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Envestnet increasingly cuts Schwab out of its RIA software mix and 39 RIAs are leading the way

As new owner of Tamarac, the Chicago outsourcer has its own portfolio accounting, not Schwab PortfolioCenter, as the guts of its mini-ecosystem for the first time

Author Kelly O'Mara December 11, 2013 at 6:41 PM
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Stuart DePina: It's not as streamlined when you're using two systems.




Stephen Winks

Stephen Winks

December 10, 2013 — 10:39 PM

The idiosyncratic nature of advisory services technology simply establishes that technological complexity is self imposed by each delivery platform in the absence of simplifying standards for advisory services.

Each firm has its own take on technology, which by design falls short of what is required by statute for expert standing but is sufficient for broker/dealers not held to the fiduciary standard or lay technologist who do not understand how to make expert high level expert advice scalable.

If the question is how to make expert advice safe, scalable, easy to execute and manage as a high margin business at the advisor level where the advisor has control over their value proposition, cost structure, margins and professional standing—it would look nothing like advice products so pervasive today.

Advice is not a product which is sold but an expert prudent process that is managed. This requires extraordinary skill, not encouraged by a brokerage format.


Peter Giza

Peter Giza

December 12, 2013 — 2:52 PM


Congrats on saying out loud what we’ve all been saying under our breaths for the past 18 months – somebody had to do it ;-)



Peter Giza | VP Bus Dev | www.WealthSite.com

PS. What Steve said too…

Dave Feigberg

Dave Feigberg

December 17, 2013 — 4:26 PM

Why do you print this. The comments in the article are pure speculation and highlight how little the “Industry Experts” know about the industry. Tim, is Advent going to be a custodian because they purchased Black Diamond for $70 million and already had APX? Well done.

Vern Sumnicht

Vern Sumnicht

February 16, 2014 — 8:35 AM

Great job Envestnet … iSectors appreciates your innovations. These are the kind of strategic moves that have helped us, cost effectively, serve the needs of HNW clients and grow our AUM. I see Tamarac with Envestnet as a cost effective way (i.e) without a huge upfront cost, for small and mid-size RIAs to competitively meet the needs of institutional clients.



June 26, 2014 — 9:56 AM

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June 26, 2014 — 11:21 AM

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Related Moves

March 20, 2024 at 1:25 AM

Envestnet shares popped -- up 8% today -- after Wall Street filtered out bad news and staked its bet on confidence in a new team

The Berwyn, Pa., firm sugar-coated nothing but ended up with a sweet stock price result as analysts see good outweighing bad.

February 24, 2024 at 3:33 AM

Bill Crager is dropping CEO role after multiple shoes dropped; the company insists it was his 'decision' but vision, Yodlee future uncertain

The co-founder of the $5.3-trillion AUA outsourcer of software and investments was pressed to take the job under the most adverse circumstances, then second-guessed by stakeholders as he managed the cards he was dealt.

January 9, 2024 at 4:09 AM

Bill Crager makes critical hire of 'step back from the numbers,' Joshua Warren, replacing 'brother' Pete D'Arrigo at CFO; Warren had a big role at BlackRock -- Envestnet's biggest stakeholder

The Envestnet CEO gets 'very, very impressive' 43 year-old BlackRock exec; the New York asset manager happens to be Envestnet's largest stakeholder.

September 27, 2023 at 2:48 AM

See more related moves

Mentioned in this article:

Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh

Envestnet Inc
Top Executive: Jud Bergman

Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein

Envestnet | Tamarac
Portfolio Management System, CRM Software, Trading/Rebalancing
Top Executive: Stuart DePina

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