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Stuart DePina, president of Envestnet

Practice Management > Building Your Business > Leadership

Envestnet President Stuart DePina to Step Down in Restructuring

By Jeff Berman

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What You Need to Know

  • Stuart DePina is stepping down as Envestnet president at the end of June.
  • He will remain with the company as an advisor.
  • The firm is streamlining its business into three segments: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech.

Stuart DePina is stepping down as Envestnet president at the end of this month, the company said Tuesday while announcing a reorganization plan that will include “streamlining” its business into three segments: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech.

The organizational changes are intended to “accelerate the growth of the Envestnet financial wellness ecosystem,” the company said in a news release. The new structure will allow it to “further help the wealth industry deliver an Intelligent Financial Life for its clients and marks the next chapter of growth for Envestnet,” it added.

DePina, was named Envestnet president in 2019. The company didn’t say why he was stepping down.

In a statement to ThinkAdvisor on Wednesday, an Envestnet spokesperson said only: “After 10 years with Envestnet, Stuart DePina has decided to step down as President, and maintains his commitment to the transition and growth of the company; he will continue to remain active with Envestnet in an advisory capacity. He will transition to advisor later this month.”

Over the last 10 years especially, DePina “partnered closely” with Envestnet CEO and co-founder Bill Crager and the Envestnet team to “lead the Tamarac and Data & Analytics businesses, and to help shape the future of the company and deliver on its vision to offer data, technology and solutions that empower advisors to deliver an intelligent financial life for their clients,” the spokesperson added.

“Together with Bill, Stuart was instrumental in building the strategy for this transformation dependent on three parts of the business — Data & Analytics, WealthTech and Solutions — all working alongside one another to deliver the products, intelligence and resources that Envestnet’s clients need,” according to the spokesperson.

While with the firm, DePina has “championed the continued development of Envestnet’s data aggregation, enterprise data management, and analytics offerings that have supported the company’s growth among its wealth management, financial institution, and FinTech customers,” it said.

The news didn’t come as a surprise to consultant Timothy Welsh, president, CEO and founder of Nexus Strategy. “Envestnet tends to re-arrange the deck chairs every few years to try and rationalize all of the acquisitions that they’ve made, and there were rumors and articles that DePina was out a couple of months ago,” Welsh told ThinkAdvisor by email on Wednesday.

Envestnet announced three group presidents for the new business lines: Dana D’Auria, who will lead Envestnet Solutions and also was named co-chief investment officer; Farouk Ferchichi for Envestnet Data and Analytics; and Tony Leal for Envestnet WealthTech.

Envestnet Solutions provides the wealth and asset management solutions across Envestnet’s ecosystem — including research, overlay, portfolio management, direct indexing, sustainable investing and retirement services — and also the partnerships with Envestnet exchanges and other wealth solutions providers, according to the company.

Envestnet Data and Analytics includes the “combined capabilities” of Envestnet | Yodlee, Envestnet Analytics, Envestnet Abe.ai and other businesses “to serve as the foundation by which Envestnet creates and deploys personalized and actionable insights and intelligence for its business lines and segments,” the company said.

Envestnet WealthTech comprises the wealth technology solutions and platforms that service the firm’s advisory segments, including the Envestnet | MoneyGuide and Envestnet | Tamarac platforms, and next-generation tools, including the Client Portal that it said provides clients with a seamless user experience.

Meanwhile, Tom Sipp will serve as Envestnet’s executive vice president, Business Lines, and “provide leadership to bring the parts of the Envestnet organization together to meet the evolving needs of advisors, banks, FinTechs, and their clients through data and wealth solutions,” the company said.

The new business structure “marks a pivotal moment for Envestnet and sets the direction and pace of our company for the next decade of growth,” according to Crager.

More than 106,000 advisors and over 6,500 companies — including 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of fintech firms — now leverage Envestnet technology and services, it said.

(Pictured: Stuart DePina, Envestnet president)

Jeff Berman

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