2018 Industry Awards Winner 2018 Industry Awards Winner >

Envestnet | MoneyGuide: Improving Clients’ Understanding of Risk with StratiFi

Envestnet | MoneyGuide: Improving Clients’ Understanding of Risk with StratiFi

The financial technology market is huge. This is the era where people are seeking the help of financial advisors to help them manage and grow their wealth. Regardless of what you are dealing with, be it the mutual funds, the stock market, or your profit from the business you own, wealth management is needed for all.

Having a financial advisor can help you reduce liability and the risk of suffering from loss. Keeping all these things in mind, the two award-winning software firms, decided to take financial planning to a greater level for the advisors and their clients.

Even if you are looking for someone to help you with investments, wealth management, and financial strategy, you will find more advisors on the platform. Without any delay, let’s take a look at the Envestnet and StratiFi partnership aiming to help everyone achieve financial security with innovative technology!

Envestnet | MoneyGuide and StratiFi Partnership

This is a historic moment for the FinTech category. We all know that StratiFi is one of the risk analysis software. And MoneyGuide is one of the best Financial Planning and Retirement Planning Software providers. What do you think will happen if they both collaborate? 

Well, It helps and empowers investment advisors to discuss their client’s financial plan risks and goals. With this goal, StratiFi and MoneyGuide announce their partnership and collaboration with the software Envestnet.

Along with that, it also provides investment advisors access to real-time data and makes or plans solutions for the clients accordingly! Everyone with money would like to make investments, but we all know about the market risks. Hence, the Envestnet. As said above, it provides the solution for investments without risks and provides the best advisors for your finance.

When it is about the money, the risks are to be discussed beforehand and hence the Envestnet. Here are a few words from the CEO of StratiFi and MoneyGuide:

“Engaging clients on the topic of risk in a meaningful way elevates the relationship between the advisor and the end client. We are thrilled about our integration with MoneyGuide as it helps advisors easily understand a client’s financial goals and guide them on the right path by digging deeper beneath the surface to see their perception of risk,” – Akhil Lodha, Co-founder, and CEO of StratiFi Technologies.

 “Understanding risk is an important part of a client’s intelligent financial life. The synchronization of clients’ risk scores across platforms enhances the planning experience by eliminating redundancy and providing more precise results.” – Tony Leal, President of Envestnet | MoneyGuide.

How Envestnet | MoneyGuide and StratiFi Work Together

Now, let’s understand how Envestnet | MoneyGuide and StratiFi will work together to help financial advisors provide better solutions and advice to their clients. The StartiFi’s mission is to help people have a better future and the Envestnet | MoneyGuide’s aim is to help make financial wellness a reality for everyone.

With StratiFi’s award-winning PRISM Rating™ technology for the development of the software, Envestnet and StratiFi together will bridge the gap of misunderstanding between the client and advisor.

Now, without any delay let’s have a look at their integration features!

Integration features:

Understanding how Envestnet MoneyGuide and StratiFi’s Online platform works together isn’t enough. Knowing how it can help your business mitigate the risk number and run your business operations smoothly is also essential. With Envestnet and StratiFi’s new integration partnership, you will be able to take advantage of the following features:

  • Account Aggregation

  • Client Education Tools

  • Client Portal / Vaulting

  • Custodian Trade Platforms

  • Customer Relationship Management

  • Data Gathering Tools

  • Investment Policy Statement

  • MoneyGuidePro® Add-Ons

  • Portfolio Analytics

  • Portfolio Management / Performance

  • Risk Tolerance

With all the above features, you as a financial advisor will be able to help your client with risk analysis and manage risk efficiently. Along with that, you’ll also be able to build a strong relationship and provide solutions as per the data gathered, hence there will be no miss. What more does a financial advisor need to help his client with risk management?

How to Integrate Envestnet | MoneyGuide, and StratiFi

Whether you are a user of Stratifi’s online platform or new to the StratiFi and looking for the integration process of Envestnet and Stratifi, here’s a detailed guide on how you can do it:

Installation Process of Envestnet:

  1. Set up My Domain: Locate the ‘My Domain’ through the quick search setting. Click on “My Domain” in the results and register your domain name on the page opened.

