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Envestnet breaks out ENV2 to oohs, aahs and a few groans at its bust-out event in Chicago

After years of cobbling on capabilities, the TAMP streamlined and made tablet-compatible its web presence, though not to pure approbation

Author Lisa Shidler May 2, 2013 at 5:17 AM
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Jud Bergman: Many of them have experienced an ah-ha moment. That's the moment that all pioneers love. (Photo courtesy of Tiburon Strategic Advisors)

Stephen Winks

Stephen Winks

May 2, 2013 — 8:15 PM

In just twelve months Envestnet has been on a tear, now just behind the major wirehouses in net flows of $21.5 billion.

What this means is a major custodian is emerging that directly supports advice like no other (to include the wirehouses). The industry can not longer afford not to acknowledge or support the fiduciary standing of its brokers as that leadership vacuum will be gladly filled by EnvestNet/PMC. The industry can no longer be insular to the best interest of the investing public and the professional standing of the broker, and if it does so, it is at great peril.

Envestnet/PMC holds the promise of outdating everything that has come before it as it can be the first firm to provide large scale institutionalized support for fiduciary counsel establishing professional standing for the advisor not possible in a brokerage format. To the victor go the spoils. Whoever makes advice (fiduciary standing) safe, scalable, easy to execute and manage as a high margin business at the advisor level, wins big.

Because of potential channel conflict with its broker/dealer clients, Envestnet can craft a relationship with its independent broker/dealers which widens their margins, as their brokers gravitate toward becoming advisors creating a virtuous cycle in professional development in the consumer’s best interest..

Those who believe in the distribution of high cost packaged products which by definition can not be personalized or individualized—might want to rethink where the industry’s evolution to advisory services is headed. Low cost, high level advice at lower cost to the consumer where the advisor achieves very attractive margins, increasing advisor compensation by 50% or more.

Modernity will reorder the industry around the consumer’s best interest which is not possible by self selection in the industry today. Look for (a) expert authenticated prudent investment processes which make advice safe, (b) advanced technology which support transparency, continuous comprehensive counsel and modern approaches in portfolio construction required for fiduciary standing, (c) work flow management which makes advice scalable, easy to execute and manage as a high margin business at the advisor level.

Precisely what the consumer and the advisor want—not possible today in a brokerage format.

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Mentioned in this article:

Envestnet Inc
TAMP
Top Executive: Jud Bergman

Buckingham Strategic Partners
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