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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, Inc. (NYSE: ENV) will participate in a fireside chat at the Wolfe Research Wealth Symposium on November 9, 2022, at 12:40 PM ET, in New York, NY. This event highlights Envestnet's role as a key provider of technology solutions for wealth management and financial wellness, serving over 105,000 advisors and more than 6,500 companies. Interested parties can access the presentation through the company's investor relations website.
Envestnet (NYSE: ENV) announced a strategic partnership with FNZ to enhance digital wealth management in the U.S. This collaboration aims to provide a fully integrated solution enabling real-time account management and advanced data analytics for financial advisors and clients. Starting in Q1 2023, Envestnet's Wealth Data Platform will integrate with FNZ's global platform, extending its outreach to FNZ's extensive client base. This initiative aligns with Envestnet's goal of improving financial decision-making and client engagement through advanced technology.
Envestnet Data & Analytics unveiled new platforms and partnerships at Money 20/20 in Las Vegas, aiming to enhance technological support for the wealth, banking, and tech industries. Key offerings include the Wealth Data Platform, Banking Data Platform, and Technology Data Platform, which provide actionable data insights. The Insights Engine saw usage increase by 70% among clients, now generating over 17 million insights daily. Partnerships with TCS, BrightUp, and others will accelerate market responsiveness and improve financial services integration.
Envestnet (NYSE: ENV) announced it will release its third quarter 2022 financial results on November 8, 2022, after market close. A conference call will follow at 5:00 PM ET on the same day to discuss the results. The call will be available live on the investor relations website, with a replay posted afterward. Envestnet provides technology and solutions for wealth management, serving over 105,000 advisors and numerous financial institutions.
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.
On October 12, 2022, Envestnet (NYSE: ENV) announced a strategic partnership with Tata Consultancy Services (TCS) aimed at enhancing operational scalability and business agility within its Data and Analytics division in Bangalore, India. Effective October 9, 2022, this partnership seeks to leverage TCS's expertise in technology and consulting to better meet client needs. Envestnet aims to accelerate its go-to-market strategy and foster deeper customer relationships as a result of this collaboration.
Envestnet has launched the industry’s first financial advisor assessment, the Intelligent Financial Life Advisor Practice Score, in collaboration with Aite-Novarica Group. This assessment evaluates how well advisors help clients achieve financial security. High-scoring advisors manage an average of $443 million in client assets—69% more than those in the lowest scoring quartile. The initiative aims to enhance advisor-client relationships by providing insights into improving financial advice delivery. A white paper accompanying the launch outlines key advisor behaviors linked to better client outcomes.
Envestnet's Institute On Campus (EIOC) program achieved a record participation of 882 students in spring 2022, with 25% being first-generation college students. The program has trained over 6,000 students since its inception in 2015, exceeding its initial goal. Franklin Templeton has become a new sponsor, enhancing the curriculum with topics like sustainable investing and providing access to training resources. The EIOC aims to foster industry diversity and prepare participants for careers in wealth management.
Envestnet (NYSE: ENV) reported Q2 2022 financial results, showing total revenues of $318.9 million, a 10% increase from the prior year. However, the company faced a net loss of $24.3 million, compared to a loss of $8.4 million in Q2 2021. Adjusted EBITDA fell 20% to $57.1 million, while adjusted net income decreased 26% to $32.0 million. The outlook for Q3 and FY 2022 remains cautious due to market volatility.
Envestnet has launched an interactive campaign in partnership with Nickelodeon, featuring Mr. Krabs from SpongeBob SquarePants. The campaign showcases Mr. Krabs' financial challenges as a fictional small business owner, aiming to demonstrate the capabilities of Envestnet's next-gen Client Portal. This digital experience allows financial advisors to engage with Mr. Krabs' financial scenarios, reflecting real-world financial advice. Envestnet seeks to empower advisors to simplify their clients' financial journeys through comprehensive tools and insights.
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