Close Close

Technology > Marketing Technology

Envestnet Offers Advisors More Client Customization Through Open ENV

Your article was successfully shared with the contacts you provided.

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.

“Open ENV will empower advisors and financial enterprises with new opportunities to leverage our platform, and will unlock new user experiences differentiated by practice patterns and unique user preferences,” said Josh Mayer, chief operating officer, in a statement.

Open ENV also accelerates and deepens the integration of Yodlee, the data aggregator and analytics company that Envestnet acquired last August, according to Crager. Envestnet’s stock price took a 35% hit after the announcement of that deal, which cost approximately $600 million, and it is still off 30% from its pre-purchase price.

The initial integration of Yodlee’s data aggregation capabilities are part of the Open ENV rollout. It includes access to Yodlee’s FastLink, which enables advisors to aggregate all their accounts into Envestnet’s Investor Suite, which also added enhancements as a result of the Open ENV rollout.

The new Investor Suite expands Envestnet’s Advisor Now robo technology to include data aggregation and personal financial management tools, a goals-based planning module and household performance reports, including investment performance.

Open ENV also accelerates additional integrations with other Envestnet platform capabilities including Envestnet | Tamarac, Placemark Overlay Services and Envestnet | Retirement Solutions and deepens Envestnet’s strategic relationships with AlphaHedge, CAIS, eMoney Advisor, MoneyGuidePro, several custodians and many other integration partners, according to Envestnet.

— Related on ThinkAdvisor: