Less than a month after announcing plans to purchase PortfolioCenter management and reporting technology from Charles Schwab, systems provider Envestnet says it is buying PIETech, which includes the MoneyGuidePro financial planning tools, for about $500 million in cash and stock.
“Envestnet’s acquisition of MoneyGuidePro is a textbook bold move from [Chairman and CEO] Jud Bergman,” said Gavin Spitzner, president of Wealth Consulting Partners.
Other technology consultants are similarly impressed. “I am sort of speechless,” said Craig Iskowitz, CEO of the Ezra Group. “They’ve been buying one thing after another. I didn’t think they could top what they just did during [last month’s] T3 conference.”