Narrator Clients and Narrator Advisor are designed to work hand-in-hand, Cunningham notes.
“Narrator allows an advisor to tell his or her story,” Cunningham says. ”Whether that story be at an enterprise level or an independent level.”
Narrator Clients is a portal that provides clients with a readily accessible means of reviewing their entire financial plan, including all related accounts. The software provides streamlined document exchange, trusted account aggregation through Quovo and real-time access to goals and personal financial management.
“The client portal allows an advisor to easily communicate and collaborate with their clients as they grow their business,” Cunningham says. “Clients will have access to a full-feature financial management solution that allows them to create their own goals, monitor their progress and be alerted when changes happen. It’s designed to help people better understand their financial plan. The key element is that we bring the goals and the plan to the forefront.”
Quovo account integration can link to different held away accounts like 401(k) plans, brokerage and bank accounts, and also to custodians containing managed accounts. Quovo accesses client accounts nightly to retrieve updated data from approximately 20,000 financial institutions.
Narrator Clients’ interface resembles web-based personal budgeting tools like HelloWallet and Mint, but with one key difference, says John Dziedzic, Advicent’s product marketing specialist.
“Tools like Mint have not entered the financial advisory relationship, while robo-advisors haven’t yet broached these budgeting elements,” Dziedzic says. ”This is one of the only products that unites and integrates both elements fully.”
Narrator Clients also includes a “financial life timeline” that allows a client to make forward-projecting calculations to see how different financial decisions will impact their overall wealth management plan, creating a link between their current cash flow and budgeting habits with their future financial well-being.
“Many advisors are looking for ways to compete against fully-automated solutions like roboadvisors,” Cunningham says. “By putting the plan at the center of these tools, Narrator offers something very different from any roboadvisor out there.”
Narrator Advisor is an advisor dashboard that allows advisors and other financial professionals to manage their book of business and to access analytics that can be used to identify sales opportunities. The dashboard can also be used to view financial plans within the Narrator Clients tool.