What Are Wealth Management Solutions?
Services can include — but aren’t limited to — advice on financial planning including retirement and investment strategies, estate planning, tax and accounting services and more. Often, the wealth manager relies on a team of specialists, including accountants, securities brokers, insurance, and estate planning professionals to determine the best course of action in managing a client’s wealth and assets.
The Difference Between Asset Management and Wealth Management
In short, asset management is when a financial institution such as an investment bank directs an individual’s securities and cash. Often, these institutions vary between offering traditional and alternative products unavailable to most investors. Asset managers oversee fixed income, equity, real estate commodities and other investments.
More than just investment advice, wealth management is an all-encompassing approach to an individual’s financial life. This can include advice on finances and investments, but also tax/accounting services, planning for retirement, legal and estate planning. This umbrella approach ensures an individual’s wealth is being overseen by a single wealth manager or close-knit team.
Envestnet | Yodlee And The Future of Wealth Management Solutions
As technology innovator, Envestnet | Yodlee is working to make life easier for wealth management professionals. Our innovative tools help transform wealth advisory interactions through personalized wealth management solutions. By providing a holistic view of client financial data, we help uncover valuable insights and a clearer understanding of customers’ financial positions. This allows wealth managers to customize their advice while making recommendations on product offerings to help affluent investors stay on track with their financial goals.
Our digital wealth management solutions include intelligent, easy-to-use dashboards that enable advisors to see their clients’ financial situations before tailoring advice to the clients’ needs. Rather than being limited to a series of endless printed spreadsheets, advisors using Envestnet | Yodlee’s digital financial wellness tools can share with their clients a visual snapshot of assets, income and other critical data. These tools offer unprecedented access for investors and advisors alike, enabling firms to better serve this growing segment of consumers seeking wealth management advice.
Other tools include:
- FinApps and APIs across a variety of devices, interfaces and platforms that help advisors make more meaningful connections with customers.
- Establish New and Engaged Investors: Go beyond traditional tools that merely organize historical financial information to providing your customers with actionable financial tools and guidance with the Envestnet | Yodlee Financial Wellness Solution. Powered by state-of-the-art data intelligence, our financial wellness solution is designed to help users not only manage, but improve, their financial lives. Deployed as FinApps or APIs across a spectrum of devices, user interfaces and platforms, our proactive solution offers everything you need to make deeper and more meaningful connections with your customers.
- Reconciliation and Performance: Ready services combined with the Envestnet | Yodlee data aggregation platform enables advisors to integrate held away and non-traditional assets into their portfolio accounting systems to provide holistic advice.
- Account Aggregation can be beneficial for streamlining ACATS (Automated Customer Account Transfer Service) transfers by providing a consolidated view of accounts, making it easier to track and manage transfers efficiently.
One in five wealth managers already take advantage of Envestnet | Yodlee’s products. Learn more about how wealth management solutions can help grow your client base today.
