Envestnet breaks out ENV2 to oohs, aahs and a few groans at its bust-out event in Chicago
After years of cobbling on capabilities, the TAMP streamlined and made tablet-compatible its web presence, though not to pure approbation
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Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo
The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says
January 7, 2023 at 1:50 AM
Envestnet just named an ESG head to meld 'wellness,' 'The Intelligent Financial Life' and 'sustainable investing' into a single nirvana -- that starts outside of the product realm
Ron Ransom earned CEO Bill Crager's trust as chief business development officer and now will define how Envestnet conducts itself as a global citizen and vendor of wellness.
July 27, 2022 at 2:27 AM
Behind the scenes, Envestnet's board of directors had much to tussle over before finally subtracting the 'interim' from Bill Crager's CEO title
With Jud Bergman gone at a chairman, a power struggle ensued to fill that spot, and the process dragged when taking the company private came under review
April 2, 2020 at 2:34 AM
Biz Briefs: SEC cracks down anew on RIA reverse churning ~ Envestnet borrows $350 million to buy its own stock ~ Fidelity is creating a crypto waiting list while exec questions crypto ecosystem
Fed up SEC is ready to take on all nonsense at once; stock shocks, Orwell's new name game; Fidelity hosts a line dance
November 18, 2022 at 2:56 AM
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Envestnet Inc
TAMP
Top Executive: Jud Bergman
Buckingham Strategic Partners
TAMP, Asset Manager for RIAs
Top Executive: Alex Potts
Stephen Winks
In just twelve months Envestnet has been on a tear, now just behind the major wirehouses in net flows of $21.5 billion.
What this means is a major custodian is emerging that directly supports advice like no other (to include the wirehouses). The industry can not longer afford not to acknowledge or support the fiduciary standing of its brokers as that leadership vacuum will be gladly filled by EnvestNet/PMC. The industry can no longer be insular to the best interest of the investing public and the professional standing of the broker, and if it does so, it is at great peril.
Envestnet/PMC holds the promise of outdating everything that has come before it as it can be the first firm to provide large scale institutionalized support for fiduciary counsel establishing professional standing for the advisor not possible in a brokerage format. To the victor go the spoils. Whoever makes advice (fiduciary standing) safe, scalable, easy to execute and manage as a high margin business at the advisor level, wins big.Because of potential channel conflict with its broker/dealer clients, Envestnet can craft a relationship with its independent broker/dealers which widens their margins, as their brokers gravitate toward becoming advisors creating a virtuous cycle in professional development in the consumer’s best interest..
Those who believe in the distribution of high cost packaged products which by definition can not be personalized or individualized—might want to rethink where the industry’s evolution to advisory services is headed. Low cost, high level advice at lower cost to the consumer where the advisor achieves very attractive margins, increasing advisor compensation by 50% or more.
Modernity will reorder the industry around the consumer’s best interest which is not possible by self selection in the industry today. Look for (a) expert authenticated prudent investment processes which make advice safe, (b) advanced technology which support transparency, continuous comprehensive counsel and modern approaches in portfolio construction required for fiduciary standing, (c) work flow management which makes advice scalable, easy to execute and manage as a high margin business at the advisor level.
Precisely what the consumer and the advisor want—not possible today in a brokerage format.
SCW
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