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HOW DIGITAL ONBOARDING CAN HELP WEALTH ADVISORS GAIN MORE CLIENTS

Envestnet / Yodlee, May 2019

Through a process known as digital onboarding, it’s possible to register new clients, have them fill out their personal information, connect their various financial accounts, and even make investing decisions all on their mobile phones.

Rather than relying on old-style paper forms, phone interviews, and even web-based computer forms, many younger investors are looking for a way to do most of their financial management and monitoring on their mobile phones. Wealth advisors who are still relying on older methods are missing out on a lot of opportunities from clients who prefer to use the latest technology available to them.

Millennials feel more positive about technology, and feel that it has benefitted society as well as benefitting them personally. For many Millennials, they expect cutting-edge technology to be an important part of their investing experience, says a report from Accenture.[1]

Unfortunately, wealth management has been slow to jump on the digital bandwagon. This especially goes for smartphones, which is the preferred method of communication and information delivery for Millennials. In fact, wealth management is one of the last industries to rely primarily on face-to-face business — something Millennials are not so concerned about.

Envestnet® | Yodlee® has a variety of digital tools and processes available to wealth advisors to help them attract more and younger clients, manage their finances, and provide them with personalized financial plans. These are a few of the tools we have available for you.

If you’re offering a financial management app, whether it’s your own or through a white label service, you can take advantage of several pieces of Envestnet | Yodlee technology to make the whole digital onboarding process a smooth and easy one. Best of all, you’re less likely to see people abandon the sign-up process, which means a greater conversion and retention rate.

To begin with, Envestnet | Yodlee’s Account Verification helps users connect their financial accounts to your system in seconds, just by using their bank login credentials. This is different from the past verification methods requiring account and routing numbers and waiting for a few days before the approval is made. By turning the sign-up process into something that takes minutes instead of weeks, you can reduce the number of abandoned accounts where people got tired of waiting and quit.

Next, you can use the Envestnet | Yodlee Financial Data API, which draws financial data from over 20,000 sources in order to create a holistic picture of your client’s financial status.

With the AI-based Envestnet | Yodlee Financial Wellness Solution, you can go through years of clients’ historical financial information to help guide them and create actionable advice to follow.

Finally, with our Transaction Data Enrichment, your clients’ various transactions can be converted from the normal garbled entries on a bank or credit card statement to an easier-to-understand entry that includes the business name and geolocation data. This helps categorize each transaction, making it easier to process and slot into different budget categories.

Envestnet | Yodlee’s market-leading Wealth Management Solutions enables firms to provide personalized advice through traditional, digital, and hybrid advice by delivering the highest quality data, strong advisor and investor experiences, and insights that enable more holistic advice.

We reconcile over 4 million investments accounts on a daily basis with an estimated 10-15% higher accuracy than our nearest competitors. Our investor portals are loaded with tools that monitor cash flow, income, and expenses, along with extensive performance reporting — all done via mobile phone, the preferred communication and information sharing tool of today’s millennial investors.