ENVESTNET, INC. - ENV STOCK NEWS

Envestnet (NYSE: ENV) reported its Q1 2021 financial results, achieving total revenues of $275.1 million, a 12% increase from Q1 2020. The company posted a net income of $14.9 million compared to a loss of $7.2 million a year earlier. Adjusted EBITDA rose 25% to $68.3 million, marking strong growth driven by an 18% increase in asset-based recurring revenues. However, operating expenses increased 2% to $258.3 million. Envestnet has a strong cash position with $372 million in cash and an undrawn $500 million revolving credit facility.

Envestnet, Inc. (NYSE: ENV) will release its first quarter 2021 financial results on May 6, 2021, after market close. A conference call and earnings webcast is scheduled for the same day at 5:00 PM ET. Investors can access the live webcast via the Company's investor relations website. Envestnet aims to transform financial advice delivery, empowering more than 106,000 advisors across 5,100 companies, including major U.S. banks and wealth management firms, with innovative technology to enhance financial wellness.

Envestnet | MoneyGuide announced a partnership with Oyster Consulting to enhance financial planning services for advisors. This collaboration aims to help firms, particularly those that haven't traditionally offered planning, to provide cost-effective financial plans to clients. The partnership is backed by research indicating a nearly 60% increase in planning penetration for firms using a hybrid approach. Paraplanners from Oyster Consulting will receive specialized training on MoneyGuide's tools, helping advisors optimize financial planning for their clients.

Envestnet, Inc. (NYSE: ENV) welcomes Chris Shutler, CFA, as its new Head of Market Intelligence. Shutler will leverage his extensive experience in wealth management and financial technology to inform Envestnet's strategic roadmap and enhance its financial wellness ecosystem. He replaces Karen Lanzetta, who retired after a significant tenure. Shutler's past roles include serving as a Research Analyst at William Blair, focusing on wealth management, asset management, and FinTech. This leadership change aims to strengthen Envestnet's position as a thought leader in the financial advisory sector.

Envestnet (NYSE: ENV) has announced a multi-year partnership between Abe.ai and Lumin Digital, enhancing digital banking solutions for financial institutions. The partnership integrates Abe.ai's Virtual Financial Assistant (VFA) into Lumin's digital banking platforms, allowing clients to conduct banking transactions, access insights, and engage in natural language interactions. This collaboration aims to improve user experience while providing seamless access to additional financial tools and analytics, reinforcing Envestnet's commitment to innovation in financial services.

On April 13, 2021, Envestnet (NYSE: ENV) announced an expansion of its partnership with Practifi, enhancing integration between their platforms. This full integration facilitates automated workflows and provides advisors with unified client data and tools across the Envestnet ecosystem, including MoneyGuide. Key benefits include improved efficiency for client management, proposal launching, and real-time access to financial plans. The partnership aims to empower advisors with data-driven insights for better client relationships and operational scaling.

Envestnet, Inc. (NYSE: ENV) announced an expansion of its partnership with Practifi, enhancing their integration for financial advisors. This upgrade allows Practifi's tools to be accessible within the Envestnet ecosystem, including MoneyGuide. Key benefits include improved efficiency through automated workflows, support for growth initiatives, and streamlined client data management. The integration aims to empower over 106,000 advisors to provide better financial wellness solutions and deepen client relationships. This collaboration follows their initial partnership in 2019, showcasing a commitment to innovation in wealth management.

Envestnet (NYSE: ENV) has acquired Harvest Savings & Wealth Technologies, enhancing its fintech capabilities. This acquisition aims to provide banks and credit unions with automated goals-based savings tools, bolstering Envestnet's financial wellness ecosystem. Harvest's platform allows for automated micro-savings and seamless digital account openings, optimizing customer engagement and compliance. With increasing demand for digital solutions, this move is projected to strengthen Envestnet's market position and address the U.S. savings crisis.