Goalsetter, a spending and saving platform for families that focuses on financial education, revealed a partnership with Envestnet, a leading supplier of intelligent systems for wealth management and financial wellness, to give financial advisors the resources they need to help their clients achieve their long-term objectives for accumulating generational wealth.
“At Envestnet, we’re providing the technology, solutions and intelligence advisors need to help clients meet current financial obligations and long-term, future goals – what we call The Intelligent Financial Life,” said Envestnet group head of product innovation Dani Fava.
“Ensuring advisors can engage all family members with innovative tools like Goalsetter’s financial education and savings platform means they can better help their clients build a foundation for achieving generational wealth, while also providing valuable resources to clients and building recognition for their brand and business with the next generation.”
Financial advisors now have a greater responsibility to communicate the value of financial education to all generations, especially as there is currently a substantial generational wealth transfer taking place.
Younger generations are becoming less optimistic about their financial future, according to research from Envestnet on generational differences.
In reality, only 38% of Millennials under 35 (those between the ages of 25 and 35) feel comfortable in their present circumstances.
The partnership between Envestnet and Goalsetter aims to enhance the present platform created to assist clients in accessing a variety of solutions that give them confidence in their capacity to achieve their financial objectives.
With Goalsetter, advisers may bridge generations by assisting each family member to establish positive relationships with money at a young age and to better comprehend the fundamentals of risk management, credit management, saving, and investing.
“We know that generational wealth is not attainable without generational knowledge,” says Goalsetter CEO Tanya van Court.
“According to GoBankingRates, 90% of wealthy families lose their wealth by the third generation, and successful wealth managers are focused on helping families to mitigate that risk. Goalsetter’s education-first financial solutions are designed to transform both family finance and family financial acumen, and Envestnet is a perfect partner to help us evolve the role of wealth managers from individual advisors to family-focused financial partners and supporters.”
