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eMoney Updates Q1 2021

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This March, we released a brand new planning metric that takes client conversations a step further by demonstrating their financial health in a more humanized and intuitive way. Keep reading below to learn more about the new metric and everything else coming to eMoney. Including upcoming client Connection experience changes coming next month.

Join us for the next Product Update webinar on April 6, or keep reading below to learn more about these updates.

March 2021 eMoney Updates:

Innovative Monte Carlo Enhancements: Longevity Risk Analysis and Confidence Age

Released March 30, 2021

Life expectancy is hard to predict. Our new Monte Carlo features make it easier than ever to provide a comprehensive and personalized analysis of longevity risk so you can have more engaging conversations with clients.

Watch the video below to learn more about our Longevity Risk Analysis and latest planning metric–Confidence Age.

We have been investing heavily in our Monte Carlo capabilities over the past year and have recently added the ability to infuse Monte Carlo into all interactive cash flow and asset experiences within Decision Center. Longevity Risk Analysis and Confidence Age reflect the next phase of our Monte Carlo evolution.

To learn more about these enhancements and how to incorporate them into your financial plans check-out this fifteen-minute on-demand webinar or keep reading below.

Longevity Risk Analysis

As longevity risk becomes an increasing concern for many clients and advisors, this new feature helps you improve the client experience by showing them the strength of their plan over their entire lifetime and provides a more holistic view of a client’s financial health.

The Longevity Risk Analysis in Decision Center quickly identifies whether the client can fund their cash flows over a longer period, providing a comprehensive picture of how sensitive their plan is to the risks of longevity. It eliminates the need to re-run the plan for multiple life expectancy ages and displays results in one interactive visual.

Confidence Age (NEW Planning Metric)

This innovative and customizable Monte Carlo metric takes client conversations a step further by demonstrating their financial health in a more humanized and intuitive way, helping to increase engagement.

Confidence Age is determined by identifying the age at which the Monte Carlo success rate is projected to drop below the confidence threshold you set. For example, if you identify 85+ percent as the success rate that inspires confidence in the plan, then the Confidence Age is the last age in which the success rate remains at 85 percent.

Check out a demonstration of Longevity Risk Analysis and Confidence Age and visit Decision Center to see them in action.

Streamlined Client Connections Experience

Releasing April 6, 2021

To help you gain a clear picture of the health and status of your connections, we’re simplifying the Client Site account view to easily identify connections that may need attention.

Share this guide to help communicate this change to your clients.

Simplified Account View

New color-coded institution statuses will help your clients easily identify connections that they can repair, such as by updating credentials (in red), versus errors that are outside their control, such as institution errors (in yellow).

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Account Filters

Using the new account filters, you and your clients can easily identify connections with errors that are actionable. Clients will even have more insight into manual and advisor-managed accounts.

Filter by:

  • With Errors
  • Manual Accounts
  • Advisor Managed
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Streamlined Connection Repair Workflow

We’re making it easier than ever for clients to identify and troubleshoot connections with user fixable errors—such as updating credentials, access codes, and security questions.

As opposed to institutional outages and technical issues where there is nothing for them to correct and where we will work with the institution to resolve.

These updates are designed to streamline your clients’ connections experience and reduce their need for your support.

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Enhanced Change Plan Option for Presentations

Released March 30, 2021

Save time and increase your efficiency with our new Change Plan feature now available for Presentations! This highly requested feature allows you to quickly select a Plan and What-If to apply to all reports in your presentation with a single click – instead of needing to adjust the plan and what if setting under each report individually.

How does it work?

Select a presentation, and the Change Plan button will now be available alongside Contents, Title, and Broker-Dealer Footer. The new Change Plan feature is available in the Presentation Center, Facts Presentation, and Goal Planning Presentation.

Click Change Plan and use the drop-down menus to select from available Plans and What-Ifs. Next, click Save to apply the Plan or What-If to each report within the presentation that supports the plan changes.

Note: Change Plan will not update reports that do not support plan changes (e.g., introductory, supplemental) and individual reports with locked Plan or What-If settings.

You can see what Plan is applied to each report page under the report name, and you can override selections on individual reports by clicking into the report page and selecting custom Plan and What-If settings.

State Estate Tax Enhancement

Released March 30, 2021

Building off the release of State Inheritance taxes last year and improving the accuracy and depth of our estate planning functionality, we have added the ability to simulate state estate taxes into our planning assumptions.

Here’s how it works

Simply open the Advanced Fact Finder and go to Assumptions > Tax > Tax Rates and select the By State Rules option under Estate & Inheritance Tax Rules.

