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Envestnet Buys Tech From Apprise Labs to Enhance Client Portal: Tech Roundup

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What You Need to Know

  • Envestnet's Variable Annuity Program has been expanded to become the Envestnet Insurance Exchange.
  • Skience exec Marc Butler joins the boards of tech firms ProNvest and SIGNiX.
  • Financial services company Score Priority extends its existing partnership with fintech firm RCM-X.

Envestnet has acquired technology from fintech firm Apprise Labs in a move Envestnet said was designed to advance its “roadmap to deliver a reimagined client portal experience that will focus on helping clients achieve financial wellness through deeper connections with their advisors.”

The deal also includes the purchase of cash flow planning and advanced estate planning solutions that will enhance Envestnet | MoneyGuide’s financial planning ecosystem, Envestnet said Tuesday. Financial terms were not disclosed.

“Apprise Labs has developed a groundbreaking digital experience for advisors to engage and collaborate with their clients,” according to Bill Crager, CEO and co-founder of Envestnet.

“This access and engagement completely transform the way clients view and interact with their finances,” he said in a statement. “It becomes a true superpower for the advisor — helping their clients intelligently connect their financial lives.”

The financial planning technology solutions acquired from Apprise Labs will be offered by MoneyGuide as Wealth Studios. It includes a detailed cash flow report that enables advisors to engage their wealthy clients using a goals-based approach, according to Envestnet.

The offering also includes advanced estate and legacy planning that addresses ultra-high net worth client needs, including trust modeling and inheritance fairness planning.

The new environment will roll out to a beta group of Envestnet clients in June and will be rolled out more broadly by the end of 2021, it said.

Envestnet Expands Variable Annuity Program

Envestnet said its Variable Annuity Program has been expanded to become the Envestnet Insurance Exchange, powered by Fiduciary Exchange (FIDx).

The Exchange “provides access to all types of annuities, enabling advisors to deliver fully integrated advice within Envestnet’s financial wellness ecosystem,” Envestnet said. It offers end-to-end management of annuity solutions within the Envestnet platform.

Full integration will be completed by Dec. 31, Envestnet said. Upon completion of the onboarding process to the Envestnet Insurance Exchange, advisors will be able to “seamlessly plan, research, propose, open, and actively manage annuities from leading carriers,” the company said.

For enterprises, the upgrade offers enhanced analytics, suitability and compliance tools for “greater efficiency and more transparent oversight across all annuity products — all within a unified platform,” according to the firm.

The technical and feature enhancements advisors will receive through the upgrade include: Expanded product access beyond variable annuities, including fixed, indexed and registered indexed vehicles that encompass both commission- and fee-based annuities; financial planning; licensing and appointment checks; research; consolidated proposal capabilities; and active annuity management.

Skience President Joins ProNvest, SIGNiX Boards

Marc Butler, president and chief operating officer of Skience, joined the boards of related tech firms ProNvest and SIGNiX.

ProNvest offers a managed account solution helping defined-contribution plan participants with professional account management and custom retirement planning. SIGNiX provide secure digital signatures and e-notary solutions to financial services and other industries.

Butler will “provide insights and guidance on how both companies can continue to scale and accelerate their growth,” ProNvest and SIGNiX said.

Both businesses are “poised for extreme growth given their unique value proposition and the markets they serve,” according to Butler. “As a result of the pandemic and our rapid switch to a virtual environment, SIGNiX is extremely well positioned with its … digital signature and innovative remote online notary solutions,” he said in the announcement.

“Given the country is becoming increasingly focused on retirement plan participants and financial wellness, ProNvest is one of the best solutions I’ve seen to help Americans retire with dignity,” he said.

Skience recently launched Advisor Transitions Solution, a new tool that it said “streamlines, digitizes and simplifies the process” in which advisors switching wealth management firms can transfer client assets to a new platform.

Score Priority Extends RCM-X Partnership

Financial services company Score Priority extended its existing partnership with fintech firm RCM-X, a provider of algorithmic execution strategies and quantitative trading products for institutional clients.

RCM-X’s equity execution algorithms give new and existing institutional customers of Score Priority access to products “specifically designed with market microstructure nuances in mind,” the companies said in a joint announcement.

RCM-X’s “data-driven approach to continued algo improvement and development,” combined with Score Priority’s dedicated investments in its platform, “can help participants find the liquidity and execution they need in the manner that best suits their strategies,” according to the companies.

The renewed agreement comes during a period of sustained growth for Score Priority, which doubled the size of its team over the past year, it said.