Wells Fargo Advisors Rolls Out eMoney Planning Tool for Brokers
Wells Fargo Advisors is continuing to expand access to the popular eMoney Advisor financial planning software across its 13,000-broker sales force, according to an announcement on Tuesday.
The rollout, which began earlier this year with several hundred private bankers, will continue through 2022, according to the announcement from eMoney. A branch manager at Wells lauded the planning software and said it would be a significant improvement from the firm’s legacy Envision systems.
eMoney, which is owned by Fidelity Investments, has been widely adopted, particularly among registered investment advisors, independent brokers and regional firms. It is used by roughly 80,000 brokers and planners and 4 million of their customers, according to eMoney Chief Executive Edward O’Brien.
“We’re thrilled to serve Wells Fargo mainly because we think that they are a platform that is thinking progressively about how to get financial planning to more people,” O’Brien said in an interview.
The Wells manager said it could be useful for retention and recruiting as many brokers have pointed to eMoney as one of the tech tools they have added after leaving wirehouse firms.
Most of Wells’ wirehouse competitors use a combination of their own proprietary planning software, such as Personal Wealth Analysis at Merrill Lynch, or Envestnet’s MoneyGuide. They have all been promoting planning for years as a way to sell customers on additional products and fee-based accounts and to ensure that brokers’ recommendations are in-line with customer goals. Brokers can charge customers separately for a financial plan, a Wells spokeswoman confirmed.
Wells’ former Wealth and Investment Management head John Weiss in 2018 defended the firm’s use of Envision plans after a report that some brokers may have created plans without customer approval.