The fintech company eMoney Advisor was as at a recent Finovate Conference in NY to launch their newest product called EMX, the eMoney Experience. “We feel that there is a real need for financial advisors and what we want to do is to empower them,” explained Kyle Wharton, their SVP of Biz Dev. Their slogan is “For Advisors, By Advisors”. “We know that there is a lot of knowledge and expertise that financial human advisors can offer, and when they leverage the right technology, there is point where they can win more times than not. With a new platform, we are bringing together a lot of different providers as well as third parties technologies that other financial advisors are using. We are kind of owning the experience through it all.”
Wharton admits that he found a lot of financial technology was very cumbersome and hard to use. This was the problem for which eMoney was the solution. It differentiates itself from other fintech businesses because advisors design it and engage within it with clients. It allows interactivity and transparency to clients from advisors. It has special features, like the ability to set alerts and alarms, which let clients understand where they are at in their financial planning.
“The transparency comes to play when advisors are actually looking out for that client — not only with the assets they manage — but also the assets that are held away. For instance, could be a budget with a credit card in a hold-away broker’s account. And this could be getting paid with lots of fees, or is down, or is up. So really just knowing the clients have idea coaches for their finances gives them validation.
“The art is the advisors knowledge, expertise and certifications, and the science is the algorithm of technology behind it. When we leverage those and bring them together, it’s a great scenario for an advisor and a client.”