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February 28, 2020 at 11:09 PM
Financial Planning Software
Top Executive: Bob Curtis
Top Executive: Brian McLaughlin
Technology Tools for Today
Top Executive: Joel Bruckenstein
Top Executive: John Prendergast
All in all this is a well balanced article. There are a couple of important corrections I’d like readers to be aware of.
1) We work with Yodlee (Fidelity, Bank of America), not Cashedge.
2) We’ve never said that our aggregation is better. It’s that aggregation is only part of managing all your client account data – that’s what we do. We manage custodial, held-away(account aggregation) and manual/offline assets data.
3) Rather than focusing on industry experts, the people we want to impress are our customers and partners. So far, so good.
I’ve been using Blueleaf since their beta in 2011 – and couldn’t be happier with their product and service.
What Blueleaf does is make the client experience better, and my firm run better. In many ways, it’s the little things.
- The automatic weekly email updates are awesome. 52 automated client touches per year with exactly what the client wants to know (What do I have? How am I doing?).
- All of the assets, all in one place. This is huge, and Blueleaf makes it dead simple. Clients love it, and it’s immensely helpful to really know where all my clients assets are, how they’re allocated, how they’re performing, etc.
- It’s beautiful, and client friendly. Anyone who’s used most of the larger aggregation services is probably familiar with how complicated and un-user friendly their portals are. Blueleaf is the opposite. All clients, regardless of their tech-savviness, get exactly the info they want/need. The quality design transfers a better image to my firm.
- It’s a referral generating machine. Clients love it, and they tell their friends about it. I’ve used a lot of other services in the past and never got raving compliments from the reports. With Blueleaf, at least monthly I get an email or phone call so positive it makes me blush.
John and his team at Blueleaf ARE changing the world of wealth management. For the money, I think it’s right there with Redtail in terms of immense value and daily operational excellence. The advisor and client experience are awesome.
Bravo guys on building this. I sincerely wish you the best, and hope advisors and tech gurus alike start to see Blueleaf for what it does – instead of trying to figure out what it is.
Thanks for the comments, guys. I just replaced Cashedge with Yodlee in the article.
I have been using Blueleaf for about 6 months now and it has exceeded my expectations. Here’s why:
- I no longer need to generate quarterly performance reports. Clients can access this information 24/7 on Blueleaf for any time period they wish.
- Clients love the simplicity of it. Blueleaf does what every client wants: it shows them what they own and how much money they are making or losing.
- I am actually getting emails and calls about how nice it is to look at all of their assets in one place.
- It is a selling point when meeting with potential clients.
I only wish Blueleaf would have come along about 10 years ago. Great job guys and keep up the good work!
I implemented Blueleaf late last year as I opened my firm, going out on my own for the first time. The client feedback has been overwhelmingly positive. The weekly summary email is well appreciated by clients. Adding held-away assets without creating Custody issues for my firm is made easy through Blueleaf through their user-friendly interface. Blueleaf has created a client-friendly interface that is easy to use regardless of technological saavy; yet still impressive and appealing to the tech crowd. Of course, account aggregation technology has helped me grow my practice and streamlined aspects of the financial planning process. It has helped me better manage held away accounts and engage in an asset location strategy for applicable clients for increased tax efficiency. I have noticed that clients seem to log in to their portal when the financial news is bad. One client mentioned it provides him peace of mind to have one place where he review all of his data; and see that the scary news isn’t that scary. In other words, he doesn’t have to wait for his quarterly performance report to know how the bad news affected (or did not affect) his financial circumstances. Clients can see the diverification of the portfolio and rebalancing process work in real time in conjunction with the news, and this reinforces my messaging. The bottom line is that this tool has elevated my communication with my clients, provided them additional peace of mind, delivered the results in a user-friendly yet sharp interface, provided me additional insight to my clients’ overall financial circumstances (updated daily), and has generally been a tremendous value-add to my practice. When you review the software to see if it is right for your firm, I would recommending using the 30 day free trial to provide your closest client relationships a “test run”. Get their feedback. After the free trial, my clients and I were hooked. Also, as an aside, but very important, John’s support staff has been phenominal. Rarely have I had any issues (the only real issue was when I changed Master Account numbers at my Custodian), but when issues arise John’s staff has identified and addressed the issues before I even knew they existed. The support staff is proactive, which is a rarity for software priced so attractively. Many people are afraid of “startups”, but that is where disruptive innovation comes from. Unlike the marketers that call my office on a daily basis, Blueleaf has something of value to offer both advisers and their clients. That value comes in both tangible and intangible form. I would argue that the intangible is of the most value, and difficult to recognize without a test drive.
