Wealth management provider HighTower said Wednesday that it added Envestnet Retirement Solutions to its technology platform, giving its independent advisor partners a new tool for growing their retirement business.
“The rapidly changing regulatory landscape requires advisors to pay close attention to the fiduciary capabilities of their retirement investment platform,” said Matthias Kuhlmey, partner and head of global investment solutions for Chicago-based HighTower, in a statement. “HighTower has taken the lead in providing a compelling retirement plan solution with ERS’s unified platform, enabling advisors to better serve their clients as they respond to a growing demand for sophisticated retirement options.”
A recent TIAA-CREF survey found that just 35% of investors are saving in an IRA or are working with an advisor. Plus, few — 32% — have calculated the yearly income they need for retirement, and only 12% have money in a health savings account.
The ERS retirement platform helps advisors manage regulatory, technology, data and investment requirements of retirement plans, including services for plan participants, sponsors and institutions, according to Envestnet.
“ERS empowers advisors with scalable, customizable technology that integrates fiduciary services and managed accounts to help enhance the outcomes for both plans and participants,” said Babu Sivadasan, Group President, ERS. “Our partnership with HighTower aligns two leading firms with a shared commitment to delivering fiduciary support for the advisor-client relationship with best-in-class products and services.”
HighTower, which is led by CEO Elliot Weissbluth, offers advisors access to several custodial and third-party platforms.
“The retirement space is a rapidly expanding segment of the wealth management business, and one that presents advisors and clients with a multitude of nuanced challenges,” said Michael Parker, HighTower’s national director of enterprise development, in a statement. “With the unique capabilities offered by ERS, HighTower now opens a significant new channel for advisors to address those challenges according to the best interests of the client.”
— Check out HighTower Grabs Merrill Advisors With $800M in Florida on ThinkAdvisor.