Envestnet, a provider of wealth management technology and services for investment advisors, just made it easier for advisors, investors and asset managers to use its platform and communicate with each other on it.
At its annual advisor summit in Chicago, Envestnet introduced Open ENV, an open architecture technology that integrates, refines and expands existing offerings on Envestnet’s platform.
“Before, whether you were an investor, an advisor or home office rep it was one size fits all,” said Envestnet President Bill Crager in an interview with ThinkAdvisor. “Now the platform is more customized. It targets the user experience.”
Crager described the issues that Open ENV is designed to address: Consumers want to know how their investments are performing; advisors want speed and efficiency; large accounts want comprehensive analysis; home offices want to know how their advisors are doing; and asset managers want access to more clients of advisors.
Each group needs something different from Envestnet’s technology but had to use an interface that didn’t allow for that differentiation. Now they can access what they each need in a more integrated fashion.
For example, said Crager, advisors will be able to link their CRM system and clients’ outside accounts to clients’ current advisor accounts, all in one place.
The launch of Open ENV leverages the completion of more than 300 technology updates across the Envestnet platform, according to Envestnet’s announcement.