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Envestnet Buys Advisor Billing Provider: Tech Roundup

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What You Need to Know

  • Envestnet acquired Redi2 Technologies, a provider of hosted fee-billing solutions for advisors.
  • The Digital Assets Council of Financial Professionals launched a new course for advisors on NFTs.
  • Broadridge Financial Solutions appointed Tyler Derr as its new chief technology officer.

Envestnet acquired Redi2 Technologies, a provider of billing solutions for advisors and asset managers.

Terms of the acquisition were not disclosed.

The transaction will create more connections across the Envestnet financial wellness ecosystem for RIAs, asset managers and wealth managers, the company said Tuesday.

The Redi2 platform enables fee calculation, invoice creation, payouts and accounting, and billing compliance.

The Redi2 cloud-based, single-sign-on product portfolio includes: BillFin, providing advisory billing and invoicing, including fee-splitting and flexible billing setup functionalities, for RIAs and other advisors; Revenue Manager, providing client revenue accounting and billing services for asset managers; and Wealth Manager, a multi-party billing and payouts service for broker-dealers and turnkey asset management platforms.

Envestnet’s latest acquisition underscores the firm’s strategy to build out its ecosystem with technology, solutions and data that it said “further our industry leadership, and create scale and operating leverage for our business.”

DACFP Launches New Course

“Understanding NFTs” is the third of seven new continuing education courses that the Digital Assets Council of Financial Professionals is adding this year, it said.

The new, online self-study course, launched Thursday, is free for enrollees in DACFP’s Certificate in Blockchain and Digital Assets certificate program and allows them to earn one CE credit while learning about nonfungible tokens, it said.

The course is taught by DACFP faculty member Jacki Roach, Chief NFT Specialist at MyCrypto Advisor. In the one-hour program, she explains why NFTs are such a popular topic in crypto this year, as well as what NFTs are, how they work, and how clients are investing in them; current and future uses of NFTs in business and society; and whether and how to include NFTs in clients’ portfolios.

Thousands of financial advisors from eight countries have enrolled in the certificate program to date, according to DACFP, which was founded by Ric Edelman, who also founded Edelman Financial Engines.

Classes already launched cover crypto taxation and generating income via crypto staking, lending and borrowing.

Broadridge Names New CTO

Broadridge Financial Solutions appointed Tyler Derr as its new chief technology officer, effective July 1, succeeding John Hogan, who had been CTO since 2014 and earlier this year requested to transition to a new leadership role, the fintech firm said.

As CTO, Derr will serve as the senior-most technology officer in Broadridge’s delivery of Software-as-a-Service and other service offerings to financial services clients, it said. He will be responsible for overseeing Broadridge’s global technology teams that include enterprise-wide software engineering, product delivery, architecture, infrastructure, cybersecurity and technology operations.

Derr, who will report directly to Broadridge CEO Tim Gokey, has been with Broadridge for 10 years as CTO and later chief administrative officer for the company’s Global Technology and Operations business. Most recently, he focused on Broadridge’s wealth initiative.

Prior to joining Broadridge, Derr worked at Oppenheimer, served as CTO of H&R Block’s global tax business, and worked in private equity.

Hogan will advise Gokey and Derr in his new role, continue his firmwide roles on risk and capital committees and oversee Broadridge’s India operations, reporting to Gokey.

SMArtX Expands Its TAMP

SMArtX Advisory Solutions added 12 new investment strategies to its platform, the specialist in unified managed accounts technology and architect of the SMArtX turnkey asset management platform said Tuesday.

The SMArtX platform now supports 1,086 model-traded and manager-traded separate account strategies offered by a diverse group of 266 asset managers, the company said.

SMArtX also added five new asset management firms: Exencial Wealth Advisors, Glovista Investments, Hazelview Securities, Sandhill Investment Management and SSI Investment Management, giving advisors more strategies for advisors to build and offer tailored portfolios to clients, it said.

The new offerings are distributed and traded by SMArtX via its cloud-based solution across seven custodial platforms.

Two existing firms, meanwhile, added to the SMArtX platform, giving investors access to more strategies from Chilton Capital Management and Congress Asset Management Co.

The strategies across all seven firms include exposures to real estate, global equities, U.S. equities and fixed income.

 (Image: Shutterstock)