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October 29, 2019 at 09:00 AM
Executives, advisors and others across the financial services industry have reacted in shock and sadness to the news that Envestnet founder, Chairman and CEO Judson Bergman, 62, and his wife, Mary Miller, 57, died Oct. 3 in a car crash in San Francisco.
Many industry leaders say Bergman was a much-admired tech pioneer, supportive mentor and more. “I knew Jud when he first started [the RIA platform provider] Envestnet in 1999, and I thought he was crazy,” Carson Group CEO Ron Carson said 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 2000s, 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 held in Boston in early October.
Popular blogger Michael Kitces tweeted: “I’m just stunned. What a tragedy. … You will be missed, Jud … .”
Company’s Response
After Bergman’s death, Envestnet appointed Bill Crager, president of Envestnet and head of Envestnet Wealth Solutions, as its interim CEO. Crager has served as Envestnet’s president since 2002. The company’s board also appointed Ross Chapin, its lead independent director, as interim chairman.
“We have all experienced a great loss at Envestnet,” according to Chapin. “While it is difficult to imagine anyone replacing Jud’s vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend, Bill Crager, to carry on in Jud’s place.”
“Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days,” Chapin added. “Jud was a giant as a businessman and human being. We will miss him immensely.”
The company said in a statement, “On behalf of our board of directors, management team and employees, we extend our deepest sympathies to Jud and Mary’s family. As Envestnet’s founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet’s success.”
Bergman’s Career
Bergman — a native Minnesotan — studied English at Wheaton College and then got an MBA from Columbia University. Earlier in his professional life, he led Nuveen Investments’ product and corporate development work, focusing on its closed-end fund business, and its separately managed accounts business before serving as Nuveen’s managing director for mutual funds and on its Investment Management Committee.
Bergman received and Entrepreneur of the Year award from Ernst and Young. He also was on the Field Museum’s board of trustees.
According to “Chicago Crain’s Business,” Bergman had four children with his first wife Susan, who died of brain cancer in 2006; they were married 27 years. His second wife, Miller, had three children from an earlier marriage.
Today, Envestnet’s technology is used by over 88,000 advisors working with $2.6 trillion in assets. In February, the firm went public with plans to purchase PortfolioCenter management and reporting technology from Charles Schwab.
