Envestnet buys baby robo-advisor to add 'last mile' to its grown-up platform
Upside will cast its lot with the Chicago outsourcing giant in Sunnyvale, becoming the first robo to get consolidated
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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
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
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 and Edmond Walters end odd couple 'Apprise' relationship with buyout, but leave open the door to jointly pursue RIA-to-entrepreneur dashboard... later
The MoneyGuidePro owner and eMoney founder execute clean break with Apprise IP rebranded as 'Wealth Studio.' Walters off to the races with a startup and vague promise to collaborate later.
April 6, 2021 at 12:50 AM
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Envestnet Inc
TAMP
Top Executive: Jud Bergman
Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein
Upside
TAMP
Top Executive: Tom Kimberly
Envestnet | Tamarac
Portfolio Management System, CRM Software, Trading/Rebalancing
Top Executive: Stuart DePina
Fiduciary Man
$1.5mm in investment and sold for $2mm? That doesn’t appear to be a very successful exit considering the trajectory they appeared to be on. Hopefully there is some kind of earn-out provision.
CE
There was no trajectory, that’s why they were sold. The cost to build that type of software compared to the revenue coming in from advisors requires deep, deep pockets that Envestnet has. They were smart. Despite what RIABiz and other RIA media outlets portray, the vast majority of advisors will never adopt or create their own robo solution. Money is a relationship business and robos have just jolted many RIAs to realize they need to not be so far behind in their tech.
Mike
This will be a great addition to the Envestnet platform IMHO. Tom and Juney built a really nice robo platform. It will be interesting to see (1) If the full suite of UMA options are overlayed on top of Upside at Envestnet or it’s just some simple ETF portfolios, and (2) how Betterment/Fidelity responds to the increased competition. At Hedgeable we have a RIA robo partner platform that is focused on advisors looking for tactical strategies, hedging, and alts – https://www.hedgeable.com/partner
Craig Iskowitz
Another advantage Upside will have as part of Envestnet is access to their manged accounts products and technology. No robo-advisor currently offers UMA’s, SMA’s or other managed solutions. But they will need to soon in order to stay ahead of the innovation curve and have some control over the change occurring in the market.
Stifel Financial just launched a client-directed UMA that could be useful in their fight against robo-advisors: http://wmtoday.com/?p=4593