  2. Enable Identity Provider: Using the same method of a quick search, look for the Identity Provider. Once you get the result, open it, and click on the Enable Identity Provider. Then add the certificate, and if you don’t have to create one. 

  3. Add Envestnet certificate: Now, add the Envestnet Certificate, and the process to locate the tab to upload the certificate is the same as above. Once the page is open, select the Keystore, then upload the certificate file and enter the Keystore password for it to process. Once that is completed, download the certificate and copy the code in detail from the saved file.

  4. Remote Site Settings: Next step is to add the remote site and do the testing before saving the remote site settings. Find the Remote site settings tab through the quick search bar.

  5. Enable Connected App: Then, locate the App Manager tab, and add the connected apps to the software.

  6. Add Envestnet Username: After that add the Envestnet username for each of your usernames.

  7. Create Auth Provider: Next step is to locate the Auth. Providers and add new providers to the list.

  8. Create Named Credential: Following that, it’s time to create the named credential for Envestnet. The procedure is simple and easy to follow.

  9. Apply Permission Sets: Modify your permission settings by locating the permission sets tab and applying it to the software.

  10. Configure Envestnet Integration Settings: Next, it’s time to manage and create new Envestnet integration settings as per your and your clients’ needs.

  11. Add Proposal Type to list: Then add the Proposal type of the system by locating through Settings > Categories > All Service Types. There add the name and category of the item and click on save to apply changes.

  12. Add Link, Panel, and Tab to the UI: In order to display Envestnet Integration information to the user, Customer Support will need to assist with some screen updates. When you are ready to complete this step, let the Support team know. 

The following are the basic steps:

  • Envestnet has created a new table to list all the StratiFi Clients it has transmitted to Envestnet, and clients created for them.

  • A new Send to Envestnet link option has been added to the Client record.

  • The client record has been updated to include a new financial advice section, as well as a new Envestnet Proposals section.

  • An Envestnet Proposal listing can be linked directly to Envestnet using this panel.

  1. User authentication: Advisors must authenticate their user login with their Envestnet user login to complete enablement. They navigate and enable the setting through the Authentication Settings for External Systems under My Personal Information.

It isn’t that hard to install Envestnet, its user interface will help you learn things quickly. Once you have integrated your Envestnet MoneyGuide and StratiFi, it’s time to help your clients with risk tolerance, financial planning, planning process, and financial data to provide informed decisions with rolled up score based solutions.

How to Use Envestnet MoneyGuide with StratiFi

Whether you want to keep an eye on your finances or do tax planning, Envestnet will provide you with financial advisors. These financial advisors will help you to better understand the market and manage the risk of your own business with the help of Envestnet MoneyGuide. 

Why do you need it? With the advisors’ risk analysis, you will be able to reduce your portfolio and business risk and secure your financial future.

Now, let’s see how you can use it:

1. You can create a new client in Envestnet MoneyGuide

Click on Send to Envestnet under the Household record you wish to send to Envestnet. Once selected, you will see a dialogue box to confirm the action, click on Next and then Finish to complete the action. 

2. Updating a client in Envestnet MoneyGuide

When the record or data is sent to Envestnet, you will see or receive an update message if there were successfully sent, or if there was an error. The messages which may see here are:

  • The following household member(s) exist in Envestnet only:

  • The following household member(s) are updated in Envestnet:

  • The following household member(s) errored when updating in Envestnet:

  • You do not have permission to update this client. 

    • This message will be displayed if the user in Envestnet doesn’t have permission over the existing household members.

3. Creating a Proposal 

The proposal is one of the features of Envestnet, and they are used to gather accurate information for a detailed risk assessment. Using this information, the advisor can create financial plans that meet the client’s needs. However, creating a Financial Plan is not always the result of a Proposal. With the help of Envestnet, financial advisors can create risk-free proposals for clients.

Create a proposal with the name and services you’ll be providing, including the amount and its status. For example, You can create a proposal to increase revenue, client portfolio, investments, and others with their respective amount and keep the track of the status of the client.

