Enabling High-Net Worth Estate Planning Capabilities


Recorded at the T3 Advisor Conference 2022.  Presented by:

Advisorpedia Interviewed Rose Palazzo, Group Head at MoneyGuide, at the T3 Advisor Conference in May, 2022.

Related: How Envestnet Is Helping the Industry Grow Its Pipeline of Qualified Candidates


Well Studios is the newest addition to the money guide platform. And it is focused on delivering high net worth and ultra high net worth estate planning capabilities. And that really rounds out our offering and expanding the clients that we can serve in the same way that money guide reimagined planning. By introducing goals based planning and reimagining the client experience, we've done the same thing with high net worth planning around estate and Cash Flow Planning. . .

This tool is meant to be used interactively, to create a dynamic experience for clients get them engaged in the process, which is a real shift from what has traditionally been done in that space, where plans are produced in the back office and paper reports are presented.

So it creates a much better experience for clients. And in addition to the estate planning, as I mentioned, it adds Cash Flow Planning. So advisors have choice in what they're providing to clients, they can provide the right thing based on the client's situation. So we're incredibly excited about that. So my blocks is something that money guy had had worked on about seven years ago, beginning about seven years ago. And what we're focused on is something that we've heard a lot at T3 this week is behavioral finance. How do we get clients more engaged? How do we meet clients where they are, so you can think of my blocks as micro planning engagements, two to five minutes on particular topics that help engage clients in the planning process. We've got varied uses for the blocks. So we've got a set of blocks that help to break planning down into bite size components that not only help clients get engaged, either on their own or with an advisor, but also help with collaboration.

We've got a set of blocks that are focused on education advisors are using that to engage clients facilitate conversations on topics, like long term care or even inflation, but it's also used for marketing lead gen and prospecting. And then we've got a set of blocks that are focused on different clients segments. So things like next best dollar provides advice to either mass affluent or next generation clients, allowing advisors to serve more clients. So we're excited about the different ways that they can be used and what they provide to the experience for clients.