Chicago-based Envestnet announced on Tuesday a new artificial intelligence-driven financial wellness application developed in partnership with content marketing platform AdvisorStream and Apprise Labs.
Envestnet Connect will use AI to integrate a client’s personal household financial data with relevant and customized news content that aligns with their values and their financial status, in hopes of helping end-clients establish deeper connections with their advisors and achieve greater levels of financial wellness.
"Envestnet's vision has been instrumental in innovating the industry for more than 20 years, and our partnership will further help advisors move clients closer to achieving financial wellness," said Kevin Mulhern, CEO and co-founder of AdvisorStream, in a press release on Tuesday. "Leveraging AdvisorStream's advanced content marketing platform, Envestnet Connect will for the first time enable advisors to intelligently deliver personalized content that matches the financial interests, life events, and lifestyles of their clients."
Envestnet’s partnership with AdvisorStream allows Envestnet Connect to access a closely vetted and curated library of multimedia content from credible sources, all presented without paywalls, advertisements or pop-ups. AdvisorStream maintains relationships with multiple content partners, including the New York Times and the Harvard Business Review, and specializes in allowing advisors to offer their clients and prospective clients personalized content in an efficient and mostly automated manner.
The Envestnet Connect platform will also allow the end client to view up-to-date performance reports and financial plans from Envestnet | MoneyGuide and Apprise Labs. It will include a Financial Calendar and a To-Do List feature to help keep clients informed and in consistent communication with advisors.
Through its relationship with Apprise Labs, Envestnet will offer an application programming interface allowing data to be aggregated from multiple sources and consolidated into a single customized view on its platform.
"Envestnet Connect embodies what we believe is the future of financial advice — a unified view of a client's financial health with data driven personalized content that drives advisor-client engagement," said Bill Crager, CEO of Envestnet, in the press release. "At a time when investors are seeking stronger connections with their advisors, we are harnessing data science to bring together financial planning, performance reporting and relevant news into one view for clients. This hyper-personalized wealth management experience significantly enhances collaboration and communication between advisors and clients, giving, them the data-driven intelligence necessary to achieve financial wellness."
The new application is designed to be accessed by clients through a mobile device at any time and from any location.
Envestnet will offer advisors a sneak peak of the application via its Envestnet Advisor Summit On-Demand.