Under Facts are the name of the client (s) and an assumptions box. There are five primary views that are accessed at the top of the screen: Facts, Balance Sheet, Income Studio, Lifestyle Studio, and Legacy Studio. Within a matter of months, however, the planning data will also be on a common database.Īnother important thing to understand is that Wealth Studios organizes information in a way that is client-friendly. Today, all planning assumptions that are used in MoneyGuide are on a common database all planning data is shared with Wealth Studios. Wealth Studios is integrated with MoneyGuide. It is easy to use, especially if you have already entered information into MoneyGuide. The visual aspect of this is important because this is meant to be a visual client communication tool as well as a planning tool. It is not often that I say that about advisor technology. The first thing you need to know about Wealth Studios is that it is visually stunning. If you want the best and most sophisticated that MoneyGuide has to offer in the estate planning area, you purchase MoneyGuide Elite with Wealth Studios. If you just want to cover estate planning basics, that is all you need. One path is to purchase MoneyGuide Elite. So, to be clear, if you are a MoneyGuide user and you want to address estate planning, you have two paths. If you typically make use of CLT’s, CRT’s, GRAT’s, IDGT’s and the like when estate planning for clients, you need Wealth Studios. Wealth Studios excels at advanced estate planning. It allows the advisor to illustrate the impact of alternative strategies side by side. It can illustrate gifting strategies, bypass trusts, ILIT’s, and life insurance policies owned by others. This software does a nice job with estate planning basics, but its scope is limited. Historically MoneyGuide was weak in estate planning, it began to address the gap several years ago with MoneyGuide Elite. The Wealth Studio balance sheet is dynamic. MoneyGuidePro has a balance sheet report, but it is static, and it has limitations. When it comes to some types of reporting, and when it comes to some types of interactive planning with clients, MoneyGuide has a few gaps. The Play Zone allows clients to look at various underlying assumptions (returns, rate of inflation, taxes, longevity) with or without the assistance of an advisor. Illustrating some things like the risk/reward of different asset allocations or comparing scenarios side by side work very well in MGP. For example, MoneyGuide allows advisors to do collaborative planning with clients. Wealth Studios is an additional module to MoneyGuide that addresses some of the areas that MoneyGuide has historically been weak in. ) Walters left eMoney a number of years ago, and he is now a consultant working with Envestnet MoneyGuide on the Wealth Studios product. Fast forward to 2021, and those two firms account for well over 70% of the financial planning software market according to the 2021 T3/Inside Information Advisor Software Survey (You can participate in the 2022 survey here. That firm was headed by an entrepreneur named Edmond Walters. I wrote the initial comprehensive review of that application for Morningstar advisor 20 years ago, and they continue to impress me to this day.Īnother innovative application that launched around that time was eMoney. One of the few that has managed to maintain its culture of innovation over that 20+ year period in MoneyGuide, now known as Envestnet MoneyGuide. As someone who has been reviewing advisor technology for over 20 years, I have seen a lot of advisor-focused technology firms come and go.
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