Envestnet has teamed with Vestwell to offer turnkey retirement plan solutions to financial advisors.
Vestwell is a digital recordkeeping platform that specializes in 401(k) and 403(b) plans. Through the new collaboration, advisors who use Vestwell’s platform can now access Envestnet’s 3(38) investment management services through Envestnet Retirement Solutions to provide clients with a turnkey solution.
In the future, “the relationship will expand to include other Envestnet offerings, helping bring advisors closer to their clients while helping them further differentiate through greater customization,” the companies said in a joint announcement Wednesday.
Together, the providers “will make it easier for advisors to effectively scale while focusing their attention on participation and outcomes for 401(k) plan provider clients versus set-up and implementation,” the companies said.
Advyzon Adds Prospect Portal, Mobile App
Advyzon has added a prospect portal and mobile app for Android and Apple iOS mobile devices to its digital tool chest.
The new tools are free to Advyzon users and available now, the company said, noting they “come at an opportune time for RIAs, many of whom recently switched to a 100% virtual business model due to COVID-19 lockdowns and related restrictions.”
The company’s software platform, which it said is used by hundreds of RIAs in North America, includes cloud-based reporting, billing, client relationship management and document management capabilities.
Last year, Advyzon started developing a prospect portal that would make it faster and easier for RIAs to connect with and onboard new clients, it pointed out Tuesday.
“The idea was to allow prospective clients to self-administer when it comes to sharing personal info and documents with potential advisors, thus freeing advisors to focus on helping clients achieve their investment goals,” it explains.
Ventura, California-based Anacapa Financial was among the first RIAs to test the new prospect portal, Advyzon said.
The portal is “helping us bring new clients into the mix faster than ever,” Jack Green, Anacapa CEO, said in a statement. “We literally have 10-15 meetings set up in the next few weeks because the process of getting prospects into our sales funnel and digitally opening accounts is so much easier due to the portal.”