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Pressed by a Wall Street analyst, Bill Crager defines 'financial wellness,' a touchy-feely 'Hallmark' concept that just happens to be sweeping the financial services industry

The Envestnet CEO was self-deprecating about the 'Hallmark card' aspect of financial wellness but is targeting the company's full arsenal of products and services on the sweet equilibrium between money and life.

Author Oisin Breen October 27, 2020 at 9:32 PM
Admin:
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Bill Crager is sold on financial wellness. The concept was mentioned 29 times in less than an hour at an earnings call.

Frank Reilly

Frank Reilly

October 28, 2020 — 4:31 AM
Was nobody around 10 to 15 years ago as unnamed advisors were talking about "Holistic" advice? How is this different? "It's centered around an expanding definition of financial advice and the role of an advisor," To funny!
Chris Heye

Chris Heye

October 28, 2020 — 12:49 PM
Maybe this will help? https://www.financialplanningassociation.org/article/journal/SEP20-introducing-hierarchy-financial-wellness
Maria Marsala

Maria Marsala

October 28, 2020 — 3:20 PM
Agree Frank. It's about naming what advisors do... should be doing... etc. It has to be about what the end result a person wants to achieve and include all the other spokes of a person's life. I think holistic... has a certain air about it for some people. Financial wellness I think is a more marketable phrase pertaining to the same thing. I did a search on financial wellness and it was interesting how many definitions were from the last few years. Just that I find, even when looking at the spokes in a person's life, it's not "balanced" -- where lets say every area gets a 5, 9 or 10, etc. It's more about a picture of what having and living a full-filled life is about.
Maria Marsala

Maria Marsala

October 28, 2020 — 3:23 PM
Agree Frank. It's about naming what advisors do... should be doing... etc. It has to be about what the end result a person wants to achieve and include all the other spokes of a person's life. I think holistic... has a certain air about it for some people. Financial wellness I think is a more marketable phrase pertaining to the same thing. I did a search on financial wellness and it was interesting how many definitions were from the last few years. Just that I find, even when looking at the spokes in a person's life, it's not "balanced" -- where lets say every area gets a 5, 9 or 10, etc. It's more about a picture of what having and living a full-filled life is about.

Related Moves

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

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

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Envestnet Inc
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