It is clear that Envestnet has not yet fully absorbed its new independent subsidiary PIEtech as separate announcements emerged from each Tuesday. Envestnet is introducing a program to support advisors in facilitating loans to their clients, while PIEtech announced availability of its MoneyGuideElite tool for advisors. Called Envestnet Credit Exchange, Envestnet has partnered with Advisor Credit Exchange to provide the new lending service. PIEtech's MoneyGuideElite announcement, on the other hand, outlines how its new offering will help advisors planning around insurance needs, a result of integrations with major insurance technology solutions that encompass total income modeling and annuity analysis.
The two announcements come as Envestnet is racing to bring PIEtech and the MoneyGuide lineup of products into the fold of the growing wealthtech firm by the self-imposed deadline of midyear.
For advisors engaged in financial planning, PIEtech's new “more sophisticated” planning Elite product was originally scheduled to launch prior to the beginning of the month with its two key income modeling features and a module intended to catalyze conversations around life insurance.
Its “secure income modeling” feature helps advisors and clients gauge whether an annuity is the right fit for a financial plan by identifying and analyzing the tradeoffs inherent in annuities, relative to other assets clients may hold. The “total income modeling” set of features helps advisors illustrate a client’s cashflow during the decumulation phase of their retirement. The “advanced lifetime protection” module, which will eventually include integrations with partnered insurance technology companies to provide a seamless transition from recommendation through implementation, is aimed at making discussions around insurance options with clients easier for advisors.
With insurance sitting front and center in both MoneyGuideElite and the Envestnet Insurance Exchange portal, currently in its pilot phase and with a planned June broad-market release, advisors should expect tighter integration between tools, according to PIEtech representatives. In fact, there are plans for integrating “leading insurance technology companies” with MoneyGuideElite, which will also be connected to the Envestnet Insurance Exchange, confirmed representatives for PIEtech. Timing for this is “still to be determined” and PIEtech declined to share which insurance technology companies would make it onto MoneyGuideElite’s platform, noting that “formal plans” are still materializing as the acquisition continues.
Meanwhile, advisors who incorporate lending into their wealth management practices will be able to use Envestnet Credit Exchange to connect select lenders with Envestnet enterprise clients. Advisors will be able to use a “streamlined screening process” that will output immediately-available loan offers for their clients, with clients then directly referred to lenders. Envestnet plans to have single sign-on access available through the firm’s platform before the end of the year.
Providing advisors with a solution for extending loans gives them an offering on par with banking institutions, said Peter Stanton, founder of Advisor Credit Exchange. “The ability to provide advisors with multiple loan options for their clients in a real-time, pre-qualified manner is noteworthy,” he said. “It significantly enhances the advisor’s capacity to provide a fully integrated wealth management solution.”
Advisors will be able to review pre-qualified loan offers for their clients using Advisor Credit Exchange, according to the firm’s website. “The risk of credit-decline and concerns about competitive pricing are effectively eliminated—or at a minimum substantially reduced” for the advisor, noted the site. Advisors “will know, in advance of speaking with a client, what loan options are available in a pre-qualified fashion with loan pricing clearly presented.”
According to its site, Advisor Credit Exchange is actively “assembling a select network of approved lending organizations that are interested in receiving originated loan transactions.” Envestnet did not immediately provide information on which companies would be offering loans.
For now, credit options under consideration for the eventual launch of the tool will be consumer loans, like securities-based loans and loans backed by residential real estate, fine art and other luxury assets and unsecured personal loans. Envestnet plans to offer commercial and business loans “at a later time” through the portal, too.
Envestnet did not immediately provide information on the timing of broad-market availability for the firm’s Credit Exchange tool, noting it would be demonstrated in early May. The firm did not immediately indicate how, if at all, information generated from the loan process might be incorporated into the data aggregated and distributed by Envestnet | Yodlee.
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