4. View Proposals in Envestnet MoneyGuide

That’s not it, with the Envestnet MoneyGuide, you can also view your proposals. Upon clicking the proposal, you will be able to see the sub-tab and can select what you want to see. You can select from the options like proposal properties, client properties, risk assessment, pick an investment strategy, product selection, fees, paperwork, and overview. In the overview, you can see the risk profile along with the profile selections you have made. 

Above were the uses of the Envestnet software. To summarize it in a few words, you can help your client understand the risk number and importance of risk planning and tolerance by making a risk portfolio. 

That was the start. Next, you can provide them with the ultimate solution and the reason (with data) for why this solution. This way, you will engage clients, build strengthened client relationships, and make your client portfolios strong to get the new ones from the existing clients only!

Interested to see how StratiFi and Envestnet work together? Click here.

Envestnet Integration: Using the StratiFi award-winning PRISM Rating Technology

Till now, you read about the Envestnet Integration with StratiFi, how to integrate and how to use it. Along with that, you also read about the other benefits too. Now, it’s time you read about the two firms that are behind this successful partnership and a step ahead in FinTech.

About Envestnet | MoneyGuide

In the world of financial advice and wellness, Envestnet, Inc. is transforming business practices. Financial wellness for all is their mission, which is facilitated through innovative technology, solutions, and intelligence.

The company has housed more advisors than ever, capping at 106,000 and 5,200 companies. The companies include 17 of the 20 largest US banks, over 500 of the largest RIAs, 47 of the 50 largest wealth management and brokerage firms, and hundreds of FinTech companies.

About StratiFi Technologies

StratiFi is a financial technology company that helps investment advisors better understand business risk and portfolio risk. Investment advisors can access StratiFi’s online platform with sophisticated risk management technology, which is usually only accessible to the largest institutions.

By utilizing StratiFi’s PRISM Ratings™ risk scoring technology, advisors gain a deep understanding of the risks in their clients’ portfolios and their own businesses with the rolled-up score, allowing them to determine which risks are appropriate to pick.

Anthemis Group, Khosla Ventures, and Y Combinator are some of the leading venture capital firms that have invested in the company serving in the financial planning industry. It also includes Cboe Global Markets, Wolverine Holdings, and leading financial technology companies.

Yes, it’s true that Wealth Management has recognized StratiFi as the top Client-profiling and Compliance Technology for RIAs, Investment Managers, and Broker-Dealers (BDs).

FAQ on Envestnet MoneyGuide

1. Does Envestnet own MoneyGuidePro?

Yes, In 2019 the creator of MoneyGuide Solutions declared that Envestnet is set to acquire PIEtech which includes MoneyGuidePro, MoneyGuideOne, and MoneyGuideElite. The Envestnet acquired MoneyGuidePro at $500m.

2. What are the 5 things to keep in mind before making a financial plan?

A financial plan is essential for every business. however, making an efficient financial task isn’t a piece of cake. The main five components of a financial plan (that you should keep in mind before making one) are:

  1. Financial goals.

  2. Net worth statement. 

  3. Budget and cash flow planning.

  4. Debt management plan.

  5. Retirement plan.

3. What are the 4 components of a financial plan?

Retirement strategy, risk management, long-term investment strategy, tax reduction strategy, and estate planning are the 4 major components of a financial plan.

4. Where is Envestnet’s headquarters?

Envestnet’s headquarter is in Chicago Heights, Illinois, United States.

5. On which exchange is Envestnet MoneyGuide traded?

The Envestnet is traded on the New York Stock Exchange.

Final Thoughts on Envestnet | MoneyGuide, and StratiFi!

With these, we would like to end an article on how MoneyGuide can help you improve the client’s understanding of risk tolerance, analysis, and planning with the StratiFi. It empowers advisors with many reliable features to help them gain the trust of clients and provide them with the best solutions. What are you still waiting for? Integrate the Envestnet right now and grow your credibility among the clients and help them with wealth management to secure their finances for the future. 

Akhil Lodha Author
Co-founder & CEO StratiFi Technologies

Building the industry standard for understanding portfolio risk through cutting- edge technology at Stratifi.

follow me
Skip to toolbar