The Integration of Yodlee with MoneyGuidePro
The integration of Yodlee with MoneyGuidePro, a financial planning software by Envestnet, represents a powerful tool designed to enhance the capabilities of financial advisors and improve client engagement. Here’s a detailed overview of what this product does and its key features:
What it Does
The Yodlee-MoneyGuidePro integration is aimed at providing financial advisors with a comprehensive and scalable data aggregation solution. This integration enables advisors to gather and analyze a client’s financial data from various sources, including bank accounts, credit and debit card accounts, investment accounts, and loan accounts. This aggregated data is then seamlessly fed into the MoneyGuidePro financial planning software, allowing for a more accurate and holistic view of the client’s financial situation.
Key Features and Functionality
Data Aggregation
The partnership between Yodlee and MoneyGuidePro addresses the historical barriers of high costs and difficulty of implementation associated with data aggregation. Yodlee’s scalable personal finance data platform aggregates client data, providing advisors with a complete and up-to-date picture of their clients’ financial assets and transactions.
MyBlocks
MyBlocks is a client-engagement tool that facilitates interactive and bite-sized planning experiences. With the integration of Yodlee FinApps, advisors can create blocks that feed account data into a MoneyGuide plan. These blocks include:
- AI Fincheck: Measures financial health using an AI-driven assistant.
- Cash Flow Analysis: Tracks finances to evaluate and forecast future expenses and income.
- Investment Holdings: Provides a holistic view of a portfolio, allowing users to drill down into sectors and individual holdings.
- NetWorth Summary: Gives a situational snapshot with an aggregated view of assets and liabilities.
- OK to Spend: Outlines cash-flow capabilities with visibility into financial obligations and future income.
Goal-Based Financial Planning
MoneyGuidePro is designed for goal-based financial planning, allowing advisors to help clients define and prioritize their goals into Needs, Wants, and Wishes. The software includes features like the “Play Zone” where clients can interactively vary plan elements and see the immediate impact, and “Holistic Stress Testing” to manage long-term expectations.
Client Engagement and Communication
The integration offers various tools to enhance client engagement, including questionnaires, brochures, videos, and customizable print documents. This helps advisors communicate effectively with their clients and gather necessary information to create personalized financial plans.
Additional Tools and Analytics
The platform includes additional features such as the Morningstar Risk Profiler for assessing client risk tolerance, and Plan Analytics Premium with Plan Pulse™ to dive deeper into plan data and identify actionable opportunities. The Retirement Cash Flow Chart helps map out clients’ retirement years, plotting goals, options, surpluses, and shortfalls.
Cost and Implementation
The Yodlee data aggregation solution is designed to be affordable and easy to implement, with an introductory annual cost of $365, making it accessible to advisors and firms of all sizes.
Conclusion
In summary, the Yodlee-MoneyGuidePro integration is a robust financial planning tool that combines comprehensive data aggregation with interactive client engagement features, enabling advisors to provide more accurate, personalized, and effective financial planning services.