Wealth Tech Giant offers advisors a natural and intuitive way to use AI through new business intelligence and Insights Engine capabilities.
EnvestNet has announced the release of two artificial intelligence tools: Generating Business Intelligence and Insight AI, which aims to streamline data interpretation and enhance advisor decision-making.
The Pennsylvania-based company has grown into a giant representing roughly $6.5 trillion in total platform assets over the past 25 years, but it said the new product is part of a broader strategy to simplify access to key clients' insights and support faster, more intuitive advisory workflows.
According to EnvestNet, the rollout reflects the growing demand between advisors and home office teams for technology that reduces friction in data analytics.
“We are evolving our platform for transforming data into intelligent actions,” said Jeremi Karnell, head of EnvestNet Data Solutions, in an announcement revealing the functionality. “We use machine learning, natural language interfaces and large-scale language models to help our advisors make faster decisions that drive client growth and satisfaction.”
Generated Business Intelligence Solutions allow users to request performance and client information through natural language queries. EnvestNet said the tool generates visuals such as dashboards and charts in real time, and includes data descriptive features that help advisers understand the underlying information.
EnvestNet explained that the system works through secure integration with OpenAI's large-scale language model and creates behind the scenes queries to retrieve relevant data.
Karnell said the tool would help “remove barriers to data flow across the enterprise.”
Envestnet has also announced Insights AI, another feature that extends the existing Insights Engine. The feature already handles more than 25 million recommended actions every day.
Insights AI incorporates agent-based AI to identify advisor intent, search internal and external data sources, and suggest influential actions such as tax loss harvesting, asset integration, or timely client outreach.
Instead of relying on dashboards, advisors can naturally feed into system questions and receive instant, contextual, and answers. Beyond input from Advisor users, the system uses content from EnvestNet and corporate-level sources to improve recommendations.
Dave Lieberman, product principal at Envestnet, described the feature as “always learning and always learning to all advisors and individual research analysts.”
Both tools are now integrated into the Envestnet ecosystem, but the company said it plans to allow companies to incorporate their own content to further adjust insights and improve the quality of their advice.
Apart from Gen Bi and Insights AI, the company said it is working to create a “fully agent-enhanced asset management ecosystem” that will provide investors with deep portfolio visibility, make better decisions and help them to better understand their clients' financial situation.
The move towards Agent AI has been revealed in other announcements over the past few weeks. Perhaps most notably, in mid-May, the Carson Group announced its own in-house AI assistant, Steve, an AWS-powered tool trained on its own digital ecosystem.
