Introduction
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InvestCloud is quite remarkable in that they have leveraged the technology developed for their global clients to deliver a solution designed specifically for financial wellness that incorporates the power of financial tools historically only available to individuals wealthy enough to access financial advisors with a simple, intuitive and engaging experience. With InvestCloud Pink, employees can access financial coaches, keep track of their expenses, savings, benefits, and more.
Ratings
Ease of Use
Best For
Key Differentiator
Price
Free Trial
PROS
- Powerful features and unique capabilities such as what-if scenarios, household planning, and life scores.
- Includes an insurance overview called “protection coverage”.
- Also features a general well-being section with content on lifestyle, exercise, diet, etc. which is powered by external content providers. This feature is a nice demonstration of the role that financial wellness plays within general wellness, taking a holistic approach.
CONS
- No free trial
- Not available for individuals, so one can only access it if it’s purchased by their employer on the team’s behalf. Effectively, this means that if the employee stops working for said company, they’d lose access to the tool. However, companies can choose to keep providing it to employees once they reach retirement.
- Via the partner firms, Pink doesn't currently offer in-person meetings with financial coaches. Most are done virtually, or via phone conversations.
Headquartered in Los Angeles with a global presence, InvestCloud develops first-class, financial digital solutions for some of the largest banks and financial institutions in the world.
Today, the InvestCloud platform supports $6.3 trillion in assets, across 20 million investor accounts, in over 40 countries globally. In other words, they have been smoothing the transition towards digital for financial institutions since 2010.
InvestCloud Pink, one of their many products, is an employee financial wellness platform with a myriad of tools (via digital apps) that lets employees develop a clearer view of their finances. Their philosophy behind the Pink product is that the key to financial wellness is having a deep and clear understanding of your financial standing– accessible and understandable whenever and wherever.
Hence, the tool provides users with a summary of all their financial holdings in a single location. Employees can check their balance for multiple accounts after they’ve synced them with the app. They can also add other types of valuables - so that Pink can provide a comprehensive view of all their assets, across a multitude of forms. For example, the platform is able to account for multiple currencies and even goods like comic books, high-end sneakers, or loans from family members.
This aids individuals in understanding their net worth, and even getting personalized reports and analysis that they can consider in partnership with a financial advisor, should they choose to work with one. Some of the reports include “assets minus liabilities”, “what-if scenarios”, and comparisons to other individuals of the same age and in a similar salary range, so they may get a sense of where they stand vs their peers. Users can also add their significant other into Pink, so it effectively becomes a household financial planning tool, with all the additional info factored into goal calculations.
Reports and features like these are part of what makes InvestCloud Pink stand out from other financial wellness tools. Many stop at syncing bank accounts and telling users to save a certain amount of their income for emergencies or retirement. InvestCloud Pink takes the complex tools used by larger institutions and re-shapes them into highly-individualized products that any employee can deploy when creating their own financial plans.Another example of this would be their approach to insurance management. While this may not be typically thought of as a part of financial wellness, it most certainly is. InvestCloud Pink offers an insurance overview that presents the employee with an aggregate of all their policies – providing a snapshot of “coverage” that can assess how covered an individual is vs how covered they may need to be.
Employers looking for a free financial wellness product would not find it with InvestCloud Pink.
Across all Pink clients, there are over 110,000 enrolled users with some of the largest companies in the world leveraging InvestCloud’s unique approach to helping employees with their financial wellness.
- What-if Scenarios: This module forecasts how an employee would do financially in certain events. Hence, it can recommend that the user shrink expenses down, present feedback on their behavior and how it’s affecting their goals, etc.
- Life scores: This tool compares the employee to people in their age and salary range and even within the same zip code. The tool can provide a credit score based on this, as well as recommendations for budgeting, the best cost-to-income ratio, the ideal emergency fund, credit card usage, mortgage payment, retirement savings, and more.
- Document checklist: Users can manage all personal documentation within the tool; not just financial, but also important ones like passports, driver’s licenses, tax returns, etc. The tool keeps track of expiration dates and sends reminders when it’s time to renew.
InvestCloud Pink also offers:
- Account Linking & Aggregation
- Coaching & Advice
- Community
- Goals-Based Planning
- Leveling & Gamification
- Life Scores & Guidance
- Holistic Well-being
- Mobile app available for iOS and Android
InvestCloud Pink partners with an account aggregator called MX Technologies. Employees are able to use MX to link their financial accounts and/or make use of InvestCloud’s private asset-tracking capabilities in order to keep an eye on their accounts and “offline assets” (watches, jewelry, comic books, coins, future income, pensions, and even baseball card collections). As to integration with other tools, these are handled on a case-by-case basis. If you need to sync with another part of your tech stack, InvestCloud can work directly with you to build the integration. Naturally, this would be a good question to ask on a demo with them.
InvestCloud Pink has a flexible economic model based on a minimum annual subscription (with an allotted number of active users), functionality utilized, and per-user pricing for additional users above the allotment. They strive to ensure the economic model fits any budget and work with organizations big and small.
InvestCloud Pink is a scalable solution, with current clients in SMB, Mid-Market, Enterprise, and Fortune 500 organizations. Although their primary client base is in the US, due to their global presence they are able to support all jurisdictions. They are quick to adapt to a new customer base since their core product can be translated into all languages.
After signing up for InvestCloud Pink, a company can be fully onboarded in as little as 1 week, depending on the needs of the organization. The employers are asked to work with the InvestCloud onboarding team to conduct training sessions for the employer staff. This includes setting up webinars for launch and financial wellness education sessions, delivering the necessary files to set up and maintain eligible employees, as well as providing standard benefits documentation for the coaches and advisors to review.
For their part, employees are virtually onboarded into the program. This is done through webinars and other events hosted by InvestCloud with the employer to encourage the initial onboarding.
Once the product is launched, clients will have direct access to InvestCloud Pink staff for any future help and to address their evolving needs. Employers get assigned an account manager and monthly check-ins are held to review adoption, engagement, and feedback.
InvestCloud was founded in 2010 in California. While serving some of the biggest financial institutions in the world, they noticed that financial wellness was a problem to address also at the individual level. Coupled with this, they learned that most of their clients wanted and needed a financial wellness tool similar to what they used on an institutional level, but that they could offer to their employees. According to PwC’s employee financial wellness survey, researched they shared with us during a presentation, 54% of employees asked about their number one cause of stress said it was “financial or money matters/challenges”.
So, like any good tech company, they made a product to tackle the problem. That’s how InvestCloud Pink came to be. Today, the InvestCloud platform supports $6.3 trillion in assets, across over 20 million investor accounts, in over 40 countries globally. Clients include over 400 wealth managers and over 150 asset managers worldwide.
Company HQ
West Hollywood, CA
Number of Employees
1200~
Year Founded
2010
