Introducing Envestnet’s Next Generation Proposal

Introducing Envestnet’s Next Generation Proposal
Starting on October 1, 2022, ESI Illuminations users will notice a new option on your Quick Start menu as Envestnet launches their newly modernized platform. While the old proposal generation tool will remain available for a time, we encourage you to explore the time-saving options within the new tool.

Features of the Next Generation Proposal
The most impactful feature of the next generation Proposal is the new user interface. Intuitive and simplified, the next generation Proposal displays only what you need to see and guides you through each step of the Proposal process, including: Assessing your client’s risk Finding the right investment products Generating a pitch document Setting up account restrictions and instructions Determining and customizing fees Specifying the source of funds for the strategy Scroll down for screenshot highlights of the new Proposal tool.
How to Access the Next Generation Proposal

Choose the following option from the menu to access the newly enhanced design and workflow.



The new interface will walk you through the proposal generation process, step-by-step.

Highlights of the new interface include:

Streamlined Interface
 
Easy to Access Research and Additional Information
Information displays in the right column. Need more details? Click on the information symbols to change the right column display.


   

Resources
Capabilities Guide
FAQ Flyer
Fact Sheet

Envestnet Support on Demand
The Envestnet Help Center is available to advisors by clicking the icon in the upper right-hand corner of every page of the Proposal tool. The Help Center provides step by step instructions for every aspect of running and modifying a Proposal. This is a user’s number one resource for figuring out how to utilize the Proposal. Envestnet’s Help Center is regularly updated to reflect technology release enhancements and general product updates by a team of e-learning specialists.

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Annuity Options in a Volatile Market

Do you have clients who are looking for an accumulation and/or income solution for their rollover, but today’s market volatility has them leaning into a more conservative risk profile? Given their range of options an annuity may be a good solution to explore. 

Risk Profile: Conservative to Moderate

Needs:

  • Looking for accumulation and/or income
  • Concerned about risk but still looking for an alternative to CD’s or Treasuries
  • Use as a source of income “bridge” to avoid taking income from equities-based accounts in years during significant market decline – protection from sequence of return risk.
  • Does not want to risk their principal

Potential Solution: Single Premium Fixed Indexed Deferred Annuity (FIDA)
A Fixed Indexed Deferred Annuity, FIDA can offer competitive caps, floors and flexibility. For more information on FIDA  from National Life Group, click here

Risk Profile: Moderate to Moderately Aggressive

Needs:

  • Looking for accumulation and/or income
  • Willing to accept some risk (including principal loss) for potentially higher return

Potential Solution: Registered Index-Linked Annuity (RILA)
A RILA limits, but doesn’t eliminate, downside risk, and offers growth potential that falls between a fixed indexed annuity and a variable annuity.

To view RILAs available to ESI Reps, click here.

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Docupace Update: Discontinuing Use of the Send Originals Queues

When ESI first implemented Docupace, the Send Originals queue was used as a means of notification to the field that a work item had been approved by Home Office and could be mailed to the vendor. With the evolution of functionality within Docupace, including eSignature, approval email notifications, and automated faxing capabilities to vendors, there is no longer a need to manage this queue.

You will continue to receive the automated approval emails and should use this as your notification that paperwork can be sent to the vendor (in the few cases where physical paperwork is required).

Beginning October 3rd, you will no longer see the Send Originals dropdown menu within your work item indexing page.

If you have any questions on this, please reach out to ESI at 800-344-7437.

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2022 Premiere Select Retirement Account Annual Maintenance Fee Cycle

National Financial Services will be charging Premiere Select Retirement accounts the annual $40.00 retirement maintenance fee on November 21st, 2022.

How can I avoid the $25.00 Service Fee for home office covering the fee?
Representatives may review their population of impacted accounts with insufficient funds to cover the maintenance fee by running a report through Wealthscape, beginning September 20th, 2022. (Menuà Reports à Client and Account Informationà Retirement Account Annual Fees w. Core Cash Balance).

To assist, ESI Operations will automatically deliver this report to all eligible Wealthscape users through the automated reporting alerts system. The automated report will be delivered during the 4th Quarter of 2022, on/around the first of each month.

Proactively running the report will allow you 3 months to contact clients and get a trade placed or cover with one of the methods detailed below. It is more efficient to raise multiple years of cash with a single trade, alleviating the need to repeat the process each year and saving on trading costs.

If home office must place a trade to raise cash for the fee, the representative of record will be charged the $25.00 service fee, per trade. Uncollected fees of less than $25 will be reversed against the registered representative’s compensation.


How Customers Can Cover the Fee
Customers have the following payment methods to cover the IRA annual maintenance fee:

  • Deduction from qualified account money market position (default)
  • Deposit a $40.00 check using the Wealthscape Investor Mobile App and code as Retirement Maintenance Fee (only available through mobile deposit)
  • Journal from their non-retirement brokerage account
  • 1st party Electronic Funds Transfer (EFT) from their bank account
  • 1st party Intra-Bank Payment (IBP) from their bank account, available to NFS approved, bank affiliated firms

To elect one of these payment methods on an ongoing basis, the Premiere Select IRA Annual Maintenance Fee Payment Instructions Form must be completed. Clients can also elect payment methods on the Premiere Select IRA Application when establishing a new account.

