It allows the advisor to illustrate the impact of alternative strategies side by side. It can illustrate gifting strategies, bypass trusts, ILIT’s, and life insurance policies owned by others.
#MONEY PRO WEALTH SOFTWARE#
This software does a nice job with estate planning basics, but its scope is limited. Historically MoneyGuide was weak in estate planning, it began to address the gap several years ago with MoneyGuide Elite. The Wealth Studio balance sheet is dynamic. MoneyGuidePro has a balance sheet report, but it is static, and it has limitations. When it comes to some types of reporting, and when it comes to some types of interactive planning with clients, MoneyGuide has a few gaps.
The Play Zone allows clients to look at various underlying assumptions (returns, rate of inflation, taxes, longevity) with or without the assistance of an advisor. Illustrating some things like the risk/reward of different asset allocations or comparing scenarios side by side work very well in MGP. For example, MoneyGuide allows advisors to do collaborative planning with clients. Wealth Studios is an additional module to MoneyGuide that addresses some of the areas that MoneyGuide has historically been weak in. ) Walters left eMoney a number of years ago, and he is now a consultant working with Envestnet MoneyGuide on the Wealth Studios product. Fast forward to 2021, and those two firms account for well over 70% of the financial planning software market according to the 2021 T3/Inside Information Advisor Software Survey (You can participate in the 2022 survey here. That firm was headed by an entrepreneur named Edmond Walters. I wrote the initial comprehensive review of that application for Morningstar advisor 20 years ago, and they continue to impress me to this day.Īnother innovative application that launched around that time was eMoney.
One of the few that has managed to maintain its culture of innovation over that 20+ year period in MoneyGuide, now known as Envestnet MoneyGuide. As someone who has been reviewing advisor technology for over 20 years, I have seen a lot of advisor-focused technology firms come and go.
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