Financial Life Management is wealth management re-imagined. It’s a collaborative, personalized approach to financial planning that helps people understand how their money and investment choices can align with personal aspirations to enrich their lives.
Financial Life Management helps clients and advisers work together to establish clarity in financial decision-making and to build dynamic financial plans and portfolios that change as a client’s life changes. It helps clients answer the question, “Am I o.k.?” by empowering clients to know:
FinLife Partners is the industry’s first Turnkey Advice and Planning Platform (TAPP) that goes beyond traditional wealth management and third-party asset management platforms. It is the tools, technology, systems, and training for all three, created by United Capital to build and run its network of offices, and now you can access it as well.
A white-labeled, Financial Life Management solution that integrates guidance, planning and investments, FinLife Partners provides advisers a way to reinvent how they interact with clients using a fully digital office to run their business with proven efficiency.
FinLife Partners brings a complete suite of proprietary Financial Life Management tools and processes to help advisers:
FinLife Partners was created for firms looking to deliver broader financial management and planning capabilities through a digital client experience. They want a turnkey platform that is fully integrated, along with technology training for their staff to deliver an experience that deepens relationships, and allows them to run a more efficient business.
FinLife Partners targeted firms have:
Financial Life Management is a dynamic, ongoing guidance and advice process. Clients may perceive its value independent of investment management services because it provides a tangible deliverable – one they may be willing to pay for year after year. Through deepened relationships and increased share of wallet, United Capital offices that joined after 2011 and fully employed the Financial Life Management approach, on average realized top-line revenue growth of nearly 25%, and pretax earnings increases of approximately 28% in their first 12 months after transition*, through creating a new revenue stream from ongoing Guidance services, and an increase in managed assets per client.
FinLife Partners also offers scale. A firm’s advisers and staff will gain time and efficiency from the technology, tools and workflow. Removing redundant data entry and utilizing electronic signature means more time to engage with clients and focus on business growth.
Statistics derived from offices that joined United Capital from 2011 to 2015. Results not guaranteed and may vary. More information regarding statistics available upon request.
Absolutely not. Through our Financial Life Management tools and process, including Money Mind®, Honest Conversations® and the Investment Viewfinder, you’ll learn even more about your client’s life and portfolio preferences and in return be able to create a customized plan and portfolio around every aspect of their financial life.
Although advisers receive additional revenue from clients that sign up for Guidance services, advisers pay a portion of that increased revenue as a cost for the FinLife Partners platform. For advisers with greater than $100M in assets under management, below is the standard fee schedule that applies. For advisers with less than $100M in assets under management, the fee schedule may be higher.
|Applicable AUM for Combined Guidance Clients & AUA for Separate Guidance Clients||Guidance without Support Fee Schedule* (Percentage of AUM or AUA, as applicable)||Guidance with Support Fee Schedule (Percentage of AUM or AUA, as applicable)|
|0 – $2M||0.10%||0.125%|
|$2M – $5M||0.06%||0.075%|
|$5M – $10M||0.04%||0.05%|
|* Applies for Guidance Year 1 and future periods during the remainder of the Term when Virtual Data and Document Compilation is declined by Company.|
|“AUA” shall mean all assets that the Company requires FinLife Partners to incorporate into the Guidance Client Services, including any investable assets described in the Guidebooks to be delivered to Company by FinLife Partners.|
|“AUM” shall mean assets of private wealth management clients or institutional clients that are currently managed by Company. For clarification purposes, this amount shall not include any assets held in 401k or profit sharing plans for which the Company provides retirement plan consulting services.|
Clients with complexity in their financial lives and significant consequences attached to their financial decisions, have the most to gain from an advisor with access to the FinLife Partners platform. The vast majority of clients with more $500k in investable assets and be under 75 years of age tend to be the best candidates.
Investable assets include any assets that can be invested in the stock or bond market (IRA, Roth, Brokerage account). Non investable assets are things like cars, houses, second homes, paintings and anything that can’t be discretionarily managed by the adviser managed and invested in the stock or bond market. It is up to the FinLife Partners company to determine which clients would benefit from the offering.
FinLife Partner firms are targeted to have 30% of eligible clients participating in the guidance offer within one year of Partnership, and 49% of eligible clients within two years.
The evaluation process begins with an initial demonstration call followed by an introduction to a Business Consultant on the FinLife Partners team. When a potential FinLife Partners firm is comfortable with the value proposition, they will provide standard firm data in return for a report that analyzes potential firm growth from FinLife Partners. Upon agreement that FinLife Partners is the right program to enhance and grow a firm’s business, a contract is signed and the implementation process begins.
