Why platform is a unified, real-time step forward
“In most cases, the client has kind of moved on,” he said. “They’re looking at their client portal, everything’s digital and they want to know immediately in real time how they're doing. For a lot of firms, you can try to bootstrap this together in a quarterly report but if a client calls up today and asks, 'how am I doing?' That's a difficult exercise. Envestnet is an integrated system, so that kind of ad-hoc reporting is really at the advisors fingertips.”
The system can pre-set alerts if an account hits a certain positive or negative threshold, for example. It’s central to an advisor being able to be proactive with their clients. Evans added: “Getting out in front and speaking to your clients is huge, as we’ve seen in the current markets in particular.”
Overall, the platform will cut down on time spent doing administrative tasks and includes a tool called a proposal generator, which is married with client discovery. Once you understand what type of investor an advisor is working with, they can quickly build a custom proposal. Fact sheets, account agreements and rules of engagement are all integrated, so once the client has chosen a particular manager or fund, it’s pulled into a professional document that can be presented to clients in short order.
Canaccord believes its investment in Envestnet will free up more time for advice, which is what clients value most, espeically during difficult times. Evans said the partnership represents a long-term investment and that the shock of COVID-19 didn’t derail the process.
“This platform has a whole ecosystem; there is literally thousands of dealers using this firm. The platform is continually being upgraded and innovated by Envestnet and it's all based on the feedback of the dealers and the clients they serve.”