Elements, the planning tech firm known for its financial vitals system for advisors, has introduced a new feature aimed at improving goal-setting and client outcomes.
On Tuesday, the wealth tech provider revealed that it has added a new "Target Scores” feature to its financial planning ecosystem.
With the update, advisor users can set and customize specific goals for each financial score within the platform, which can encourager better financial behavior among clients.
The Target Scores functionality also provides an extra layer of transparency for clients, showing both their current financial status and the benchmarks set by their advisors.
Reese Harper, chief executive officer at Elements, said the platform added the feature in response to insistent demand.
"As one of the most requested features from our advisors, we couldn’t be more excited to elevate the user experience in this way," Harper said in a statement.
Elements addresses 12 core financial variables, each measured by a simple health indicator, which together provide a comprehensive overview of a client’s financial health.
While the platform has pre-set default targets that are based on generalized best practices, advisors can tweak the targets to meet individual client needs or create Target Score templates to apply across multiple clients.
Jordan Haines, director of product marketing at Elements, said the Target Scores function builds on the platform’s raison d'être of “[supporting] advisors with a framework for client communications.”
“With the addition of a more tangible resource such as Target Scores, advisors and clients can quickly identify areas of opportunity and improvement within a client’s portfolio," he said.
Elements’ latest enhancement, provided at no additional cost to its users, follows a partnership it forged with XY Planning Network in April, which added more than 1,800 independent financial planners to its platform.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
