Envestnet and Salesforce team up against financial planning data gap

The new integration aims to give advisors fuller visibility over clients’ wealth journeys with unified financial and behavioral data.

Envestnet is looking to help deliver a seamless financial planning experience for advisors and financial services professionals in the US through a landmark enterprise technology collaboration.

The wealth technology titan announced Monday that it has inked a strategic partnership with Salesforce, integrating its MoneyGuide planning capabilities with Salesforce’s Financial Services Cloud.

The partnership aims to help close the data gap between customer relationship management systems and financial planning platforms and reduce frictions from having to operate across multiple systems and applications.

The collaboration provides a more unified platform experience, allowing advisors to access comprehensive client financial plan information directly from their CRM.

Among several key features of the integration, segmentation dashboards will let advisors identify clients’ progress in their financial planning journey, and a seamless 360-degree client view. Additionally, advisors can launch directly into a client’s MoneyGuide household for immediate action.

“Our partnership with Envestnet is driven by a shared goal: to deliver innovative solutions that streamline the financial planning process and empower wealth advisors to be more productive,” Eran Agrios, senior vice president and general manager of financial services at Salesforce, said in a statement.

“Together, we’re providing advisors and financial services professionals with the data-driven tools needed to deepen client relationships and guide them in achieving their financial goals,” he said of his firm’s alliance with Envestnet.

Through the new Salesforce-Envestnet teamup, advisors will also be able to unify behavioral and financial data across their practice, and experience smoother team collaboration through a central source for all financial planning-related activities.

“Dashboard views provide an advisor insight into their entire book of business,” said Matt Wilson, head of MoneyGuide sales at Envestnet.

“By easily segmenting those clients approaching retirement, for example, an advisor can proactively identify new account and rollover opportunities, income strategies, or potential tax planning strategies,” Wilson said, underscoring the potential for “advisors to deliver personalized and comprehensive financial advice to their clients across any life stage and wealth level.”

The new collaboration could be instrumental for Envestnet’s growth-seeking clients. As one recent report from Fidelity has it, tech-forward firms are able to outgrow their less advanced peers on both client numbers and assets managed.

Another report from Cerulli found that advisory practices with a heavy tech orientation tend to do better attracting new clients and managing larger assets.