Takeaways from FolioDynamix Xchange 2017

Takeaways from FolioDynamix Xchange 2017

Posted by Shaun Christensen on Oct 13, 2017 1:13:24 PM

FDX1.jpgHappy 10-year anniversary to FolioDynamix! IFS recently attended the 2017 FolioDynamix Xchange conference to celebrate the 10-year anniversary and explore several industry topics impacting the wealth management industry. Held at the Omni Amelia Island Plantation Resort in Florida, this gathering of executives, asset managers and thought leaders in the wealth management industry, including banks, brokerages and RIAs, spoke to the need to leverage asset management programs, technology and the human touch to serve clients more efficiently. The Envestnet acquisition and the future plans for FolioDynamix were major topics covered as well. For those who couldn’t make it to this year’s Xchange, we present our top takeaways and highlights from the conference.

Conference Takeaways and Highlights:

  1. In a keynote presentation, "Defining the Future of Wealth Management," FolioDynamix CEO Joseph Mrak shared that the delivery of fiduciary advice to end clients in different ways within an integrated framework--scaled and fully powered by very robust data--was the future of wealth management. He emphasized that the stakes have gotten higher in terms of delivering top notch technology and a lot of this has been driven by the end consumer, the end investor and technology. The robo movement, he stated, “is about putting tech into the hands of the end investor and making advisors more efficient.” He used the opportunity to announce FolioDynamix’s own entry into the digital advice space.
  2. Envestnet Acquisition – Envestnet CEO Jud Bergman and PresidentFDX2.jpg Bill Crager were on site and applauded FolioDynamix for being a competitor that they admired and that together, Envestnet and FolioDynamix, will have the broadest, integrated suite of products and services for enterprises and financial advisers, boosting their productivity. They shared that they were very excited to integrate FolioDynamix’s powerful trading tools into Envestnet’s unified wealth management, financial planning and data analytics platform.  In addition, Jud and Bill shared that a retention plan has been put in place for FolioDynamix’s employees to ensure a smooth transition and that Joseph Mrak will stay in a leadership position with Envestnet focusing on data analytics.        
  3. Digital Advice – FolioDynamix EVP Dan Ciavarella and VP Eric Bondar shared FolioDyamix’s new digital advice platform for enterprises and advisors. They both reiterated that the planning process can be completely digitized while advisors must do what machines cannot: understand human behavior, provide empathy, build trust and provide knowledge and reasoning to assist with complicated financial decisions. The FolioDynamix digital advise solution can be used as an advisor prospecting tool that will allow advisers to email prospects and engage with them within the tool. The tool features Riskpro’s simple and easy-to-understand risk analysis and includes a chatbox where an advisor (or a call center) can interact directly with the prospect.   
  4. Onboarding – CEO Joseph Mrak shared in his keynote presentation that FolioDynamix will be rolling out a new digital client onboarding solution this year. FolioDyanamix has partnered with IFS to deliver a digital onboarding solution that incorporates industry best practices for enterprises and advisors who are looking to onboard clients in the most streamlined way possible. It will come complete with standard workflows and forms.  In addition, forms will be provided with e-signature capabilities that will allow advisors to track e-signature status in real time. FolioDynamix will create a solution that can be implemented quickly and is flexible and scalable to continue growing with the customer’s needs.  It will provide advisors with the required flexibility to onboard clients where and how it is best for them to deliver a modern, digitized onboarding experience.  IFS is very excited to partner on this great endeavor.  

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