Or alternatively, advisors can still pay the full $300/month licensing fee for the full eMoney Advisor financial planning software, and then “also” pay the $1,295/year MoneyGuidePro fee (ostensibly for situations where MGP’s goal-based tools would be a better fit for the client than using eMoney Advisor’s more cash-flow-based planning software tools). Pricing was announced as being “just” $150/month for the eMx Select solution (plus advisors would still need to pay their MoneyGuidePro licensing fee, which starts at $1,295/year for a solo advisor). In addition, account-aggregated client investments connected into eMx Select will flow directly into MoneyGuidePro, allowing for the automation of financial plan updates. According to the joint press release, with this integration both advisors and clients will now be able use a single-sign-on access point from within the eMx portal directly to the client’s financial plan in MoneyGuidePro. Specifically, the announcement was that MoneyGuidePro will now be integrated into eMx Select, which is eMoney Advisor’s “Performance Financial Management” (PFM) dashboard for advisors to use with their clients. The announcement of the new eMoney Advisor integration with MoneyGuidePro came as the eMoney Advisor Summit in Orlando wrapped up earlier this week. eMoney Advisor’s eMx Select Integrates With MoneyGuidePro In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession. In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website, dedicated to advancing knowledge in financial planning. Michael Kitces is Head of Planning Strategy at Buckingham Strategic Wealth, which provides an evidence-based approach to private wealth management for near- and current retirees, and Buckingham Strategic Partners, a turnkey wealth management services provider supporting thousands of independent financial advisors through the scaling phase of growth. Which may well have been Edmond Walter’s vision all along. Though ultimately, the real news of the eMoney Advisor decision to unbundle eMx Select is that it is shifting from being “just” financial planning software to instead becoming an increasingly open architecture central advisor platform suggests that Fidelity may even be positioning the software to compete against TD Ameritrade’s Veo and Envestnet’s emerging platform solution. More generally, the decision of MoneyGuidePro to integrate with a perceived competitor certainly makes the point of the rapidly increasing importance of having a PFM portal that delivers a strong financial planning experience for clients. But in the long run, the pressure is now on MGP to continue to stay one step ahead of eMoney Advisor’s own financial planning software, or risk finding that their integration is a form of Trojan horse strategy that gives eMoney Advisor the chance to showcase its own software to MGP users and then solicit them to come over for the entire eMoney Advisor solution. Yet the reality is that this announcement wasn’t actually new – it had been previewed earlier this year at the T3 Advisor Technology conference – and the integration is actually between MoneyGuidePro and the new eMx Select platform, a comprehensive client Personal Financial Management (PFM) solution plus advisor dashboard that eMoneyAdvisor seems to be positioning as a new central platform on which an advisor could run his/her entire business.įrom the MoneyGuidePro perspective, its users will likely be happy to have a new and more robust PFM solution to use with clients, and the integration plugs a gap in the MGP client experience. At the close of week’s eMoney Advisor Summit, the financial planning software company made a ‘surprise’ announcement that it will be integrating with its financial planning software competitor MoneyGuidePro.
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