Chicago-based Envestnet, a technology and wealth management solutions provider for independent broker/dealers and RIAs, has acquired B-Ready Outsourcing of Landis, N.C., Envestnet announced Monday, June 7.
In a deal designed to provide back-office data management and reporting services for users of Schwab Performance Technologies’ Portfolio Center, the April acquisition of B-Ready’s assets will allow Envestnet to provide more reporting tools and support to advisors using the Schwab software application.
“Today, transparency is especially important,” said James Lumberg, Envestnet co-founder and executive vice president of business development, in a release. “Clients are expecting their advisors to provide them with complete financial information on all their assets that is accurate and dependable. With a comprehensive picture of each client’s wealth position, advisors can evaluate each situation and craft an appropriate investment plan.”
The Envestnet platform allows advisors to keep clients informed in several ways:
? It provides than 300 sources of financial data that include a wide range of custodians and several interfaces for directly placed mutual funds and annuities
? It provides access to daily, fully reconciled data