Clients no longer receive a Retirement Fee Invoice, but the following message will be applied to September account statements for impacted account holders:

The 2022 retirement account annual maintenance fee is due on 10/31/2022. This fee covers the costs associated with the recordkeeping of your account and reporting required by the IRS. If you would like to pay the fee from your bank account or your nonretirement brokerage account, contact your broker/dealer. If you do not provide payment instructions, the fee will be deducted from your retirement account on 11/21/22. If funds are not available to cover the fee, your account may receive an unpaid fee posting. Your broker/dealer may sell any or all of your retirement assets to satisfy the fee and any associated expenses such as brokerage commissions and/or liquidation charges. For information about the annual fee, refer to the Retirement Account Customer Agreement or contact your broker/dealer.


Ineligible Accounts and Automatic Waivers

Accounts that are not billing eligible:

  • New accounts opened between September 19, 2022, and December 31, 2022, are excluded from the 2022 billing cycle
  • Accounts with current year TOA or Full Distribution status
  • Closed accounts with less than $35 in market value as of September 16, 2022
  • Abandoned accounts (with H1 or H5 restrictions)
  • MAD Funding accounts

Accounts with Automatic Waivers

  • IRA accounts for the benefit of employees of ESI, National Life and affiliates, including registered representatives, branch office employees and spouses of said employees that are coded as employee accounts
  • IRA accounts with total assets of $250,000 or more
  • ESI Illuminations accounts that meet program minimums on Valuation Day (September 16th, 2022)

Accounts that are ineligible or qualify for a waiver will not receive the annual retirement maintenance fee notice on their September account statement, nor will they be included in the November fee collection process. A representative can request a waiver of the annual maintenance fee and have it charged against compensation by submitting the Annual Maintenance Fee Waiver Request Form by November 15th.           


Summary of Important Dates

September 16, 2022 – Valuation Day – Account market values and core account balances are recorded in preparation for billing and application of subsidy programs.

September 30, 2022 – Customer Notification – Accounts meeting the billing criteria will receive the annual retirement maintenance fee notice on the September account statement.

November 1–18, 2022 – Collection Period – Accounts that have instructions on file to pay the annual maintenance fee via journal, EFT or IBP may have the fee deducted.

November 15, 2022 Maintenance Fee Waiver Request Deadline – Representatives must submit the Maintenance Fee Waiver Request Form by November 15th to absorb fees for their clients.

November 21, 2022 – Collection Day – Unpaid fees are posted to customer accounts. Accounts with insufficient cash will result in a cash debit balance.

January 5, 2023, through January 27, 2023Liquidation/Write Offs – Accounts with eligible securities will be liquidated to cover uncollected fees or written off and charged to the advisor on record (if less than $25).

Questions
If you have any questions regarding this Field Notice, please contact ESI Operations at 800-344-7437.

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Win a Smart Watch!

Feedback is key for us to learn where our strengths are, where there is room for improvement, and how best to move forward with achieving our goals.  Please help us by completeing the Annual Sentiment Survey, emailed from “Equity Services, Inc. noreply@qemailserver.com” on Monday, September 19th. Everyone who responds to the survey will be entered into a drawing for a smart watch!

Last year ESI sent its first Annual Sentiment Survey to registered representatives and administrative staff in the field to get a baseline on how we are doing at a very high level.  The survey was designed to assess your experience in working with ESI holistically.  Are we meeting your needs?  Are we helping grow your business? And most importantly ae we helping you, help your clients achieve their financial goals?

Over the past year we have spent time analyzing your responses and implementing changes that we felt would be most impactful.  An example of this was the creation of the Partner Experience Group to overhaul our onboarding process and facilitate trainings for experienced producers.

Didn’t receive your survey email? Contact Mike Chiarella at MChiarella@NationalLife.com.

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Annuity Options in a Volatile Market

Do you have clients who are looking for an accumulation and/or income solution for their rollover, but today’s market volatility has them leaning into a more conservative risk profile? Given their range of options an annuity may be a good solution to explore. 

Risk Profile: Conservative to Moderate

Needs:

  • Looking for accumulation and/or income
  • Concerned about risk but still looking for an alternative to CD’s or Treasuries
  • Use as a source of income “bridge” to avoid taking income from equities-based accounts in years during significant market decline – protection from sequence of return risk.
  • Does not want to risk their principal

Potential Solution: Single Premium Fixed Indexed Deferred Annuity (FIDA)
A Fixed Indexed Deferred Annuity, FIDA can offer competitive caps, floors and flexibility. For more information on FIDA  from National Life Group, click here

Risk Profile: Moderate to Moderately Aggressive

Needs:

  • Looking for accumulation and/or income
  • Willing to accept some risk (including principal loss) for potentially higher return

Potential Solution: Registered Index-Linked Annuity (RILA)
A RILA limits, but doesn’t eliminate, downside risk, and offers growth potential that falls between afixed indexed annuity and a variable annuity.

To view RILAs available to ESI Reps, click here.

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