Note: While accurate for 2021, we do not recommend enabling this feature for clients located in Connecticut and Washington D.C. at this time due to recent updates to tax laws not captured by this release. We appreciate your patience while we work to update the handling for these locales. We expect this update to be completed shortly.

Q4 2020 Market Index Historical Data Released

Released March 22, 2021

The market index data in your eMoney application has been updated with the latest historical data, as of December 31, 2020. Action is required to update your Investment Assumptions with this data.

Your capital market assumptions are the core of eMoney’s powerful simulation. They are the foundation of all of your client’s financial plans. That’s why eMoney makes new historical data available quarterly, so you can keep these building blocks up-to-date.

We recommend reviewing existing plans and the changes to your capital market assumptions prior to updating your indices. 

How can I update my market index data? 

Use the Compare / Update Market Indices How-to under Help or follow the steps below to update your capital market assumptions:

Client Site Goals Page Enhancements

Releasing Next Month

We are redesigning the Goals Page on the Client Site to provide a more personalized and streamlined experience for your clients.

This enhancement will enable your clients to view all their goals details simply and efficiently on a single page. It will also provide consistency between the financial plan visuals and charts that they are already accustomed to seeing throughout other areas of your financial planning experience.

Share this upcoming enhancement with your clients to open a conversation around their goals.

Your February 2021 eMoney Product Updates include:

New Connections Support Process

Releasing March 1, 2021

eMoney is moving our ticket management system to Salesforce to enhance the experience for our clients when reporting a connection-related issue.

This means more visibility and flexibility regarding open service tickets and the ability to follow up via email and from any device.

Preview your new Connections support workflow:

Click the Report a Problem link as usual to begin your support request and complete the form by selecting a Topic from the included list, providing details regarding the issue in the Message field, telling us which Client (optional) is being impacted, and entering one or more email addresses in the new Send Replies To field.

It’s essential to add as much detail as possible in the Message field to help expedite our ability to resolve your issue.

Once you click Send, you’ll receive a summary that includes your Case Number and Contact Email(s).

It’s important to note that the connections Support tab will be sunset as part of this enhancement. Ticket history previously available through the Support tab will be unavailable following this change. You’ll receive updates on your connection support requests via the provided Contact Emails—rather than being required to track updates within the application—as we work to resolve your request. 

When you update a request using the Update Reported Problem link you’ll receive an email for your records.

Here you can Mark As Resolved, provide additional information to our support team, or view the status and details from the original request.

We will also make minor adjustments to the Advisor Connections Dashboard to make finding information about your case easier. When there is an open Support Case you’ll be able to update the request through a case number link on the dashboard—otherwise, No Open Case will be displayed.

Finally, as part of this update, we will sunset the inbox— to ensure all connections related issues are tracked properly, they should be submitted using the Report a Problem workflow within the eMoney application.

Suggested Help Resources – Two-Tab Help Interface

Releasing February 19, 2021

On February 19, 2021, the Help menu is getting an upgrade to support contextual help resources depending on where you are in eMoney. The new Suggested Help tab will showcase resources specific to the page you’re on.

On February 19, suggested resources will be available for the following pages:

  • Home
  • Clients
  • Bamboo
  • Connections
  • Analytics
  • Integrations
  • Investment
  • Assumptions
  • Settings

Sub-pages will inherit the help items from the main page category. For example, each Facts page will have help about Facts not specific to Liabilities or Insurance.

Your second tab, All Help, allows you to take a deeper dive into all the available help resources. The search box function has not changed and will continue to allow users to search the entire Help repository no matter where they are in eMoney.

Courses Prominently Displayed

In addition to the two-tab interface, we’re adding the Courses link to the Help menu heading when expanded. This update will help streamline how you access our dynamic training courses, which we anticipate will be especially helpful for new users.

Note: This update does not impact the Client Site.

We will continue to enhance our help resources with even more specific pages in the future.

Citibank Connection – Unbilled Credit Card Transaction Update

Released February 16, 2021

We updated the Citibank API connection to accommodate the categorization of Unbilled transactions. Previously, Unbilled transactions, which often include reoccurring auto-pays, were required to enter a Pending status for thirty days before they updated to Billed. During this time, they were unable to be categorized, which complicated the process of adequately identifying these transactions for client budgets and expenses.

With this update, you can immediately categorize Unbilled transactions to capture them in the appropriate budget and expense categories for your clients.

Released February 16, 2021

To streamline your experience, we’ve added drop-down navigation to the Topics area within Foundational Planning. The drop-down menu simplifies Topic selection and provides more onscreen real estate for your client’s Plan Summary comparison.

