Bill Crager: I've got your back against the attack of the killer robo-advisors
Bringing the wood at the Envestnet Advisor Summit, the president allows that online advisors are crackerjack at providing account views 24-7 but human advisors can close that gap
Related Moves
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
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product
The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.
July 23, 2020 at 1:42 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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Fidelity
Asset Manager for RIAs
Top Executive: Sanjiv Mirchandani
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
Envestnet Inc
TAMP
Top Executive: Jud Bergman
Syephen Winnks
What Bill is saying is EnvestNet will not compete directly with advisors yet, to stay competitive, EnvestNet will advance modern technology that will electronically manage values and portfolio detail in real time that is otherwise not humanly possible to manage. There is no denying the human three dimensional limitation to reason, thus modern technology is the only way to manage an unlimited number of custom portfolios which incorporates important technologies (that also drive robo advice).
Utilizing advanced technology Envestnet will empower brokers to address and manage a broad range of investment and administrative values in greater detail with a far higher degree of technical competency than is humanly possible which minimizes any competitive Robo Advisor advantage. Yet cost will be a major factor which can only be mitigated through a more modern approach to portfolio construction. The days of expensive retail package advice products which do not constitute individualized advice required for professional (fiduciary ) standing are numbered in a highly competitive marketplace.
Envestnet will not compete directly with advisors as a robo advisor, but it will afford all the technical, cost and pricing benefits of robo advice.
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