Next generation of financial planning on display at 2019 T3 conference

Jan 31, 2019 @ 4:54 pm

By Ryan W. Neal

If there was a core theme to the 2019 T3 Adviser Conference, it was the future of financial planning.

The big story was the launch of Apprise Labs, a new company formed by Envestnet, PIEtech and eMoney founder and former CEO Edmond Walters. Apprise announced on Thursday that its first product, MoneyLogixPro (a portmanteau of Envestnet's Logix and PIEtech's MoneyGuidePro), will be available by the end of the summer.

Envestnet CEO Jud Bergman, PIEtech co-CEO Bob Curtis and Mr. Walters shared details about the next-generation financial planning software first reported by InvestmentNews. MoneyLogixPro will provide "advanced, cash flow-based tax and estate planning."

"These new capabilities will use visual, interactive technology to help clients manage important financial decisions pertaining to home sales, retirement investments and assets, inheritance gifts, endowment contributions and more," Mr. Bergman said in a statement.

Mr. Walters said the technology is designed to manage legacy wealth transfers across multiple family heirs. MoneyLogixPro can chart out "what-if" scenarios and let advisers design family trusts to protect client interests.

He added that the tool isn't necessarily for ultra-high net-worth families, but any wealth transfer where assets are being divided by multiple heirs.

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"How many people have a perfect family?" Mr. Walters said. "This is for anyone who loves their children."

Mr. Curtis also presented a new MoneyGuide product called myBLOCKS, which is designed to make it easier for advisers to sell clients on a financial plan. Donning a red plaid robe, Mr. Curtis said myBLOCKS' goal is to make financial planning as easy as selecting something to watch on Netflix.

The user interface of myBLOCKS is similar to Netflix, laying out several rectangular-shaped icons against a simple black background. Instead of a movie or TV show, each block represents a financial issue, such as social security, health care, or paying off student loans.

The idea is that clients can choose which parts of the financial plan they want and complete them on their own time. Over time, the pieces add up to a comprehensive financial plan.

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MoneyGuide wasn't the only financial planning software to get an update at T3 this year. On Wednesday, Advicent CEO Angela Pecoraro demonstrated a complete user experience overhaul of NaviPlan and announced a new retirement assessment tool. Ms. Pecoraro said the enhancements are to help advisers "embrace the third wave of financial planning," which will bring together the traditionally segmented cash-flow and goals-based approaches.

"Planning technology won't advance by sacrificing comprehensiveness," Ms. Pecoraro said. "It will evolve by reimagining how firms obtain and engage with the data required to develop comprehensive plans."

Riskalyze CEO Aaron Klein also spoke about financial planning and he introduced Timeline, a new visualization tool for advisers to show a clients' capacity for investment risk. The feature allows advisers to add life events, such as sending kids to college or buying a house, to Riskalyze's Retirement Maps feature.

Timeline also is available as an application programming interface to allow financial planning developers to pull life events from Riskalyze.

"Our original vision when we added Retirement Maps to Riskalyze in 2014 was to make sure that advisers could easily visualize and communicate the concept of risk capacity," Mr. Klein said in a statement. "With the addition of dynamic Timeline events, Retirement Maps becomes an incredible precursor to a comprehensive financial plan."

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