Randor, Pa.-based eMoney Advisor believes providing end clients with more interactive ways to see their financial plans will help advisors better engage with them and has launched My Plan to meet that goal.
The new feature, which is included as a tab in the client portal, allows advisors to illustrate their end client's plan in a personalized way. They can organize it through a variety of topics including a general overview, by income, by balance sheet, by retirement or other topics, the firm said.
“Research shows that clients appreciate the ability to visualize key components of their plans, helping them grasp the bigger picture and work toward their goal,” said Chad Porche, senior vice president of product management at eMoney Advisor, in an email. “My Plan facilitates this visualization effectively on demand.”
The feature gives end clients significant control over how they see their plan and what information is available. For instance, they can change the goals and add new ones. The more visual presentation will lead to more involved conversations between advisor and client, Porche said.
“By enabling clients to visualize key elements of their financial plans, advisors can foster deeper engagement and understanding,” he said. “This improved communication not only helps clients grasp the bigger picture but also allows advisors to gather valuable data and insights.”
The firm is currently in a push to offer advisors better and more engaging ways to communicate with their clients.
“My Plan is the first step in transforming how plans are delivered and represented in eMoney by transitioning from static PDFs, [which is] how plans have traditionally been shared, to an interactive experience,” Porche said.
The introduction of My Plan is the latest in a series of technological improvements eMoney has been making to its client portal. Earlier this year, it introduced My Advisor, which is a separate tab that an advisory firm can populate with specific information about itself and its advisors.
“While My Advisor focuses on the advisor’s firm and brand, providing information and communication tools, My Plan is tailored to the individual user's goals and financial plan,” Porche said. “Both features offer personalized, collaborative experiences in eMoney and illustrate our continued investment in elevating our client portal for the advisor and their clients.”
There is no additional cost for use of My Plan, and advisors can access it through eMoney’s client portal, Porche said. The firm is already looking ahead to improvements for the new tool that will allow advisors to customize what's available in My Plan and let them create presentations they can tailor to their clients. They will use it to model the narratives they want to share, Porche explained.
The firm will also integrate My Plan with other parts of the eMoney platform, he added.
“We launched My Plan to drive engagement in the client portal and foster collaborative planning conversations between advisors and clients,” he said. “It is the first in a series of updates that will transform the delivery of financial plans in the client portal.”