In their first release since coming under the Envestnet umbrella, MoneyGuide is about to launch a new digital marketing feature specifically designed for independent RIAs.

The underlying basis of the feature, a simple underlying URL, is nothing revolutionary, but the execution of the workflow and the user experience are ideal for advisors looking to grow their businesses.

MyBlocks Digital Marketing is a new feature that has been added to MyBlocks, MoneyGuide’s  digital client experience. MyBlocks is a financial wellness ecosystem consisting of an online client financial wellness portal that contains activity "blocks." When you mouse over any block, it tells you what the block does and about how long it will take to complete it. One block, for example, helps illustrate how inflation impacts your finances and takes two minutes or less to complete. Others, like creating a plan to pay off credit card debt, might take five minutes. All the blocks take seven minutes or less, but more may be created that take longer.

The portal’s look and feel are similar to that of Amazon Prime Video and Netflix, so any investor who has used one of these services should feel right at home. Blocks are grouped under headings, as videos are on the video sites, to make navigating the site and identifying the block you need more intuitive. For example, under the heading of “Protect Your Family,” there are block for determining life insurance needs and for income protection. Under “Important Retirement Topics,” there are blocks for things like Social Security planning, planning for health-care costs in retirement, and a life expectancy block to help investors understand how to determine a reasonable planning period for one’s retirement.

There are 25 blocks and more on the way. Future blocks are likely to include content from third-party providers such as CRM software and portfolio management software developers. So clients could, for example, be able to display the content of a portfolio management portal or report within a block.

There are blocks that deal with investor education, retirement expectations, retirement concerns, setting financial goals, Social Security planning, long-term-care insurance, income protection, paying off loans, among others. There are also five Yodlee account aggregation blocks that include linking accounts, account summary, transactions, budgeting and expense analysis. The combination of blocks capable of addressing all common financial issues, plus the intuitive portal, will allow prospects and clients to get their full financial picture in unified digital experience that is like no other in the industry.

MyBlocks Digital Marketing, which is included in the price of MyBlocks, is a unique URL that is included with each advisor's MyBlocks license. The URL takes prospects and clients to a self-registration page, where they can register to open a MyBlocks account.

As part of the registration process, visitors supply contact information, age, marital status and gender information. They can also register a spouse or partner and supply their basic information. Since the investor is registering through a specific advisor’s URL, MoneyGuide knows which investor to link with which advisor. The information entered by the investor, and any information they enter into a block in the future, is stored on the MoneyGuide servers.

Although MyBlocks can be used as a stand-alone tool, it is more powerful when used in conjunction with MoneyGuidePro or MoneyGuideElite, the new premium version of MoneyGuide. As investors enter information, the data necessary to create a comprehensive financial plan is gathered over time. When appropriate, the advisor can use the stored data to populate a full MoneyGuide financial plan.

What’s attractive about MyBlocks Digital Marketing is that the unique URL can be used in many ways. Advisors can share it in email marketing and e-newsletters they send to clients and prospects. They can place it on their website. It can be included in blog posts. It can be distributed through social media.

Another attractive aspect of MyBlocks Digital Marketing is its integration with Redtail CRM, the leading CRM application according to the 2019 T3/Inside Information Software Survey. If an advisor is a user of MyBlocks and a Redtail CRM, when a new investor registers with MyBlocks, a new household is created as a prospect within Redtail. The new prospect information includes date of birth, marital status, gender, the date the contact was created and who the contact was created by (the advisor who supplied the URL to the prospect). Redtail CRM can be configured so that an advisor is alerted when a new prospect is created, and the CRM can create an entry under opportunities.

By the time you receive the alert, or shortly thereafter, the Redtail CRM will be able to assign the new prospect to a person in the office or, if the firm has a prospect workflow, the entry to the CRM will be able to launch the prospect workflow that the advisory firm has established. While the integration and workflow capabilities are limited to Redtail CRM today, they will almost certainly be extended to other popular CRM solutions if there is sufficient demand.

This enhanced iteration of MyBlocks for independent advisors retails for $1,400 annually. Volume discounts and discounts through various custodians and associations are available. For a limited time, only Envestnet MoneyGuide will include the Yodlee account aggregation that powers the Yodlee Blocks at no additional cost.

MyBlocks is the most significant innovation in the financial planning space since the launch of MoneyGuidePro early this century. Blocks are much more than mini-modular financial planning apps. They are great communication tools and conversation starters. They simplify financial planning concepts that are sometimes difficult for the lay person to understand. Because they are quick and easy to use, and because they can be incorporated into a collaborative or even a self-service model, blocks open up financial planning to a new audience that was previously priced out of the market. MyBlocks can address the needs of those just starting out on their financial journey, as well as those preparing to retire or already retired. The addition of MyBlocks Digital Marketing only serves to strengthen the MyBlocks value proposition.