CHICAGO – June 21, 2018 – Following Envestnet’s (NYSE: ENV) 2018 Advisor Summit, the company is pleased to share significant growth metrics around the impact of its Essential Advisor™ Certification program. The program helps financial advisors articulate return on the advice they’re delivering, build and communicate a distinctive value proposition, utilize technology and data to clarify financial challenges and implement a service model that can save time and resources.
Since debuting in May 2017, the Essential Advisor™ Certification program has had more than 55 participants in each of its first two years, representing multiple industry channels. Financial advisors who have completed the certification program are equipped with techniques to help add value to their practices, all while demonstrating their fiduciary responsibility and commitment to the best interest of their clients.
- -Essential Advisor program participants utilize third-party investment managers, unified managed account programs and strategists for 76% of their assets, compared to 62% for non-certified financial advisors using the Envestnet platform.*
- -As a result, they are able to charge advisory fees that are, on average, 5-10% lower than non-certified financial advisors using the Envestnet platform.*
- -Despite charging lower fees, Essential Advisor program participants grew their assets 40%, compared to 27% growth for non-certified financial advisors using the Envestnet platform over a 15-month period beginning January 1, 2017.*
“Advisors are an essential part to guiding investors through important decisions and Envestnet is dedicated to providing our clients with the resources they need to be successful,” said Kimberly Beck, Vice President of Advisor Education at Envestnet. “It’s great to see the program is delivering results in the real world and we’re very pleased with the progress our attendees have shown.”
Designed in partnership with Cannon Financial Institute, Inc., the Essential Advisor™ Certification program arms financial advisors with the tools they need to help clients navigate financial decisions through every stage of life. The program features intensive in-person training with Phil Buchanan, CWS®, CFP® and Executive Chairman of the Board for Cannon Financial Institute, as well as interactive online training and a capstone project.
“We are thrilled with the program’s results so far,” said Phil Buchanan, CWS®, CFP® and Executive Chairman of the Board for Cannon Financial Institute. “To be an essential advisor requires both the knowledge and skills to discuss, assess, and advise clients across a myriad of financial challenges. The Essential Advisor™ Certification program lays the groundwork for enhancing an advisor’s ability to add greater value to the relationship than ever before.”
“I found the program valuable because it reinforced my decision to change the way I approach financial planning,” said Therese R. Nicklas, CFP® and Certified Money Coach at The Wealth Coach for Women, Inc. “Instead of handing a client a plan that looks at their financial situation from a 30,000 foot level, I’ve adapted elements from the program to our planning process by working with clients to break down their goals and objectives into steps we can take together throughout their life circumstances. This leads clients to become more emotionally invested in their financial success.”
To see the Essential Advisor™ Certification program in action, take a look at the highlights reel from the past year. While the program is only offered annually at Envestnet’s Advisor Summit, Envestnet Institute is regularly updated and provides valuable practice management resources and information for advisors on an ongoing basis.
* Outsourcing ratio and client fees as of April 30, 2018. Weighted average asset growth rate for each group based on platform asset growth between January 1, 2017 and April 30, 2018 for advisors with platform assets as of both dates.
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software for advisors. Envestnet | Retirement Solutions provides an integrated platform that combines leading practice management technology, research, data aggregation and fiduciary managed account solutions.
More than 87,000 advisors and 3,000 companies including: 16 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences and help drive better outcomes for enterprises, advisors and their clients.
For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.