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Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services, empowering investment advisors to optimize their practice and deliver superior client outcomes. The company's open-architecture platforms streamline the wealth management process by providing unparalleled flexibility, accuracy, performance, and value. Envestnet's solutions transform wealth management into a transparent, conflict-free, and fully-aligned standard of care.
Envestnet's flagship product, Advisor Suite®, equips financial advisors with the tools they need to enhance client outcomes and strengthen their practice. Additionally, Envestnet's Portfolio Management Consultants (PMC®) group offers institutional-quality research and advanced portfolio solutions. The Tamarac platform provides high-end RIAs with cutting-edge software for trading, rebalancing, portfolio accounting, performance reporting, and client relationship management.
In November 2015, Envestnet acquired Yodlee, a data aggregation provider, enhancing their data and analytics capabilities. The 2019 acquisition of MoneyGuidePro further expanded Envestnet's financial planning tools. Envestnet's latest achievements include the launch of the RIA Growth Lab, a consulting service aimed at helping RIAs with practice valuation, leveraging technology for actionable insights and peer benchmark grades.
Envestnet's ecosystem supports over $5.4 trillion in platform assets, with more than 107,000 advisors, 16 of the 20 largest U.S. banks, and 500 of the largest RIAs using their technology and services. The company is dedicated to transforming the delivery of financial advice by connecting daily financial decisions with long-term financial goals, helping individuals lead an Intelligent Financial Life™.
Recent developments include the celebration of the 10th anniversary of Envestnet's Quantitative Portfolios (QPs), which offer direct indexing solutions combining tax management with portfolio customization. Envestnet's robust Wealth Management Platform was also highlighted at the FSI OneVoice conference, showcasing advanced technologies that improve advisor productivity and client engagement.
For more information on Envestnet, visit their website at www.envestnet.com, or call their toll-free number at (855) 769-0806.
Envestnet (NYSE: ENV) reported strong Q3 2021 results, with total revenues increasing by 20% to $303.1 million, exceeding guidance. Adjusted EBITDA was $66.2 million, down 2% from the previous year, while adjusted net income decreased by 1% to $39.9 million. The company experienced a 34% rise in asset-based recurring revenues, constituting 61% of total revenues. However, total operating expenses also rose by 20%, and adjusted net income per share fell 15% to $0.61. The outlook for Q4 and FY 2021 is optimistic, despite market value uncertainties.
Envestnet announced the appointment of Dawn Newsome as Chief Business Operations Officer, effective Nov. 1, 2021. With over 25 years of experience, she will drive operational initiatives to expand Envestnet's financial wellness network. Reporting to Bill Crager, CEO, Newsome aims to enhance alignment across divisions while achieving financial milestones. Previously, she served as CEO of the Americas for TP ICAP and held senior roles at Liquidnet, Nomura, NatWest, and JP Morgan. Envestnet continues to empower nearly 108,000 advisors and more than 6,000 companies in the financial sector.
Envestnet, Inc. (NYSE: ENV) announced the resignation of Anil Arora as a director, effective October 28, 2021. Bill Crager, President and CEO, expressed gratitude for Arora's service, noting his significant experience in financial technology, notably as a former CEO of Yodlee. Arora's tenure at Envestnet began with the acquisition of Yodlee in November 2015, where he later became Vice Chairman. The leadership transition raises concerns regarding continuity in strategic direction at a critical time for the company.
On October 25, 2021, Envestnet announced a strategic partnership with YieldX, aiming to enhance financial advisory services through improved fixed-income investment solutions. Envestnet will distribute YieldX's technology, which simplifies fixed-income investing for over 108,000 advisors and their clients. Additionally, Envestnet led a Series A funding round for YieldX to scale its analytics and engineering teams. This partnership is expected to broaden the access to income-related solutions, empowering advisors to meet critical client needs.
Envestnet, Inc. (NYSE: ENV) announced that it will release its third quarter 2021 financial results on November 8, 2021, post-market. A conference call to discuss these results will be held on the same day at 5:00pm ET, which will also be available via a live webcast on the company's investor relations website. Envestnet is focused on enhancing financial advice and wellness delivery, serving nearly 108,000 advisors and over 6,000 companies, including major U.S. banks and wealth management firms.
Envestnet has partnered with MML Investors Services to offer the Envestnet Credit Exchange, enabling investment advisors to provide residential real estate and unsecured consumer loan solutions. This service allows advisors to help clients with significant financial needs, such as mortgages and other loans. According to the Federal Reserve, mortgages accounted for 69% of consumer credit balances in early 2021. The Credit Exchange aims to enhance wealth managers' capabilities in addressing various client financial goals, combining asset and liability management on a single platform.
Carson Group has announced its integration with Envestnet | MoneyGuide, enhancing the tools available to its partner advisors. This integration allows access to MoneyGuide's offerings, including the MyBlocks tool, which is beneficial for advisors working with millennial clients. Additionally, Wealth Studios provides advanced planning resources for high-net-worth clients. Carson Group currently manages $18.4 billion in assets, serving over 38,000 client families. This collaboration aims to ensure that advisors can deliver comprehensive financial advice.
Envestnet has announced a strategic partnership with Healthpilot to enhance Medicare insurance coverage for clients nearing retirement. This collaboration allows financial advisors to leverage Healthpilot's digital platform for simplified Medicare plan selection and enrollment. Key benefits include streamlined enrollment in under 15 minutes, real-time updates on plans, and automated communication of estimated healthcare costs back to advisors. This new service aims to create a comprehensive financial wellness experience by integrating healthcare decisions into retirement planning.
Envestnet | Yodlee has partnered with Navy Federal Credit Union to enhance financial data access for its members. This agreement allows Navy Federal members to share their financial information securely with over 1,400 applications on Envestnet's platform. With a token-based API approach, users will enjoy faster connections and improved data integrity. The collaboration aims to promote better financial decision-making and wellness for members, while ensuring stringent security measures are in place.
Envestnet | PMC has launched the Fund Strategist Tax Management Service to assist financial advisors in managing tax implications for fund strategist portfolio accounts. This service, applicable to over 2,000 portfolios across 140 strategist firms, automates capital gains tax management, enabling advisors to align tax costs with clients' investment goals. Utilizing Aladdin technology, it evaluates tax-sensitive trading strategies to minimize taxable gain realizations and optimize returns. This initiative aims to help advisors better integrate model portfolios into client strategies, enhancing overall financial management.
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