LPL integrates Envestnet MoneyGuide with ClientWorks

The firm is hoping to make it easier for brokers to embrace financial planning

LPL Financial is integrating Envestnet MoneyGuide with ClientWorks Connected, improving the data flow between the popular financial planning software and LPL’s brokerage platform.

With the integration, LPL advisers using MoneyGuide will be able to see real-time account values down to individual position levels and see real-time probabilities of the financial plan succeeding. Financial planning reports are automatically ported back to ClientWorks

The integration will make it easier and more efficient to create and deliver planning, said Burt White, LPL managing director of investor and investment solutions, in a statement.

[More: Ramped-up tech spending has helped LPL recruit advisers]

“The demand for personalized advice continues to rise, making it more important that advisors have access to technology resources that can help them evolve their practices and increase value with clients,” Mr. White said.

This joins MoneyGuide with eMoney and an in-house solution as financial planning products that are integrated with ClientWorks. According to InvestmentNews’ 2019 technology survey, nearly two-thirds of financial advisers use either eMoney or MoneyGuide for financial planning.

Robert Pettman, LPL executive vice president of investment product and advisory platform management, said the decision to include MoneyGuide was driven by LPL’s strategy to offer advisers choice with technology.

“We’re going to offer curated choice, but do it with deep integration that allows advisers to do it themselves,” Mr. Pettman told InvestmentNews. “[MoneyGuide is] one of the more popular financial planning solutions that is available on the market today that we feel has a tremendous quality associated with it.”

While a lot of people talk about traditional brokers needing to embrace financial planning, too many firms make it too difficult, he added.  Advisers don’t want to be forced to learn a new product simply because their brokerage doesn’t support one they are already comfortable with.

“There are always firms pointing their fingers at advisers and saying they need to change,” Mr. Pettman said. “It’s up to the firms to change their infrastructures and make it easy for advisers to do these things.”

Netflix-style interface

The integration supports the full range of MoneyGuide’s product suite, including the new Blocks feature that allows advisers to offer small pieces of financial planning to clients to do on their own time in a Netflix-style interface. Advisers can also use MoneyGuide’s client portal or one of its more advanced programs like MoneyGuidePro or MoneyGuideElite.

Jonathan Bednar, an adviser with LPL-affiliated Paradigm Wealth Partners, said integrations like this are vital to make his practice more efficient. His firm currently used eMoney because of the integration with ClientWorks, but has used MoneyGuide in the past.

“Now that Moneyguide Pro is integrated, the live feeds that it will provide the planning software will help keep projections and plans more up to date and with fewer broken links,” Mr. Bednar said in an email. “Accurate data is very important with financial planning — it is not always perfect, but allowing this feed will help with issues like keeping data up to date and single sign-on.”

Seacoast Investment Services Vice President Dennis Nolte said his firm began using MoneyGuidePro in the new year, and he believes the integration will make it much easier to download old information when joining LPL.

“With MGP now able to offer integration services (like eMoney) for assets held off the platform, MGP looks more attractive than it did last year,” Mr. Nolte said in an email. “And it’s not owned by Fidelity!”

LPL is investing heavily in improving its technology for advisers. LPL CEO Dan Arnold believes improvements like integrations and paperless account opening can give advisers back at least an hour of each workday.

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