New Topic Navigation Experience

Your January 2021 eMoney Product Updates include:

Easily Share Vault Files with All Clients

Released January 19, 2021

We’ve added the ability to mass upload Vault documents quickly. This feature saves you time by streamlining your ability to quickly share documents—like privacy policies or Form ADV—with all your clients.

Here’s how it works

Access the Advisor Vault under the More drop-down menu on your Navigation Bar. Then upload the document that you’d like to share with your clients

Now click the Actions menu and select Bulk Share and click Share.

That’s it!

You also have the ability to unshare bulk shared files using the same Actions menu on the currently shared file.

Default Vault Sorting Order Updated to Created Date

Released January 19, 2021

In alignment with the new Bulk Share feature, we’ve updated the Vault default file sorting to sort files by their Created Date.  This ensures that the most recent documents are easily visible to you and your clients.

You and your clients can easily adjust how files are sorted by selecting the Name, Size, Shared, and Created filters within the Vault folders.

Null Holdings Cost Basis Handling Update

Released January 12, 2021

The most recent market value data available within eMoney will now be used to estimate the null values for the cost basis for accounts with holdings that include a mix of null and non-null basis values.

For connected accounts, this estimation will happen automatically. For manual accounts, this estimation will take place when you visit the accounts Holdings page. The Holdings page has been updated to include a note regarding this functionality:

Grayed-out and italicized basis values indicate no basis information was received for that holding from the vendor. In this case, the basis is set to equal the current market value of the holding. Additionally, any totals or subtotals of the cost basis will also be affected.

2021 Federal Tax and Contributions Updates

Released January 4, 2021

To support accurate planning calculations, federal tax-related values and contribution limits will be updated to their 2021 values on January 4, 2021.

Gift Tax Exemption Tax Cuts and Jobs Act Use Case Update

Released January 19, 2021

Based on IRS guidance, we updated the eMoney estate tax system to better handle a specific use case where all three issues below are present:

  • Large tax-exempt gifts were or are projected to be made through 2025
  • Estate taxes are being calculated for any year after 2025
  • Estate tax rules are set to “sunset” at the end of 2025 to a lower exemption threshold.

In the case above, the exemption applied for estate tax calculations will be the larger of the natural exemption amount for the year of death or the actual exemption used in the past during those years of higher exemptions.

We’ve also added new fields to the Fact Finder > Assumptions > Miscellaneous > Gifting tab to support the system’s ability to know how much exemption was used in the past and apply it correctly. If you have such cases, you should enter the appropriate data in those fields.

New Retirement Growth Rate Handling Upon Client’s Pre-Mature Death

Released January 25, 2021

Based on user feedback, we are changing the behavior of our growth rate assumptions only in the case of a premature client death being assumed. This change will more realistically model what was considered typical client behavior in such a circumstance.

When a premature death is assumed for someone that is not yet retired, we will continue to use the pre-retirement growth rate until the survivor’s retirement age, when it then switches to the retirement growth rate.

Currently, the asset growth rate switched to the retirement growth rate immediately upon the assumed premature client death. This will, for most cases, result in a higher growth rate for the survivor’s pre-retirement years and thus a smaller life insurance gap analysis need than previously calculated.

Foundational Planning Life Insurance Gap Analysis Updates – Coming Soon

Released January 25, 2021

A new disclaimer page has been added to the Foundational Planning – Life Insurance Gap Analysis presentation. The disclaimer will provide context on the assumptions used within the analysis.

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Integrations Access Update – Coming Soon

Released January 27, 2021

Next week, we’re relabeling our Applications drop-down menu to Integrations to better align with intended usage and clarify navigation for new users.

Campaign Analytics Enhancements

Released January 28, 2021

Gain more in-depth insight into who is engaging with your campaign, where they’re seeing your marketing messages, and when. This release enhances the experience by adding an overall email engagement view, additional details on leads and opportunities, and channel engagement data.

Keep reading below to learn more about the latest enhancements to the Landing Page and Generated LeadsChannel Engagement, and Overall Email Engagement charts.

Landing Page and Generated Leads

From the Landing Page and Generated Lead chart, you can now access a detailed table of who is engaging with your marketing campaigns. Simply click on the total number beneath Landing Page Visits, Leads, or Opportunities to view.

Note: Name and Email Address data are not available for landing page visits generated via social media. However, this data is available for leads and opportunities.

Channel Engagement Chart

This chart shows which channels (including email and social) are the most effective for driving landing page visits. You can leverage this data to understand where you’re having success and which channels have success with the associated campaign. We mark the associated campaigns on the timeline for reference.

Overall Email Engagement

Now available within Campaign Analytics, you can view a consolidated table of email engagement across all campaigns.

For more information on new and upcoming releases, best practices, or eMoney news visit the eMoney Client Blog.