Next, our team will work with your staff over eight to 12 weeks to implement the platform and process into your firm. This includes FinLife Partners managing the software conversion and the training of your staff and advisers to deliver the Financial Life Management client experience.
Our specialized program blends virtual coaching, self-paced e-learning, on-site coaching and instructor-led training to ensure your staff has the tools necessary to deliver the Financial Life Management experience to your clients and to help you successfully grow your business.
As part of the process, we provide examples of the information to include in client agreements. It is up to the FinLife Partners firm to determine the final language that’s appropriate for their client base.
If you sign up with FinLife Partners, you can establish a separate sub-advisory arrangement with United Capital and gain access to a broad range of competitive strategies. The platform contains a full menu of turnkey investment models available to complete a client’s asset allocation. Participating FinLife Partners firms independently consider if this is appropriate for them and their clients, and if so, which strategies to allocate their client assets to.
The sub-manager offering contains a significant number of investment strategies to choose from, with a range of client fees, depending on the strategy. These fees cover discretionary management of client assets, access to United Capital’s digitized investment management tools for client interaction, automated rebalancing, performance reporting, portfolio proposals and access to economic commentary.
It is at the discretion of the financial adviser to decide when the reports are sent out and how they are delivered. Client performance reports can be generated for clients through Envestnet.
Envestnet reports include performance, holdings, transactions, cost basis and realized/unrealized tax gains/losses with report customization available. Example templates can be provided upon request.
Yes. A firm can use its own portfolio accounting system for assets that are not in United Capital portfolios or it can convert to Envestnet. Performance reports can be generated for accounts that are pulled into the system and include accounts that have not been allocated to United Capital strategies.
Yes. We can work with Envestnet to convert your existing portfolio accounting system. Ten years’ worth of historical data is included in the conversion process.
FinLife Partners offers a technology solution that integrates client experience with a core operating system, built on a proprietary instance of the Salesforce CRM. This proprietary platform integrates portfolio reporting from Envestnet and industry leading financial planning software, including eMoney, Financeware and MoneyGuide Pro. It is a single sign-on, digitized workflow that allows firms to work more efficiently.
Advisers need to convert to the FinLife Partners instance of Salesforce CRM, and migrate to FinLife Partners instance of one of the integrated financial planning software solutions of MoneyGuidePro, Financeware, or eMoney. If you do not currently have a financial planning solution, we will set you up. It’s a best practice to also convert your portfolio accounting system to Envestnet as soon as possible for maximum integration and efficiency. Software and licensing are managed directly through FinLife Partners.
Next, our team will work with your staff to incorporate the platform and process into your firm. This includes FinLife Partners managing software conversion and the training of your staff and advisers to deliver the Financial Life Management client experience.
To train your staff, our specialized program blends virtual coaching, self-paced e-learning, coaching and instructor-led training to ensure your staff has the tools necessary to deliver the Financial Life Management experience to your clients and to help you successfully grow your business.
FinLife Partners has developed a consistent and consumer facing design that can be white labeled for prospecting and client use. Marketing materials include a Financial Life Management website that demonstrates the Financial Life Management process and tools.
*FinLife Partners firms do not receive public relations or social media support.
Portfolio Builder is the resource for generating a client-facing investment proposal. These proposals do not include an Investment Policy Statement.
Yes. Our Compliance Team may consult and provide general guidance on your client agreements and ADV update reflecting your participation in the FinLife Partners program.
The participating FinLife Partners firm is responsible for the actual disclosure and agreement language, which each company will need to assess and implement based on the expectations for their specific practice.
In addition to our experienced and technically competent investment team, United Capital has made a very purposeful decision to outsource and hire the best external institutional investment managers we can identify.
Our dedicated CFA charterholders actively search for opportunities to help meet client expectations, while maintaining the appropriate risk controls and oversight through a dedicated Investment Management department.
Yes. FinLife Partners firms can report on assets from a very wide range of custodians if they convert to Envestnet for portfolio accounting. When establishing a sub-advisory relationship with United Capital, any assets being allocated to those turn-key investment strategies will need to be held in custody at Charles Schwab, Fidelity Investments, or TD Ameritrade.
We work closely with each adviser firm to develop a transition plan for assets to migrate to United Capital’s sub-managed strategies, based on the expectations that each adviser has for managing their client assets. We typically start with qualified accounts or others with little to no tax impact, bond accounts with no embedded gains, or other accounts that may benefit from reduced costs, refreshed portfolio construction, or objectives more closely aligned with the client’s investment views.