A Sneak Peak at Envestnet’s Upgraded iPad App

This is an overview of Envestnet’s updated iPad app that was demoed at the Tools and Technology Today (T3) Conference that was held from February 11-13, 2013 in Miami, FL.

The presenters were Marion Asnes, Managing Director, Chief Marketing Officer and Blake Wood, Vice President, Product Management.

Wood explained some of the drivers behind the development of Envestnet’s mobile strategy. One driver was the explosion of online technology becoming available to the end investor. Clients now have the ability to self-aggregate their portfolios and run analytics using free websites such as Personal Capital or Mint.com. These and other self-directed tools from custodians like TD Ameritrade and Fidelity are making it easier for investors to manage their own portfolios, he said.Envestnet Advisor Desktop

Another driver was the need to provide a consistent user experience across all platforms, Wood reported. To achieve this, Envestnet re-designed their interfaces using HTML5, so that there would be exactly the same user experience no matter if you were on a desktop PC or an iPad. The only difference being that users on an iPad can swipe to change screens, he noted.

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7 Benefits of a Paperless Office for Advisory Firms

This is a summary of a session called Enterprise Content Management in the Cloud (and Elsewhere) from the Tools and Technology Today (T3) Conference that took place February 11-13, 2013 in Miami, FL.

The presenter was Ken Severud, Senior Vice President and Chief Operating Officer of Wealth Enhancement Group, a Minneapolis, Minnesota-based financial planning and advisory services firm with $3 billion in AUM and locations throughout the upper Midwest.LF Document Lifecycle

Severud provided a detailed and informative case study on his firm’s deployment of an enterprise content management (ECM) system from Laserfiche.  Wealth Enhancement Group selected Laserfiche for their ECM system deployment because of its ease of use, scalability and robust integration with other third party systems like Junxure.  They previously maintained multiple physical copies of every document and this had slowly degraded the firm’s efficiency over the years and also had become expensive to support.

Severud explained that in the lifecycle of a typical document, the highest percentage probability that it will needed is within the first 30-90 days after it is stored.  After 90 days, it may be a year or two or longer before the document needs to be referenced again.

These future references are usually due to the eventual visit to the firm by regulators and/or auditors.  Locating the required physical documents is a time-consuming and inefficient process.  The work involved in scanning documents into the ECM system requires only a minor, incremental increase in resources up front for capture, indexing, classification and storage.  However, the long-term benefits are immediate and lasting, he observed. Continue reading