Envestnet Enhances its Data and Analytics Business by Launching the Wealth Data Platform to Drive its Financial Wellness Ecosystem into the Future

Rhea-AI Summary

Envestnet, Inc. (NYSE: ENV) announced the launch of its Wealth Data Platform, powered by Snowflake, to enhance data intelligence for wealth advisory firms. This cloud-based solution integrates various data sources, allowing financial advisors to provide actionable insights efficiently. The partnership aims to improve data accessibility and streamline analytics, contributing to a more holistic approach in advising clients. By leveraging Snowflake's capabilities, Envestnet enhances its ability to support financial advisors in driving better outcomes and promoting client financial wellness.

Positive

• Launch of Wealth Data Platform enhances data intelligence for wealth advisory firms.
• Partnership with Snowflake improves data accessibility and analytics efficiency.
• Streamlines integration of various data sources for actionable insights.

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• None.

Powered by Snowflake, the Wealth Data Platform Offers Wealth Advisory Firms a Holistic View of Their Clients' Financial Information and Actionable Insights Every Day

BERWYN, Pa., Oct. 20, 2022 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV), today announced that it is accelerating the growth of its Data and Analytics business by launching the Wealth Data platform, a cloud-based data intelligence solution for wealth advisory firms, to allow home offices and financial advisors to connect and enrich all the data sources across their practice and provide their clients with actionable insights at scale – all on one platform. This expansion of the Wealth Data Platform is possible through Envestnet's partnership with Snowflake, the Data Cloud company, and the Powered by Snowflake program.

By leveraging the highly scalable Snowflake platform and its data collaboration capabilities, Envestnet's customers will be able to effortlessly bring outside data sets into the Wealth Data Platform; combine, normalize, and enrich those data sets with others on the Envestnet platform; and deliver better insights to advisors and their clients. This enhanced platform improves data access, time, and efficiency, giving research and analytics teams the tools they need to work more seamlessly on their platforms by knitting together separate capabilities such as valuation, client aggregations, advisor analytics and more. The partnership will enhance Envestnet's ability to empower advisors to bring the best advice to clients, ultimately helping people live an Intelligent Financial Life™.

"Our Wealth Data Platform solves the very real challenge wealth advisors face in connecting, analyzing, and deriving insights from their clients' various data sources. And we know this is important for clients; our research shows that for a majority of Americans, financial technology and apps are key to achieving their financial goals¹." said Farouk Ferchichi, Group President, Envestnet Data and Analytics. "By partnering with Snowflake, our Wealth Data Platform will become more holistic and allow advisors to better serve their clients. Snowflake is a well respected platform utilized by many of our partners, which will allow clients to extend the value they are already getting from Envestnet Data and Analytics."

Combining Envestnet's existing data assets with Snowflake's Data Cloud strength will streamline users' ability to see the big picture for their clients and prospects. Bringing Snowflake's speed, reliability, and capacity to share and manage a broad range of complex data will stretch Envestnet's capabilities beyond what is available in the industry today. 

"Our partnership with Envestnet brings a comprehensive technology solution to the market, improving the way wealth advisory firms are using data and intelligence to drive business actions," said Rinesh Patel, Global Head of Financial Services at Snowflake. "The Envestnet Wealth Data Platform, Powered by Snowflake, allows customers to manage the numerous data sources, reduce data management complexities, and ultimately leverage cloud technology to connect, normalize, and seamlessly share actionable intelligence to drive timely customer centric outcomes. This partnership will help transform the way wealth professionals advise and interact with their customers."

Envestnet Data and Analytics offers data, digital solutions and differentiated experiences delivered and embedded through APIs and standalone portals that empower customers – including financial advisors, small and medium-sized businesses, and their end consumers – to intelligently connect, grow, protect, and manage the financial wellness of their business all in one place.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life. More than 105,000 advisors and over 6,500 companies—including 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients. 

For more information, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

Snowflake and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

To become a Snowflake partner, get access to Snowflake's self-service partner resources and apply for the Powered by Snowflake program, please visit www.snowflake.com/partners/poweredbysnowflake. 

¹ The Intelligent Financial Life™ National Study: The Unexpected Intersetion Between Technology, Clarity and the Human Connection, Envestnet 2022

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SOURCE Envestnet

FAQ

What is the Wealth Data Platform launched by Envestnet?

The Wealth Data Platform is a cloud-based data intelligence solution designed to help wealth advisory firms connect and enrich their data sources, providing actionable insights.

How does the partnership with Snowflake benefit Envestnet?

The partnership enhances the Wealth Data Platform by improving data accessibility and streamlining analytics, allowing financial advisors to serve clients more effectively.

What are the key features of Envestnet's Wealth Data Platform?

Key features include the ability to combine, normalize, and enrich data from various sources, along with better insights for advisors and their clients.

When was the Wealth Data Platform launched?

The Wealth Data Platform was launched on October 20, 2022.

What is the stock symbol for Envestnet?

Envestnet's stock symbol is ENV.