Asset Managers to Offer Unified Managed
Account-eligible Direct Indexing, Custom HNW Solutions and
More on Envestnet Platform; Invest in Enhancements to
Envestnet's UMA Ecosystem
BERWYN,
Pa., June 5, 2024 /PRNewswire/ -- Envestnet
(NYSE: ENV), a leading provider of integrated technology, data
intelligence and wealth solutions, is deepening relationships with
BlackRock, Fidelity Investments, Franklin
Templeton, and State Street Global Advisors. Envestnet is
planning on working with these firms, some of the largest asset
managers in the world, to build investment strategies that are
custom-tailored and can be used by advisors to help meet the
specific financial goals, risk tolerance, and personal
circumstances of individual investors; and deliver this at scale to
the more than 109,000 advisors on its platform.
"We are going to take our vision of transforming the future of
advice further by building upon our ecosystem through deepened
alliances with BlackRock, Fidelity, Franklin Templeton and
State Street Global Advisors to enhance their offerings on the
Envestnet platform," said Tom
Sipp, Executive Vice President, Envestnet Business
Lines. "As wealth management continues to advance, these
relationships will fuel our collective growth through investment,
collaboration, and focused sales efforts. By bringing these
solutions from asset managers into our ecosystem; we believe
advisors will be able to capture share and serve more of their
clients' unique needs."
The planned offering speaks to an emerging convergence point
where personalization, integrated technology and solutions meet as
an opportunity to invest in the trends that are shaping the future
of the wealth management industry. More specifically, the alliances
will focus on the following strategic growth areas of Envestnet's
client base:
- Personalization: UMA-eligible personalized direct index
solutions from each of the managers integrated with the Envestnet
platform enabling solutions customized to advisors for their
clients.
- Strategist UMA: One-to-many models that allow advisors
to offer HNW & UHNW clients sophisticated solutions from these
asset managers.
- HNW Consulting: One-to-many or one-to-one bespoke models
for accounts over $1MM, personally created to client specifications
and featuring asset manager solutions, created by the asset manager
or Envestnet | PMC, and supported by investment and client-facing
portfolio managers.
"Our advisors and their clients are asking for personalization
at scale and affordable platform options that leverage our UMA
capabilities. We believe working with a focused opportunity set of
like-minded asset managers invested in our mutual success will
enable us to provide the choice and functionality our clients want
now and the roadmap to an even more enhanced ecosystem down the
line," said Dana D'Auria, Group President of Solutions and
Co-CIO at Envestnet.
Envestnet sits at the center of this opportunity enabling
109,000 financial advisors to better meet client financial goals
with one of the most comprehensive, integrated platforms and scale
delivered in a unified, engaging digital experience. As part of
these deepening relationships with Envestnet, the partners
will commit to senior management planning as well as focused
sales efforts. The relationships will guide the Envestnet platform
roadmap in continuing to enhance the ability to deliver
personalization and enhanced UMA capabilities that can help
advisors to deliver value-added solutions to their clients.
"Many financial advisors see the value in technology and
customized solutions that can save time and allow for improved
client engagement, while also supporting an increasingly more
holistic approach to wealth management and financial planning,"
said Allison Bonds Mazza, Head of
Intermediary for State Street Global Advisors. "Through our
partnership with Envestnet, State Street Global Advisors can
continue to drive our mission forward to create better outcomes for
investors and the people they serve, by leveraging our solutions
and technologies."
"Envestnet and Franklin Templeton
are industry leaders in expanding investment options and enabling
positive financial outcomes," said Jeff
Masom, Head of US Distribution for Franklin Templeton. "Through this
strategic relationship, we're excited to help provide additional
customization and sophisticated options for a wider audience of
financial advisors."
"As technology reshapes clients' relationships with their
advisors and makes it easier for advisors to engage at key life
stages, there is an increased desire for additional products to
build better, more diverse and more personalized portfolios," said
Gary Gallagher, Head of Wealth
Advisory & Portfolio Solutions at Fidelity Institutional.
"Through this strategic relationship, we aim to bring Fidelity's
investment solutions to Envestnet's clients in a modern, highly
integrated way."
"Expanding our relationship with Envestnet furthers our
goal of serving as an integral partner to advisors, helping them
access solutions to meet the unique needs of high-net-worth
investors in both public and private markets, and offering them
customizable options to reflect client preferences across taxes and
values," said Jaime
Magyera, Co-Head of US Wealth Advisory Business at
BlackRock.
Envestnet has had great success enhancing the advisor and
investor experience, and currently supports over 800 asset managers
on its Wealth Management Platform.
To learn more, please visit
https://www.envestnet.com/wealth-management/solutions.
