Executives, advisors and others across the financial services industry reacted in shock and sadness to the news that Envestnet founder, Chairman and CEO Judson Bergman, 62, and his wife, Mary Miller, 57, died early Thursday in a car crash in San Francisco.
The technology platform has appointed Bill Crager, president of Envestnet and head of Envestnet Wealth Solutions, as its interim CEO.
Many industry leaders say Bergman was a much-admired tech pioneer, supportive mentor and more.
“I knew Jud when he first started Envestnet in 1999, and I thought he was crazy,” Carson Group CEO Ron Carson said Friday on Twitter. “It turns out he was just a visionary well ahead of his time. Our profession had a major loss — my thoughts go out to his family, his partners, and his investors.”
“The industry lost a great one today,” tweeted Tom Bradley, the former head of TD Ameritrade Institutional. “Early 2000’s, I told Jud Bergman “We really like your platform but we need assurances that you’ll make it.” Jud responded with complete confidence, “Oh we’ll make it Tom, take my word for it we’ll make it.” We signed and they sure made it.”
Riskalyze Chair Lori Hardwick said in a statement: “Jud Bergman was a visionary and trailblazer whose impact is seen and felt in every facet of the wealth management community.”
“He inspired one of the most influential and successful fintech platforms to date because he wasn’t afraid to imagine what could be. My thoughts and prayers are with his children and his family as we mourn with the Envestnet community. He will be truly missed,” Hardwick added.
Riskalyze held a moment of silence for Bergman and his wife Friday during its Fearless Investing Summit taking place this week in Boston.
Popular blogger Michael Kitces tweeted: “I’m just stunned. What a tragedy. Was in a taxi with his wife and they were struck by another car driving the wrong way down the highway. :( You will be missed, Jud. :(”
And Cheryl Nash, president of Investment Services for Fiserv, said on Twitter: “Such shocking, sad and devastating news. My thoughts and prayers to the entire @ENVintel family. His brilliant vision helped shape our industry.”
During the Commonwealth Financial Network yearly conference in Denver on Friday, President and Chief Operating Officer Trap Kloman said: “Clearly what he built with his team over the years at Envestnet was revolutionary in the industry. They’ve built an impressive company that … has raised the competition and helped a lot of advisors and their clients. It’s very sad and unfortunate.”
Ross Chapin, Envestnet’s lead independent director and now interim chairman, summed up the company’s sentiments in a statement: “We have all experienced a great loss at Envestnet. … Jud was a giant as a businessman and human being. We will miss him immensely.”
“Jud’s vision and innovation forever changed the face of the financial services industry, and will continue to do so for years to come,” according to Riskalyze CEO Aaron Klein. “Our community will always remember him as a warm, caring individual whose genius lives on in the company he founded and the lives he influenced. Our hearts go out to the 3,000-plus members of the Envestnet community and the beloved family he leaves behind.”
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