Interview with AdviceTech.LIVE Speaker Kevin Hughes of Envestnet | MoneyGuide

Kevin Hughes
Chief Growth Officer at Envestnet | MoneyGuide
AdvisorTech.LIVE Panel: Financial Planning

How did you get your start in financial services?

I started in January of 2008, which was a great time to dip my toes into the financial services industry. My career at MoneyGuide began similarly to how our industry operates – I depended on great relationships to get me in the door – and I am forever thankful for the opportunity I have been given. It is not often to get the opportunity to work at a great company with an incredible product, hence the reason I’m still there 12 years later.

What’s something that you know now that you wish you’d known when you started your career?

That human beings are irrational. Sometimes no matter how beneficial something can be, if it requires a behavior change, it will be a major roadblock. I think that goes for so many great opportunities in our industry, from digital engagement and better discovery to, obviously, financial planning. I could have done a better job realizing that this concept helps us develop our product and engage with advisors so much better than when I started my career.

What excites you most about the financial advice profession right now?

I strongly believe we are on the verge of real digital break-through, not just with advisors but with clients too. Vendors are making it much easier for advisors, but clients of all ages are also becoming incredibly in tune with technology.

Is there something your company does that you don’t think advisors know about that they should be aware of?

In a financial planning application, particularly on the comprehensive side, there is an abundance of features advisors can miss. Our cash bucket feature is a great example; the ability to model a reserve of cash to ride out the down periods in the market.

Blocks is another great example, as it addresses every point I’ve made so far, breaking down financial topics into bite-sized pieces (blocks) for consumers to better understand and for helping advisors to easily engage digitally.

Any words of advice for advisors looking to update their tech stack?

This might come as a surprise, but I often find a plethora of choices is a challenge for advisors. I would recommend that advisors start with the vendors they like the most and then find out what applications are best integrated with it. Integration has turned into a word that has many meanings in our industry, so it’s easy to get oversold on how a software is integrated for advisors responsible for building their own tech stacks.

What are you looking forward to the most about attending AdviceTech.LIVE?

We have been hard at work developing like crazy for 20 years. The last 2 years have been the most intense, so I’m really looking forward to sharing what we have developed recently to help advisors engage their clients and to help improve their outcomes incrementally as well as comprehensively. We have never had a broad product suite before so I also believe this conference has created an incredibly efficient platform for advisors to learn what’s out there.