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Envestnet Offers Digital Tool to Battle Robo-Advisors

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A day after Envestnet CEO Jud Bergman welcomed attendees at this year’s Advisors Summit with a pledge to help them cross “the digital divide,” the company announced a new digital portal.

The Advisor Now portal is part of the firm’s push “to help advisors deliver high-quality personalized, and holistic wealth management services where and when clients want them,” Bergman said in a statement.

The announcement comes just a day after Envestnet announced its acquisition of Finance Logix, a financial planning software company, and less than three months after the company acquired Upside, which offers digital advice solutions to advisors. These acquisitions plus the new Advisor Now portal can help Envestnet’s 40,000 financial advisor clients better compete against the growing number of robo advisors. 

Advisor Now combines “the best of” the company’s current two digital portals—from the Envestnet and Tamarac platforms, said Stuart DePina, Group President Envestnet | Tamarac. It will include the functionality of both Upside and Finance Logix.

DePina said the first version of Advisor Now will be available starting in the fourth quarter. Costs will vary depending on how advisors use it: as a traditional low-cost robo offering with a limited set of investment products or as a more robust platform that includes estate and tax planning for high net worth clients, said DePina. Envestnet will gradually migrate advisors from their current client portal to Advisor Now and their clients won’t see a big change,” said DePina.

Advisor Now capabilities include:

  • Risk tolerance
  • Financial planning
  • Online account opening and funds transfer
  • Automatic rebalancing and trading
  • Account aggregation
  • Client chats/video

See all the conference coverage of the Envestnet Advisor Summit: 2015 on ThinkAdvisor.


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