Using the Envestnet Integration - Marsanne

Arnold Mitt

October 30, 2020 02:15

Introduction

Practifi's integration with Envestnet ENV 2 allows Advisors to send new Client and Member details to Envestnet directly from Practifi without requiring extensive data rekeying. Updates to Member details made in Practifi are synched back to Envestnet from a button. Envestnet Proposals can also be initiated from within Practifi, to be completed in ENV 2. The Proposals for the client appear as a list in Practifi. Finally, the Proposal itself can be opened in Envestnet directly from Practifi by clicking the Proposal name.

Create a New Client in Envestnet

Navigate to the Household record which you want to send to Envestnet, from the left side panel, and click Send to Envestnet.

The Send to Envestnet flow window will pop-up, asking to confirm the action. Click Next.

If the client is successfully created in Envestnet a confirmation message will be displayed in the next window. Click Finish.

Update a Client in Envestnet

If a record was already sent to the Envestnet, then any updates to the Client details in Practifi are sent and updated in Envestnet. A confirmation message will be displayed showing that household member details were updated in Envestnet. If there were errors in performing the updates these will be listed.

Note that if a new person is added solely within Envestnet (like a new dependent) which does not appear in Practifi, the new dependent is not added to Practifi. That is. client data is not sent from Envestnet to Practifi - only from Practifi to Envestnet (including creating the client for the first time).

The messages which may appear are:
1. The following household member(s) exist in Envestnet only:
2. The following household member(s) updated in Envestnet:
3. The following household member(s) errored when updating in Envestnet:
4. You do not have permission to update this client. (This message will be displayed if the user in Envestnet doesn’t have permission over the existing household members)

Clients and Members sent from Practifi appear in the Envestnet UMP Portal as Prospects in that system.

Creating a Proposal

Proposals are a feature of Envestnet, being a tool for gathering information for a detailed risk assessment and profiling of an Envestnet Client. The Advisor uses this information to create solutions for their financial requirements, which may include the creation of Financial Plans. A Proposal does not necessarily result in the creation of a Financial Plan.

Proposals are created under a Practifi Proposal Service, and appear under a new client section for Financial Advice, under a subtab for Envestnet Proposals.

Financial Advice Section

Under the Financial Advice client section click on New Proposal to start the process. Any prior Envestnet Proposals for this client are also listed on this panel.

Proposals for Envestnet are attached to an Envestnet Proposal Service. It is possible to add variations of an Envestnet Proposal Service, as the customer requires. Select one and click Next.

Complete the following fields for the Proposal:

Proposal Name - the name by which this Proposal will be listed in Envestnet
Investment Amount - the amount to be considered in the Proposal

Click Next to start the creation process. A confirmation message is shown.

Upon successful completion the user is returned to the list of Proposals, along with a success message. Click the Refresh icon to refresh the list. The new Proposal will be listed along with any other Proposals.

IMPORTANT NOTE: If there was no Proposal Service already created for the proposal, a new Service of that type (the selected Proposal Type) will be added, and the proposal added as its first proposal. If such a Proposal Service already exists the new proposal is added to that existing Service.

View Proposals in Envestnet

On clicking the name of the Proposal the Basics subtab appears, listing some additional information. To open the Proposal itself in Envestnet click on the Envestnet Proposal Link at the top-right.

Clicking the Open Proposal in Envestnet link will start the process to Single Sign On (SSO) to Envestnet, and open this proposal.

After clicking the link, the user will be redirected to the Envestnet UMP Portal on a new browser tab. Details of the Proposal are shown, and additional details required for a complete Proposal are completed within the UMP portal.