New Envestnet RIA Capabilities include
Enhanced Fixed-Income Trading tool, Unified Managed Accounts
Integration, and New Client Portal
Envestnet Co-CIO and Solutions Group President
Dana D'Auria Takes the Stage at Future Proof 2024 to Address the
Future of Investment Delivery
BERWYN,
Pa., Sept. 16, 2024 /PRNewswire/ -- Time,
arguably an advisor's most valuable resource, is often in
critically short supply, insufficient for what they would ideally
like to spend with clients. According to Envestnet's 2024 Advisor
Perspectives Survey1, nearly 40% of advisors are
spending their time on investment management and administrative
activities, with 30% saying they are not able to spend enough of
their time with clients.
This survey also shows nearly two-thirds of advisors assemble
their tech stack with several point solutions, yet almost half
would prefer to use an all-in-one platform, which reinforces the
importance of integrated practice workflows. In fact, when asked
what would cause an RIA to switch technology partners, their top
answer is to find a more seamless workflow among their tech stack
components.
That's why Envestnet is launching new features and capabilities
for RIAs on its wealth management platform, to help streamline
business workflows and free up advisor time to do what they do best
– serve the financial needs of their clients and enable better
financial outcomes.
"Supporting the growth and productivity of RIAs with our
Envestnet | Tamarac and wealth technology solutions remains a
strategic area of focus for our business, and these new features
address the critical needs expressed by our clients," said
Molly Weiss, Group President of
Wealth Management Platform for Envestnet. "Our goal is to help
streamline and optimize advisor workflows through advanced
technology and insights, to enable them to focus more on client
relationships and less on the administrative tasks that take up
their valuable time."
"Envestnet | Tamarac continues to serve the needs of advisors
looking for a pre-integrated, comprehensive, and RIA-focused
platform," said Doug Fritz, founder
and CEO of F2 Strategy. "The enhancements being introduced have
helped F2's clients that are both long-time and newly-implemented
Envestnet | Tamarac users. Specifically, the updated client portal
has been a much-appreciated enhancement as many clients look to
extend their advisory experience beyond email and Zoom
calls!"
Envestnet will be onsite at the Future Proof Wealth Festival in
Huntington Beach, Calif. this
month to showcase and demonstrate its latest advancements for RIAs
on its wealth management platform.
- Order Blotter ToolNEW: This
new feature for the Envestnet RIA platform simplifies fixed-income
trade management with centralized order oversight, customizable
data views, and automated reconciliation. It helps advisors manage
complex portfolios and custodial relationships with greater
efficiency and accuracy. "Advisors reported that managing
fixed-income trades outside the platform was a major pain point.
This tool eliminates that issue and significantly enhances trading
operations with improved control, accuracy, and efficiency," added
Weiss.
- Trading and ReportingUPDATE: Ranked No.
1 for its Trading/Rebalancing Tools in the 2024 T3/Inside
Information Advisor Survey, and among the survey's top three
rankings for Management/Reporting Tools2, Envestnet's
RIA platform is used by over 2,700 independent RIA firms managing
more than $1.9 trillion in
assets.
Now available as a standalone product, Envestnet RIA Trading is
helping address firms' needs for a trading tool without switching
their reporting tool, and integrates seamlessly with Envestnet
Managed Accounts. This integration allows advisors to manage UMA
sleeve allocations and streamline recommendations and performance
reporting without switching platforms.
And through Envestnet's ongoing Tamarac Reporting integration with
MoneyGuide, advisors can continue to serve the planning needs of
their clients more holistically – running updated goals-based plans
with all their assets accounted for, two-way household data
integration visible through the Client Portal, and a complete and
seamless picture of a client's wealth through a goals-based
plan.
- Client PortalNEW: The updated
portal consolidates client accounts into a single, user-friendly
interface. Available on both iOS and Android devices, its mobile
application enables advisors to monitor and manage assets, track
goals, and provide personalized advice from almost anywhere. The
portal's high configurability allows for a tailored client
experience, enhancing engagement and planning.
