Issue link: https://resources.envestnet.com/i/1527486
11 © 2021 Envestnet, Inc. All rights reserved. We need an integrated behavioral environment for people. As I wrote above, behavior encourages behavior. Today, there isn't a resource that blends the financial stress problem people face with a way to resolve it. Think about some of the rising digital models that are tackling mental health head-on: Talkspace (an online therapy platform that provides the confidential support of a licensed therapist through an easy-to- use and HIPAA-compliant app); Calm (its mission is to make the world happier and healthier), Headspace (its mission is to improve the health and happiness of the world). But the one that is most intriguing to me is a company that is leveraging the Integrated Behavior theory (behavior begets behavior). That is Noom (learn a more mindful way to eat with Noom's psychology-based approach/helping people everywhere lead healthier lives through behavioral change). In the bit of research I did, folks who want to modify their relationship with food do all sorts of things, but often these efforts are undermined, and the process begins again (negative cycle). Noom take a different approach, utilizing weight management science integrated with cognitive behavioral insight to create meaningful and lasting change (positive cycle). Connecting the parts to create a consumer benefit that rides along throughout the days, monitoring, informing, supporting, optimizing: creating results. Envestnet is incorporating financial mindfulness with the capabilities we are empowering. We have begun working on this. It will be an important development and will become an essential tool for advice. Part of the answer is in education. Financial literacy efforts have proliferated across the industry, but there is no integrated model to give a person an answer where and when they have a question. Maybe they don't even need to ask? The connectedness of education is imperative. Financial literacy creates financial awareness; it takes the heat down on financial anxiety. From there, financial balance is possible. The tools will be there for the consumer to achieve this. Financial stress and anxiety are pervasive. We need a digital model to tackle this problem head-on with an integrated behavioral environment, like Noom.