Such data is arguably more robust than that gathered from various industry surveys because the information comes from actual usage of services, and gives a window into what bothers clients and how advisors can help.

“Across both planning and portfolio-level insights, we continue to see strong engagement with tools that help advisors personalize recommendations and take timely action,” Molly Weiss, group president, wealth management platform, Envestnet, said. “With new research showing that over 90 per cent of investors adopt new solutions based on advisor recommendations, we know that surfacing the right opportunities at the right moment can have an outsized impact on client outcomes – and advisor growth.”

Advisors remain attentive to holdings lagging their peers, leveraging Envestnet’s “Underperforming Products” Insights for rebalancing opportunities, it said. 

Recent Boston Consulting Group research commissioned by Envestnet shows that investors increasingly prioritize investment management and tax efficiency when working with an advisor.

“Non-Managed Account with Underperforming Product” and “Non-Managed Cash Concentration” ranked among the top 10 insights gleaned from Envestnet’s system. Another important driver for advisors is the “Stalled New Account Proposal” Insight. Other hot-button topics are tax-loss harvesting and long-term savings goals. 

In early September, Envestnet announced that it intends to invest $1 billion in research and development over five years. That announcement came after it unveiled a new chief financial officer, John Hoffman, who has the responsibility of overseeing Envestnet’s finance, M&A and transformation organizations.