Press release

eMoney Advisor Begins Day 1 of Virtual Summit With New Research Findings and Product Roadmap

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eMoney Advisor (eMoney), a leading provider of technology solutions and services that help people talk about money, today introduced new research findings and previewed the product roadmap during Day 1 of the 2020 eMoney Summit, the industry’s premier event for planning-led financial advisory professionals. The three-day event is being held virtually through Wednesday, Oct. 21.

eMoney CEO Ed O’Brien kicked off the Summit with his opening keynote, which underscored the power of planning to overcome challenges and times of uncertainty, especially during the current pandemic. He highlighted eMoney’s 20-year history, and the company’s unwavering commitments to deliver a full-spectrum planning platform that evolves with the financial landscape and to help advisors become better planners.

“At eMoney, we’ve centered our business on planning for 20 years. It’s at the heart of everything we do,” said O’Brien to an audience of over 1,000 virtual participants. “Giving an advisor software doesn’t make them a better planner. It’s our software combined with training, coaching, innovation, communication and collaboration that we can successfully deliver financial planning together and create better client experiences. Throughout the next three days, we hope to inspire advisors with new ideas, research and concepts that will expand your perspective as an advisor and leader.”

This year’s theme, “Power to the Plan,” was inspired by eMoney research that captures insights from over 800 advisors and end-clients. Matthew Schulte, eMoney’s head of financial planning, revealed highlights of the findings during his keynote, which summarized how the role of an advisor is changing and how new generations are shaping the market.

The Power to the Plan Research1 identified the emerging themes and trends that will impact the future of the industry and the advisor’s role in it, including artificial intelligence and big data, data privacy, values-based planning, and total wellness and advisor as a life coach. Highlights include:

Artificial intelligence and big data

  • AI and big data could enable financial planning for a broader client base.

    • Over 50% of advisors see AI and big data impacting all parts of the financial planning process in the next 1-2 years
    • 24% of advisors see AI and big data automating financial plan development
  • Gen Y and Z are much more accepting of the use of AI and big data insights to help them and their advisors.

    • 72% of Gen Y and Z are comfortable using financial advisor avatar powered by AI and big data vs. 36% of Gen X and Baby Boomers 
    • 73% of Gen Y and Z are comfortable with using a personal digital assistant, like Alexa or Siri, to get financial advice vs. 38% of Gen X and Baby Boomers 

Total wellness and advisor as a life coach

  • Both advisors and end-clients agree total wellness is important.

    • Over 60% of advisors see the importance of or are talking to their clients about topics related to total wellness
    • Gen Y and Z place greater emphasis on getting advice on topics related to their values and total wellness
  • End-clients expect and want their advisor to expand their role into total wellness, especially Gen Y and Z.

    • 80% of Gen Y and Z end-clients said they’d give their advisor more business if they covered topics on physical health 
    • 77% of Gen Y and Z end-clients said they’d give their advisor more business if they covered topics on mental health
    • 61% of Gen Y and Z end-clients said they’d give their advisor more business if they covered topics on relational health 

“What is going to shape the advisor of the future is being open to the idea of a revolution,” said Schulte. “It might seem intimidating, but we’ve proven – in 2020 more than ever before – that we are all capable of rapid change. And oftentimes, it leads to something greater.”

Following Schulte’s presentation, Jess Liberi, eMoney’s head of product, previewed eMoney’s product roadmap by outlining how eMoney helps advisors become more productive, foster more personalized relationships, and deliver more value to their growing client bases.

Recent enhancements and eMoney’s product roadmap focus on three main themes:

  • Productivity

    • Advanced Planning: Enhancements to the Decision Center in eMoney’s leading financial planning solution include interactive cash flow, estate and Monte Carlo views. As well as the addition of state-specific inheritance taxes, followed by state-specific estate taxes coming soon.
    • Foundational Planning: Additional retirement goal and life insurance gap analysis enhancements to continue to streamline the planning experience.
    • eMoney Access: New developer storefront contains hundreds of REST-based APIs and thorough API documentation and use cases to deliver more powerful integration options. In 2021, the APIs will be available to both select third-party partners and a broader range of eMoney clients.
  • Personalization

    • API-Based Connections: Over 1.5 million accounts have been transitioned to API-based aggregation methods in the last 12 months. In 2021, nearly 70% of all end-client aggregated accounts will be transitioned on the platform.
    • Incentive: Formerly known as Project Avocado, the client-led financial planning and wellness mobile application is anticipated to launch in January 2021.
    • Client Portal: Future enhancements include features that further involve end-clients in the planning process, providing them the ability to directly explore how making specific changes can impact their financial plan.
  • Value-Add

    • Advisor Branded Marketing: Updates to eMoney’s digital marketing solution include a redesigned Advisor Branded Marketing dashboard, end-to-end, fully automated lead generation campaigns, and campaign analytics.
    • Getting Started Onboarding Program: New program offers advisors personalized onboarding and strategically aligned training resources to help them become acclimated to the eMoney system.
    • That Makes Cents Podcast: Launched in 2019, the podcast features discussions with industry experts and financial advisors about financial planning trends, technology, behavioral finance and more. Season 2 is expected to launch in the fall.

“Our vision for the future of eMoney centers on the advisor and the increasing demand for advice across our industry,” said Liberi. “By building upon the strong legacy of the past 20 years, and by continuing to look ahead to the future, with a focus on productivity, personalization, relevancy and value, we are confident that our technology will continue to play a significant role in driving advisor success and will be the engine that provides the power to plans for the next 20 years.”

Throughout the fully virtual event, attendees have access to a dynamic lineup of keynote speakers, one-on-one coaching, continuing education and more than 70 breakout sessions.

The 2020 eMoney Summit is proudly sponsored by Fidelity Investments, BNY Mellon Pershing, Charles Schwab and Allianz. To view the entire agenda and get more information about the Summit, please visit https://info.emoneyadvisor.com/summit-2020.

For real-time updates on the Summit, follow eMoney on Twitter (https://twitter.com/eMoneyAdvisor) or search the hashtag #eMoneySummit20.

1 Source: eMoney Power to the Plan, August, 2000, n=420 Advisors, n=403 End Clients

About eMoney Advisor, LLC

eMoney Advisor, LLC (“eMoney”) provides technology solutions and services that help people talk about money. Rooted in comprehensive financial planning, eMoney’s solutions strengthen client relationships, streamline business operations, enhance business development and drive overall growth. More than 70,000 financial professionals across firms of all sizes use the eMoney platform to serve more than 4 million households throughout the U.S. For more information, please visit: www.emoneyadvisor.com.