Issue link: https://resources.envestnet.com/i/1527486
8 © 2021 Envestnet, Inc. All rights reserved. The concept of integrated behavior is important and will be incredibly valuable. Does this seem far-fetched? In a near future, the idea of FinTech or embedded finance is found in everything and everywhere. This explodes the number of financial relationships we will need to assimilate in the complex puzzle that is a financial life. Behaviors will influence behaviors. Experiences matter and will integrate and extend. The question: isn't that incredibly disruptive to financial services? Yes and no. A network needs to provide the solutions to Peloton, and our fitness and financial consumer is going to want to bring their Peloton account together with their bank account, their investment account, their everything. They are going to want to figure out how to pay down college debt, optimize credit cards, wonder what to do with their 401(k), and wonder if they should rent or buy the place they live in. Particles, pieces, widgets alone do not inform the other parts. The more particles that bind together, the stronger the foundation of an intelligent financial life. Our thesis is that financial advisors can play that role. We will see how these parts begin to gather; they will concentrate into a place that helps make sense of all the parts. As that happens, the intelligence created by something I call the "information benefit" grows and becomes more and more valuable for the consumer. They can understand the scope of how they engage financially, and optimize their money in real time, while balancing their hopes for the future. Imagine engagement support that guides decisions, which leads to better financial outcomes. Financial consumers will be supported to make decisions as essential as it's ok to spend or it's better to save — and the trade-offs for each decision. These insights and capabilities are powered by data that drives intelligence and creates deeper and deeper engagement. This is our industry's job, and it requires a modernized financial services mindset that puts the consumer in charge. No company needs to do it all. No consumer is going to buy everything from one place. No machine will replace the need for a financial advisor. But the rise of a personal finance ecosystem means that what we can do for people is far more impactful and far-reaching than ever before.