Envestnet Case Studies

2 Amid these ongoing successes, and with an eye on engaging the mass affluent customer, KeyBank rolled out a category of MoneyGuide's MyBlocks offering in May across its retail platform. "Before rolling out a select category from MoneyGuide's MyBlocks offering earlier this year, our planning penetration for the mass affluent market was less than 10%," said Brian Jaros SVP, Director Financial Planning & Digital Client Experience at KeyBank. "This makes sense, given that the advice and planning services we offered to this segment pre-launch were 'static,' meaning they didn't keep pace with a client's forever-evolving financial life. This can also be called the old way of doing planning. The MyBlocks Effect In rolling out MyBlocks across its platforms, KeyBank's goal was threefold: • Make it easier for the firm's (KIS) advisors to deepen planning relationships with their clients. • Provide a user-friendly and engaging client portal that clients and prospects could easily navigate to begin their own planning process … on their own time … at their own pace. • KeyBank was also looking for a new way to engage its existing retail clients who mostly bank online in the digital economy. "MoneyGuide's innovative MyBlocks offering solves on each of these fronts," said Kevin Hughes, MoneyGuide Chief Growth Officer. "This interactive financial planning tool makes complex topics fun and easy to understand through digital conversations. A great fit for engaging the mass affluent market, these user-powered blocks each focus on separate areas of a financial life. They enable clients and prospects to easily begin the planning process — either on their own, or in combination with an advisor." "In May, we launched this initial set of blocks focusing on key retirement conversations across our retail platform on Key.com and the immediate interest from users was incredible – the blocks really took off," said Jaros. "After launch, we averaged more than 300 referrals per week for the first three months the offering was live. Today, the demand continues, as we focus on building out our backend to keep up with this new wave of growth. Next, we look forward to rolling out My Plan Builder in 2022 for the mass-market audience, where we expect to again see a lot of demand." KeyBank's average mass affluent retail client (or those with $100k in investable assets and without a brokerage account) is 60 years old. Retirement is the main topic of interest to this audience, so the firm chose the following 11 blocks for the initial rollout: Call us at 1-800-841-5312 to learn more about MyBlocks.

• Cover