I agree with everything Jason has said, plus I see it as a terrific business building tool.
For those hourly/planning clients who aren’t ready yet for a full-time portfolio manager, I can help them set up a DIY Vanguard account. Then we can link their new account to me via BL. They’ll get a weekly update with my picture. So when the time comes for the semi-annual review, I don’t have to request their latest statements, etc. It’s all there updated daily. I can also set proactive alerts to know when allocations drift out of range and contact them. Talk about service!
Plus I can see when they do meet my minimums for AUM clients, and the transition can be seamless (b/c they still get the same weekly email, regardless of where the accounts are custodied). My firm can be completely custodian “agnostic” (though I have my fav’s (Folio Institutional)).
For a prospective AUM client, instead of requesting all their statements I just ask them to connect all their current accounts. Often when they come in for the first meeting, I’ll know more about their assets than their current advisers (via the integrated Holdings summary and Morningstar reports).
The biggest issue I’ve found with this is that many investors have never set up online access to their accounts. It’s an extra step, but once you help them set that up, they see how easy and beautiful the BL system is.
I’m looking forward to more integration with financial planning systems like Instream Wealth…
The real key to Blueleaf is time. As a GenX advisor balancing family and running my business, Blueleaf answers a lot of my clients’ questions before they ask them.
For example – The market just kicked butt the last month, how did I do? No longer asked.
International seems to be making a come back. Do I have any? Answered on Blueleaf. Everyone keeps saying that bonds are in a bubble, should I be concerned? After logging into Blueleaf, they can see that over the last few months bonds seem to be flat.
While these are more technical questions for the clients that are a little more savvy, they illustrate Blueleaf’s value in a nutshell: transparent, current information. Clients know how much they have and how they are doing at all times. I’ve even considered stopping quarterly reporting all together… another time saver.
BlueLeaf is as advertised: Dead simple. On top of being extremely easy for clients to use, it is also “cool” in an otherwise sometimes boring industry. I have had nothing but a positive reception from my clients. I was impressed that within 30 days of subscribing to the service, John called me personally to go over key features and benefits of the system. I look forward to growing my business with BlueLeaf.
I had a long term client email me for the first time EVER – and it was thought his blueleaf note sharing capability…encourages simple communication. Simple means people actually use it
I would agree that account aggregation has not yet been mastered, as it is still a bit of a messy process. It takes so little to throw a wrench in an automatic reconciliation. Blueleaf does the account aggregation as well as anyone though and tries to deliver on account aggregation and reporting in a way that is truly usable by the client. I have been using Blueleaf since early 2012 and haven’t seen anyone else whom I would consider a competitor.
The article says that the pricing is $450/ yr and then later says it costs $450/ month. Which is correct ?
Our pricing is all available on the web including all available discounts here: http://www.blueleaf.com/advisor/pricing/
The $450 example is a monthly number for up to 100 households before discounts.
Hope that helps.
Susan – It’s $450/mo. “Year” was a mistake/typo, which I’ve fixed now. Thanks for pointing that out.
Blueleaf is a quantum leap ahead of other portfolio management software. It’s intuitive for both advisor and clients, displays relevant information in a beautiful dashboard, automates a tedious task (getting that initial client snapshot) and has some really nice proactive features.
I’ve been paying for and using Blueleaf since Oct 2012, so I’ve had plenty of time to evaluate the system and receive actual feedback from my clients. What I like:
-My clients enjoy seeing all their accounts in one place, updated daily, even if I’m not directly managing certain accounts.
-I can more easily make the case for charging on held-aways, esp. 401ks, when everything is aggregated at Blueleaf.
-Even my older clients have been able to easily add held-away accounts, because the user interface is so simple.
-Quarterly reports literally take 2 clicks. Moreover, they are visually appealing and simple for clients to read.
-Proactive reports are great; especially for notifying me when a client has deposited money that needs to be invested.
-The weekly balance emails have been received very positively . This is unheard of transparency.
