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Envestnet Brings Holistic Wealth Management Platform to Symetra

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Envestnet Inc. (ENV) announced a wealth management platform deal on Monday that will bring online aggregated reporting to the affiliated advisors of Symetra Investment Services, a unit of Symetra Financial Corp. (SYA).

Chicago-based Envestnet, which was already providing SIS with a wealth management platform, will now implement a fully integrated platform for the independent broker-dealer that includes a more complete view of client wealth. Terms of the deal were not disclosed.

“Many independent broker-dealers are hindered by outdated technology. Through Envestnet’s platform, Symetra is able to give their 300 advisors access to a sophisticated wealth management apparatus,” said James Lumberg, Envestnet co-founder and managing director, in a statement. “By adding aggregated reporting to the mix, which provides an overall view of a client’s wealth and allows the advisor to create a holistic financial plan, SIS has empowered their advisors to offer advice that conforms to current best practices.”

In a phone interview, Lumberg added that his firm will now provide Symetra Investment Services’ advisors with a view of their clients’ brokerage accounts, 401(k)s, 529s and other data on Envestnet’s wealth management platform. The ability to see held-away client assets is a business-building opportunity because it lets advisors know what assets might be moved over to them, he said.

“Now we can collect daily information no matter where it’s custodied and provide a single window,” Lumberg said. “For the advisor, it’s important to have a view of the client’s complete wealth picture, and as they build the investment relationship they can see the assets that are held away from them.”

As for Symetra Investment Services, the aggregated reporting technology that Envestnet brings to SIS gives the Bellevue, Wash.-based firm a competitive edge in the IBD space, said Richard Moran, SIS president, in a phone interview. Envestnet impressed him for the speed and stability of its data aggregation processes combined with its wealth management platform, he said.

Added Tom Kowalczyk, SIS’ vice president of advisory services: “The IDB space traditionally has a separation between wealth management and performance reporting. What we’re bringing to the table with Envestnet allows us to combine those two things in one portal.”

The SIS deal is one in a string of agreements that Envestnet has completed this year. On Sept. 5, Envestnet announced two strategic partnerships, one with Stellar Technology Solutions for a web-based philanthropic enterprise system, and another with Fund Evaluation Group for a hedge fund research alliance.

Envestnet co-founder and CEO Jud Bergman was named to Investment Advisor magazine’s IA 25. The company is scheduled to report third-quarter 2012 earnings this Thursday.

Read Schwab, Envestnet Join Forces in Data Integration Deal at


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