- RIA MarketplaceNEW: Beginning on
Oct. 1, Envestnet RIA clients can
access fund strategist portfolios, comprised of ETFs and mutual
funds managed by asset managers Envestnet | PMC, BlackRock,
Fidelity, Franklin Templeton and
State Street Global Advisers. As part of Envestnet's focus to help
advisors deliver solutions to clients at scale, this new program is
designed to help them find managed account solutions from some of
the largest and most reputable asset managers, without a platform
fee (or zero platform fee). *
- Envestnet Workplace
for RIAsNEW: Envestnet is making it easier
for RIAs to expand their retirement offerings, or enter the space
altogether, through its Retirement Marketplace that combines
recordkeeping with a fiduciary proposal offering. Envestnet Retire
Complete, built in partnership with Empower, is a cost-efficient
retirement solution for wealth advisors looking to enter the
retirement space or work with small-medium sized businesses without
access to a retirement plan – combining Envestnet technology and
fiduciary services with Empower's core capabilities. And as part of
Envestnet's Data Solutions business, advisors have access to data
aggregation tools that can provide RIAs with lead and prospect
management, client- and plan-level aggregate views, a workplace
management dashboard, and more.
- Envestnet BillFin: A cloud-based advisory billing
software tailored for RIAs, with capabilities to make the billing
experience more seamless and turn-key.
-
- Advisory fees: Calculate flat, tiered, and banded AUM
fees. Bill in advance or in arrears, based on the end of the
period, with flows, or average daily balance. Easily set up asset
exclusions by household, account, asset class, and/or individual
security.
- Payment files: Create simple CSV/Excel files of your
fees to upload to your custodian system and collect your fees
quickly. BillFin supports the file formats for many of the
custodians in the industry.
- Customizable invoices: BillFin is an integrated invoicing
solution for producing one of your firm's most critical
client-facing documents. Generate professional-looking invoices and
fee statements.
- Self-service onboarding: Onboard your households,
accounts, fee billing rules, and fee schedules quickly with
BillFin's onboarding utility
To learn more about these enhancements and capabilities, and
participate in onsite product demos, visit the Envestnet booth #406
at Future Proof, the world's largest wealth festival, from
September 15-18, 2024, in
Huntington Beach, Calif. – or
contact RIASales@envestnet.com to learn more today. More
information can also be found on www.Envestnet.com/RIA.
Envestnet Co-Chief Investment Officer and Group President of
Solutions Dana D'Auria will present on Future Proof's Surf
City Stage, Tuesday, Sept. 17 at
3:20 p.m. PT, to discuss the future
of investment delivery. Joined by a cross-industry panel, D'Auria
will share insights RIAs should consider when making outsourcing
decisions for their managed accounts.
*RIA Marketplace provides advisors with access to Fund
Strategist Portfolios (FSPs) managed by third-party asset managers
who have entered into a strategic partnership with Envestnet. In
connection with this relationship, Envestnet is compensated by the
third-party asset managers based on the value of assets invested in
the models participating in this program, which creates a conflict
of interest. For more information regarding the RIA Marketplace
Program and related conflicts, please see Envestnet's Form ADV Part
2A.
https://www.envestnet.com/sites/default/files/2022-12/EAM-ADV-Part2A.pdf
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 $6.2
trillion in platform assets—more than 110,000 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 6/30/24.
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).
Plan sponsors will always retain some fiduciary responsibility
and should therefore conduct their own initial and ongoing research
and due diligence on third party service providers, including but
not limited to trustees, investment managers, recordkeepers and
third party administrators.
MEDIA CONTACTS:
Amy
Norcini
Envestnet
amy.norcini@envestnet.com
Andrew Jennings | JConnelly
for Envestnet
envestnetpr@jconnelly.com
1 Envestnet Market Intelligence Advisor Survey, 2024,
https://go.envestnet.com/Advisor-Perspectives-2024
2 2024 T3/Inside Information Advisor Software Survey
https://t3technologyhub.com/wp-content/uploads/2024/01/2024-T3_Inside-Information-Software-Survey.pdf
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SOURCE Envestnet, Inc.