Envestnet goes back to its un-marketing marketing approach as Marion Asnes (mostly) leaves and her CMO spot gets deleted
On fire, Envestnet will still 'market' through conferences, advertisements and the like but with a more decentralized command structure
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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
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 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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Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh
Envestnet Inc
TAMP
Top Executive: Jud Bergman
Stephen Winks
Isn’t un-marketing more credible than meaningless hyperbole.
The innovations that will move the needle require technical expertise, a deep understanding of advisory services and professional standing not consistent with journalism or for that matter commission brokerage.
Simplifying prudent process, advanced technology, work flow management tied to a functional division of labor, elimination of conflicts of interest, more modern approaches to portfolio construction, which make advice safe, scalable, easy to execute and manage as a high margin business at the advisor level at a cost cheaper than a packaged product and compensate advisors 50% more than brokers requires leadership, not promotion. The Envestnet story is advancing modernity.
This is why what we know as advice today is simply an extrapolation of brokers selling advice products as IARs, not advisors managing an expert prudent process in the best interest of the investing public.
Envestnet’s challenge is simplifying its business in support of the professional standing of the advisor as a vendor of fiduciary solutions for advisors and advice products for brokers. Pretty simple. The complexity of fiduciary duty is easily resolved. It is just a matter of choice.
Importantly, as an advisory services solutions business, Envestnet has far more latitude to support advisory services than exists in a limiting brokerage format. It is agnostic as to whether its users are brokers or RIAs. Let the investing public determine which value proposition is in the consumer’s best interest as described by objective fiduciary criteria of statute, case law, regulatory opinion letters.
The marketing story is Envestnet is not more of the same—the old school of promotion, it is as an innovator always supporting the best interests of the consumer whether supported by a broker or advisor.
Envestnet’s independent broker/dealer clients win in a very big way as they can out execute the industry’s very largest firms in advisory services as the conflicts of interest of investment banking, proprietary product and trading are not significant factors in independent b/d economics.
Envestnet needs to assess the most direct and profitable path to growth for its constituents as the industry evolves to advisory services. It is uniquely positioned to advance modernity and professional standing in the consumer’s best interest, marginalizing far larger firms which are committed to an increasingly outdated transactions/commission sales business model.
Complexity is Envestnet’s friend as in simplification it builds massive market share.
SCW
