Technology solutions provider eMoney Advisors has announced a series of enhancements to its financial planning platform the company says are designed to help advisors operate more efficiently and effectively.
The bulk of the changes impact the Randor, Pa.-based firm’s Decision Center, a financial planning tool advisors use to conduct interactive financial planning.
The new tool will allow an advisor to display a client’s financial plan, including the plan's progress, projections for the future, and any changes that have occurred while the plan has been in place, said Chad Porche, senior vice president of product, management and design at eMoney.
“You’ll be able to overlay the performance of the financial plan versus the actions and the behaviors of the client and the advisor,” he said.
Advisors can take advantage of that feature in the second half of this year, Porche said.
The firm will also upgrade the tool's reports, with the capability to generate more than 250 reports across 40 different planning topics, the company said.
In addition, the tool will provide detailed data about client goals and accounts, Porche explained.
“We are doing both of these things to alleviate workflow breakages and create efficiencies for financial professionals so that they can access all of the tools they need to create or monitor a plan from one place,” he said.
Other enhancements include the introduction of a My Advisor page where advisors can highlight firm information, including pictures of advisors and their staff, biographies and links to open an account or schedule meetings.
“It gives the advisor or the firm the ability to have a dedicated landing page within the portal,” Porche said. “Advisors will have the ability to put any custom things in there that they want to service in their portal.”
The final enhancement, which is planned for the summer, is the introduction of a My Plan page. It will allow the advisor to send their client’s financial plan to the client's portal. From there, the client can look it over and manipulate it to test it under certain market conditions.
“It might generate more data that’s being entered by the client all to give the advisor or the firm better insights into where and how to engage with their clients and prospects in a way that there’s maybe a higher certainty that the person’s going to follow-through on those steps or take another step with the advisor,” Porche said.