-Service is great (and I’ve certainly asked heaps of questions)
-This is a biggie: My clients really use it. With other clients portals, I have about a 10% adoption rate (if that). With Blueleaf, it’s 90%, and I can see my clients check it regularly.
What Blueleaf has accomplished so far is impressive, but where they are headed is even more exciting.
Keep the innovation coming!
As an hourly advice only financial planner with DIY clients, I was looking for a way to provide clients access to all their account information in one place. Blueleaf gets this done, allows clients to control access and does it at a reasonable cost. Clients also like the idea I have up to date information on their holdings without having to send me updates.
Clients like being able to see their entire allocation in one place – a reason to put all their accounts on Blueleaf. The presentation is clean and simple. Even clients with all their assets at one brokerage like it for its uncluttered view, ability to easily dive into the details and easy access to Morningstar reports.
I now hear from clients when they receive the weekly email update. This provides another touch point and it comes from an independent source.
Clients have had only a few problems getting accounts linked. Blueleaf’s client services have been able to quickly resolve the problems, within one or two days, and get the accounts hooked up.
When we meet to discuss their investments, clients are much better informed and we can focus on the areas needing attention rather than just updates.
My time spent gathering quality client data has decreased.
I checked out a number of options before deciding on Blueleaf. They have delivered on what they promised. That’s a plus! I would like to see more integration with other systems I use. Just recently they announced collaborations with MGP and other programs so they are moving the right direction.
Candice J. Hutton
After reading the article, I felt compelled to share my experience with Blueleaf Advisors. Since becoming an Independent RIA, I have spent numerous hours researching Portfolio Management Software. “Passionate” would be an understatement in my quest for PMR Software.
After two years of research, I came across Blueleaf Advisors. Here are my thoughts:
What RIA’s need is a PMR service that provides a Client Portal, Client Vault, Performance Reporting, and Billing.
After speaking with nearly every PMR software provider, I would end the phone conversation discouraged and completely confused. One PMR tool offered a Portal, another a Portal and Performance Reporting. Then one might offer a Portal and a Client Vault. Some had a billing feature and other did not. Finding a PMR that met all my needs at a reasonable price, has probably been the biggest frustration in starting my own firm.
Essentially there are only two parts of PMR Software. The “experience” the user has with what I call the “shell”, and aggregating the data.
Look and Feel of the Software
Hands down, Blueleaf wins the end-user “experience” award. If you try Blueleaf, it will become clear that CEO, John Prendergast, has been an advisor.
The design and layout of the software has such a modern and clean feel to it. I haven’t seen anything like it. Hat’s off to the absolute genius who wrote the client portal “invitation letter”!
Aggregation is one thing. Obtaining accurate figures from aggregation is another.
I’ve personally used BAA and find the system archaic and extremely time intensive. Blueleaf can aggregate most accounts through Yodlee. Most of the time, my figures from BAA were wrong. Sometimes a few dollars, and sometimes thousands.
What is “Screen Scraping” and “Data Scrubbing”? These are terms i became all to familiar with in my search. The industry says Yodlee, Mint, and Cash Edge are merely taking an image of the data, whereas BAA has a direct feed with the custodian. My experience was that I spent much of morning communicating the inaccuracies to the aggregation company. After six months, I realized that I had essentially become a a professional “data scrubber”.
I personally feel that a small RIA can have their Assistant manually input figures for the few accounts that may not connect through Yodlee. If you are experiencing what I had with a third party aggregator, why spend the money?
Besides an excel spread sheet, Blueleaf has the best in pricing. The fees for Blueleaf mentioned in the article would be reduced by at least $200 should you not use BAA.
Perhaps it’s my clientele, but their focus tends to be macro and results oriented. What was my balance last quarter? This quarter? And how am I doing compared to the over all market? So while other PMR software may offer more types of reports, I personally don’t use them.
Each Sunday, my clients receive an update via e-mail. It gives them a week-over-week snap shot of their portfolio. If the client wants more detail, they can open the report up for more detail. This gives the advisor 52 additional contacts with their client.
I compare most vendors to the first 5 lb mobile phone. Blueleaf could best be compared to the latest i-Phone. And like Apple, Blueleaf continually raises the bar for the other players. Blueleaf is adding third party software, such as Redtail, While this is a value added feature, I personally hope Blueleaf designs their own Advisor Suite with CRM and Planning tools.