Keybank is expanding its relationship with Enovestnet, which will give the bank's main wealth subsidiary and some access units to a large part of the councilor's technology provider's stack than they used before.
This cooperation will provide almost 500 assets and relationship managers full access to Enovestnet's wealth management technology, including its latest customer experience interface, integrated financial planning, portfolio management and analytics. The latter includes risk analysis, tax overlapping and personalized customer portfolio support.
“Everyone organization like ours that is operating a multi-channel business in numerous segments and should support numerous regulatory regimes is at least trying to simplify its technology ecosystem,” said Joe Calabrese, chief operating in Keybank's wealth administration, one of the largest regional banks.
Part of the firm's challenge has been planning on how to approximate and provide the skills and products available through its mediator/trader, RIA and banking organizations, each regulated by a different regulatory body (Financial Industry Regulatory Authority, Insurance and Exchange Commission and the Currency Complex Complex office).
“There is no reason why a firm like ours must have two different performance measurement systems, or different proposal engines, or different financial planning skills between those regulatory envelopes,” Calabrese said.
He said that referring to the current Ecosystem of Key wealth and gathering all that he called, for the sake of simplicity, his critical functions. Now, there will be only two applications that are common to all firm's wealth businesses.
In her extended cooperation with Enovestnet, Calabrese said that the main asset was dealing with the desire to simplify its technology stack by harmonizing elements, processes and activities on its wealth business channels. He showed financial planning as the best illustration so far, pointing out that the key had been using Enovestnet | Moneyguide for several years.
Specifically, the main private client and the main investment services, the property unit of its massive property, uses MoneyGuide blocks and myblocks ingredientsWhile its HNW (Private Bank) unit uses classic moneyguide, according to Calabrese. He added that for several years, both the HNW and the leading family wealth units had also used Enovestnet's wealth studios to meet its trust and assets planning needs.
“This is adapted to the complexity of those segments, and we have a CRM platform in everything after investment,” he said.
Moreover, Key over time will expand the extent of its main investment office, a team of 30 people who in recent years served the private bank, family wealth and institutional units, but where appropriate, they will begin to share his expertise with a massive segment, according to Calabrese.
While there is still no strong period of time, this part of the investment road map will include access to Envestnet and its investment research, proper care and other skills, “as a way to enrich the choice and give our customers options,” he said.
Molly Weiss, who is president of the group and oversees the Envestnet asset management platform, said the company had worked with Keybank for months to transform its business and technology.
“They see us as a partner, not just a technology seller, and their access is somewhat unique; they are wondering, what is the business we are trying to support? What are the types of users? What are the types of councilors? Here, ”Weiss said.
She used Moneyguid blocks as an example of the way they are deepening the client's experience, using data and accumulating the account before a customer's financial plan is also in operation.
“What you will see from us is going from having two common applications in nine – a great victory for us – things we don't make we are using the same technology to empower our advisers and our customers across the board,” Calabrese said.
“You can't work in a bank without having a strategy label, and we've called this our unified wealth strategy now for a few years – we have chosen a very, very ambitious way, and we are committed to it,” he said.