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January 06, 2020 at 02:46 PM
Financial advisors using the recently launched Envestnet Credit Exchange platform can now access a small lineup of lenders that includes TD Bank, Nationwide, First Citizens Bank and SunTrust’s LightStream division, Envestnet said Monday.
The four lenders are the first to join the platform, which launched in the fourth quarter of 2019, John Yackel, head of strategic initiatives at Envestnet, told ThinkAdvisor.
Additional lenders and a broader market expansion are planned for later this year, Envestnet noted, but it didn’t provide specific details including the exact timing. “Additional lenders will be added to expand the consumer and business loan options in the near future based on loan requirement needs of our advisors and clients,” Yackel said.
Nationwide joined the platform in partnership with Supernova Lending, Envestnet said, noting all the lenders added to the platform will offer advisors on the Envestnet platform a “broad range of loans with both secured and unsecured financing options, valued from $10,000 to $25 million or more.” Each lender was “curated based on product offering, service quality, and financing expertise,” Envestnet said.
In announcing Envestnet Credit Exchange last year, Envestnet said it collaborated with Advisor Credit Exchange (ACE), which is powering the platform.
