidePro®
across both platforms, giving advisors scalable, efficient tools to gather information they need to determine every client's best
interest, and evaluate advice and investment recommendations based on the client's risk tolerance, investment objectives, and
retirement needs.
PIEtech℠'s MoneyGuidePro®, Best Interest Scout™, and myMoneyGuide® solutions
will be available to Envestnet advisors and enterprises. These programs work together to capture additional data to help advisors
better understand their clients' goals and overall financial wellbeing. These enhanced data sets can confirm if the proper
information is available to evaluate the need for a best interest contract (BIC), and align advice accordingly to comply with the
new regulations from the Department of Labor's (DOL) Fiduciary Rule. Advisors can also securely record and archive the data
obtained through Best Interest Scout and myMoneyGuide, which helps to document the process that led to each account action and
recommendation.
"The post-DOL landscape will be a very different one for members of the wealth management industry, and advisors have their
hands full preparing for the new rules to take effect," said Kevin Knull, CFP®,
President of PIEtech, Inc. "Our ongoing integration with Envestnet can help advisors seamlessly make necessary adjustments in
their practices so they can both strengthen engagement with clients and ensure all advice they offer is in each client's best
interest."
Registered Investment Advisors (RIAs)
These solutions from MoneyGuidePro are accessible to RIAs leveraging Envestnet | Tamarac's Advisor View™ and its
client portal. If advisors find they need more information about a client's risk tolerance, investment objectives, and retirement
needs—the criteria which the DOL Fiduciary Rule requires advisors to use to identify a client's best interest—they can send an
email asking the client to log into Best Interest Scout through the Advisor View client portal. When the client logs in, Tamarac
will import known client data into Best Interest Scout, which will ask the client to enter the unknown information and send the
completed questionnaire back to the advisor.
"We are always seeking innovative ways to help advisors seamlessly combine account management and financial planning within a
unified platform," said Stuart DePina, Group President of Envestnet | Tamarac. "Our
enhanced integration with MoneyGuidePro empowers fee-only advisors to quickly update their workflows to bring their businesses up
to speed with changing regulations—and, simultaneously, increase engagement with clients so they can work together to invest in
their best interests."
Financial Enterprises and Advisors
Best Interest Scout's scalable client discovery process, integrated with Envestnet | Yodlee's data aggregation, will
streamline data into Envestnet's core platform, further powering Envestnet's recently announced Best Interest Assessment
solutions. It is critical to have a thorough understanding of a client's financial situation that goes beyond a risk
questionnaire and also takes into account factors such as: market timing, liquidity, employment, and current health conditions
that could create variables to a client's long-term investment horizon.
"We have identified PIEtech's Best Interest Scout and myMoneyGuide as the most comprehensive DOL discovery solutions available
in the marketplace. By combining their solutions and ours, together we can help advisors and enterprises understand their
clients' full financial circumstances in order to complete a thorough best interest evaluation," said Jim Lumberg, Co-Founder and Executive Vice President of Envestnet. "This powerful combination arms
advisors with the competitive edge necessary to deliver better outcomes to clients through a scalable, data-driven process that
aligns with the client's best interest."
Information about the depth and breadth of Envestnet's DOL Solutions is available at: http://www.envestnet.com/DOL.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to financial
enterprises and advisors. Our solutions unify and fortify the wealth management process, delivering unparalleled flexibility,
accuracy, performance, and value. Envestnet enables the transformation of wealth management into a transparent, independent,
objective, and fiduciary standard of care, and empowers enterprises and advisors to more fully understand their clients and
deliver better outcomes.
Envestnet's Advisor Suite enables financial advisors to better manage client outcomes and strengthen their practices.
Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management
Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, personalized
financial apps and services for millions of consumers. Envestnet | Tamarac provides leading rebalancing, reporting, and practice
management software for advisors.
More than 2,000 companies, including 16 of the 20 largest U.S. banks, 38 of the 50 largest wealth management and brokerage
firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet
technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client
digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel (https://twitter.com/envintel).
About PIEtech℠, Inc.
PIEtech℠, Inc.'s vision is that everyone needs and deserves a quality financial plan. PIEtech℠ is the creator of
MoneyGuidePro®, the industry's leading financial planning software, myMoneyGuide®, an online guided
planning solution that allows firms to broadly offer financial planning, and Best Interest Scout℠, a standalone, scalable
discovery solution to help firms of all types obtain necessary client information. For more information on PIEtech℠'s powerful
financial planning solutions, please visit http://www.moneyguidepro.com.
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SOURCE Envestnet, Inc.