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
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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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
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
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
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