This press release contains information regarding potential
strategic partnerships with third-party asset managers for future
program offerings. In connection with their participation in the
program and Envestnet's related promotional activity, Envestnet
will be compensated, which creates conflicts of interest. In
particular, it generates an incentive for Envestnet to treat
participating asset managers more favorably in research evaluations
provided to financial advisors, in Envestnet's investment
selections in proprietary portfolios, and when creating custom
solutions in consultation with advisors. Additional information
concerning the potential partnerships shall be made available upon
program launch.
BlackRock, Inc. (¨BlackRock¨) owns a non-controlling interest
in Envestnet´s parent company, Envestnet, Inc. (NYSE: ENV).
About Envestnet
Envestnet is helping to lead the
growth of wealth managers and transforming the way financial advice
is delivered through its ecosystem of connected technology,
advanced insights, and comprehensive solutions – backed by
industry-leading service and support. Serving the wealth management
industry for 25 years with more than $6
trillion in platform assets—more than 109,000 advisors, 17
of the 20 largest U.S. banks, 48 of the 50 largest wealth
management and brokerage firms, more than 500 of the largest RIAs
-- thousands of companies, depend on Envestnet technology and
services to help drive business growth and productivity, and better
outcomes for their clients. Data as of 3/31/24.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper
dive into how Envestnet is shaping the future of financial advice,
visit www.envestnet.com. Stay connected with us for the latest
updates and insights on LinkedIn and X (@ENVintel).
About BlackRock
BlackRock's purpose is to help more and more people experience
financial well-being. As a fiduciary to investors and a leading
provider of financial technology, we help millions of people build
savings that serve them throughout their lives by making investing
easier and more affordable. For additional information on
BlackRock, please visit www.blackrock.com/corporate.
About Fidelity Investments
Fidelity's mission is to strengthen the financial well-being of
our customers and deliver better outcomes for the clients and
businesses we serve. Fidelity's strength comes from the scale of
our diversified, market-leading financial services businesses that
serve individuals, families, employers, wealth management firms,
and institutions. With assets under administration of $13.7 trillion, including discretionary assets of
$5.3 trillion as of March 31, 2024, we focus on meeting the unique
needs of a broad and growing customer base. Privately held for 78
years, Fidelity employs more than 75,000 associates across
the United States, Ireland, and India. For more information about Fidelity
Investments, visit
https://www.fidelity.com/about-fidelity/our-company
Fidelity Investments is an independent company, unaffiliated
with Envestnet. Fidelity Investments is a service provider to
Envestnet. There is no form of legal partnership, agency
affiliation, or similar relationship between Envestnet and Fidelity
Investments, nor is such a relationship created or implied by the
information herein. Fidelity Investments has not been involved with
the preparation of the content supplied by Envestnet and does not
guarantee, or assume any responsibility for its content. Fidelity
Investments is a registered service mark of FMR LLC. Fidelity
Investments® provides clearing, custody, or other brokerage
services through National Financial Services LLC or Fidelity
Brokerage Services LLC, Members NYSE, SIPC.
About Franklin
Templeton
Franklin Resources, Inc. is a global investment management
organization with subsidiaries operating as Franklin Templeton
and serving clients in over 150 countries. Franklin Templeton's mission is to help clients
achieve better outcomes through investment management expertise,
wealth management and technology solutions. Through its specialist
investment managers, the company offers specialization on a global
scale, bringing extensive capabilities in fixed income, equity,
alternatives and multi-asset solutions. With more than 1,500
investment professionals, and offices in major financial markets
around the world, the California-based company has over 75 years of
investment experience and over $1.6
trillion in assets under management as of April 30, 2024. For more information, please
visit franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the
world's governments, institutions and financial advisors. With a
rigorous, risk-aware approach built on research, analysis and
market-tested experience, we build from a breadth of index and
active strategies to create cost-effective solutions. As pioneers
in index and ETF investing, we are always inventing new ways to
invest. As a result, we have become the world's fourth-largest
asset manager* with US $4.34
trillion† under our care.
*Pensions & Investments Research Center, as of 12/31/22.
†This figure is presented as of March 31, 2024 and includes ETF AUM of
$1,360.89 billion USD of which
approximately $65.87 billion USD is
in gold assets with respect to SPDR products for which State Street
Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as
the marketing agent. SSGA FD and State Street Global Advisors are
affiliated. Please note all AUM is unaudited.
MEDIA CONTACTS:
Eric Jones
Envestnet
Eric.Jones@envestnet.com
Amy Norcini
Envestnet
amy.norcini@envestnet.com
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SOURCE Envestnet, Inc.