ENVESTNET, INC. - ENV STOCK NEWS

Envestnet held its Elevate Summit 2023 from April 26-27 in Denver, showcasing its ecosystem aimed at transforming financial advising. With an anticipated $84.4 trillion in wealth transfer by 2045, the event emphasized the integration of technology and personalized strategies for financial advisors. Envestnet's CEO, Bill Crager, highlighted the necessity of innovation in adapting to market changes. The summit featured over 80 sessions focusing on holistic financial ecosystems, personalizing client experiences, and unveiling new partnerships, including Goalsetter and Empower. The company's platform manages $5 trillion in assets and serves around 106,000 advisors. Attendees will preview a new research paper on personalization set for release in May.

Envestnet (NYSE: ENV) announced it will release its first quarter 2023 financial results on May 4, 2023, after market close. Following this, the company will host a conference call and earnings webcast at 5:00 PM ET on the same day. Investors can access the live webcast through the company's investor relations website, where a replay will also be available.

Envestnet is a prominent provider of technology and services aimed at enhancing financial wellness and wealth management, with $5 trillion in platform assets. The company serves approximately 106,000 advisors, including 16 of the 20 largest U.S. banks and 47 of the 50 largest wealth management firms.

Envestnet Data and Analytics is significantly expanding its open banking ecosystem, now connecting nearly 19 million financial accounts. The company reported a remarkable 1,300% increase in connections from 2021 to 2022. Recently, Envestnet was named a Leader in the Forrester Wave™: Open Banking Intermediaries, Q1 2023 report. The company is focused on achieving a seamless integration of financial services to enhance user experience. Envestnet has transitioned six of the top 25 U.S. banks to open banking and maintains a high adoption rate, with 99% of its data clients active in the U.S. Envestnet aims to drive open banking regulations globally while further expanding its coverage through partnerships.

Envestnet is hosting its annual Advisor Summit, now branded as Envestnet Elevate, on April 26-27, 2023, at the Colorado Convention Center in Denver. The summit will feature over 2,000 wealth management professionals and FinTech leaders, focusing on delivering the Intelligent Financial Life to clients. Highlights include keynote addresses from notable speakers, including Tom Brady and James Clear, and a comprehensive agenda with 48 breakout sessions. The event aims to elevate practices through enhanced insights and networking opportunities, while promoting diversity and inclusion via the Envestnet Women's Forum.

Envestnet (NYSE: ENV) announced the appointment of three new independent directors to its Board on March 28, 2023, as part of its strategy to enhance shareholder value. Barbara Turner, former CEO of Ohio National Financial Services, joined the Board on March 22, 2023. Lauren Taylor Wolfe and Wendy Lane joined on March 27, 2023, following a cooperation agreement with Impactive Capital. The agreement aims to foster collaboration and improve corporate governance, including a proposal to declassify the Board at the 2024 Annual Meeting. The new directors bring considerable experience to help Envestnet capitalize on its growth potential and achieve margin expansion.

On March 13, 2023, Envestnet announced the latest enhancements to its MoneyGuide platform, aimed at improving financial planning for advisors and clients. The generational release responds to the impending transfer of $68 trillion in wealth from Baby Boomers, as nearly 50% are not organizing their finances. Key updates include a new Goals-Based Planning experience, advanced earmarking with Monte Carlo simulations, an updated Employer Awards section, and a new Entity section for trusts and businesses. These improvements are designed to provide actionable insights and enhance client engagement amid ongoing market volatility.

Envestnet (NYSE: ENV) reported its Q4 and full year financial results for 2022, revealing a significant decline in net income. Total revenues for Q4 decreased by 8% to $292.9 million, while full-year revenues increased by 4% to $1.24 billion. Notably, net losses for Q4 and the full year were $36.5 million and $80.9 million respectively, with a diluted loss per share of $0.85 for Q4 and $1.59 for the year. Adjusted EBITDA fell by 16% to $220.1 million year-on-year. Despite these setbacks, the company aims for sustainable long-term growth and has indicated operational leverage improvements.

Envestnet (NYSE: ENV) will announce its fourth quarter and full year 2022 financial results on February 23, 2023, after market close. A conference call to discuss the results will take place on the same day at 5:00pm ET, accessible via the Company's investor relations website. Envestnet provides a comprehensive technology ecosystem for wealth management and financial wellness, serving nearly 106,000 advisors and 6,900 companies, including major U.S. banks and wealth management firms. This announcement underscores the Company’s commitment to transparency and engagement with stakeholders.