Advisor: eMoney Helps Investors Visualize

September 01, 2016

Name: Josh Sailar
Title: Wealth Advisor
Firm: Miracle Mile Advisors
Location: West Los Angeles
Founded: 2007
AUM: $600M
Portfolio In ETFs: 65%

How do you use eMoney?
On the advisor side, it does a lot of our financial calculations and financial analysis. eMoney leaves no stone unturned as far as what you can input into the system, so it's extremely robust. It also builds very-easy-to-use and comprehensive pictures, graphics of our data. It shows how different sections of a client's financial life will integrate with one another. If a client is saying to us, "here are the things I want to do," we'll put in all of those things and get a clear picture of what the financial goals will look like at their ideal state or when accomplished. eMoney does a great job of not just having the client take our word for it, it does a great job of actually depicting visually what this situation will look like and how it could play out.

eMoney lets clients input data. How does this work?
The client gets to play. We actually get to create a back-and-forth inside of a financial conversation, which usually doesn't happen when you have one person with all the information. Now it becomes sort of a tit-for-tat kind of conversation where you can say, "OK, if something were to change, what would it look like?" We can show what that would look like, after all the data is in, and we start to play around with those things in real time.

Do you think people are getting a better grasp of their financial situation because of eMoney?
I would say a 100% better grasp. The words I would use would be a "heightened awareness." What it allows clients to do is stay up-to-date on everything and stay organized. There is a client portal through eMoney that our clients will use where they can log on and it has everything right there: credit card statements, insurance, annuities, pensions, cash flow statements, different types of reports for tax purposes, etc. When we get together, we can have a quality conversation and not spend our time trying to get organized.

Why eMoney?
With the previous firm I was at, it was just statements—very antiquated, terrible. I thought there had to be a better solution than that. I started doing some research, and two products I found were eMoney and Money Guide Pro. They're actually very close. I think the conversations I had with eMoney were just a little bit more fruitful.

How does it help your business succeed?
It empowers clients, and it allows them to walk away from a meeting having complete and clear understanding of what's going on. One of the biggest problems we deal with in this industry is that we basically have our own language. We now can throw all of those definitions out the window, because they're no longer needed. We don't need to talk about how many starts this mutual fund does or doesn't have. And, because of how fast information moves and how quickly our markets can turn, eMoney helps to keep our clients up-to-date and aware of what's going on so we can have educated conversations with one another. It helps do one major thing, and that's set the proper expectations of what will and will not happen.

 

 

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