Ranking Online Financial Planning Services

August 18, 2000

Abstract

Cambridge, MA, USA,  August 18,  2000

Online Financial Planning Services: Ranking US Providers Report Published by Celent

Report finds that financial institutions can increase the value of each customer relationship by over US$3,000 by offering online financial planning

In a report, titled "Ranking the Vendors of Online Financial Planning Services," Celent Communications evaluates nine online financial planning vendors grouped into two separate categories -- single planner solutions and comprehensive planner solutions. The report provides an in-depth comparison of each vendor. This report is an indispensable guide for financial institutions wishing to provide online financial planning services to their customers.

"While financial planners have been used mostly by high net worth individuals, online financial planning tools allow lower and middle income families to sketch out efficient long-term financial decisions," noted Isabella Fonseca, the lead author of the report. "In an effort to provide an array of products and services to all their retail prospects and clients, financial institutions want to position themselves as the gateway for this online advice. In order to reap the benefits of financial planning, financial institutions will need to integrate online financial planning solutions with their own systems and databases to enable cross-selling".

The Top 3 Online Financial Planning Solutions Rank Comprehensive Planners (encompassing multiple life events) Single Life Event Planners (e.g., retirement, education, etc.) 1 DirectAdvice Financial Engines 2 AdviceAmerica mPower 3 AssetPlanner TeamVest

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

Online Financial Planning Services: Ranking US Providers

August 2000 Return to Abstract of this report.

 

EXECUTIVE SUMMARY

 3

INTRODUCTION

 4

 

Background

4

 

Financial Planning 

 3

 

Elements of Online Financial Planning

 6

MARKET OVERVIEW

9

INDUSTRY OVERVIEW

 6

 

Financial Institutions

 11

 

Benefits to Financial Institutions

 12

 

Growth in Number of End Users

 13

VENDOR OVERVIEW

15

 

Vendor Profiles - Single Planners

19

 

Vendor Profiles - Comprehensive Planners

24

VENDOR COMPARISONS

 33

FUTURE TRENDS

36

        

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