Envestnet founder and CEO Jud Bergman killed in automobile crash

Co-founder Bill Crager was named interim chief executive

Oct 4, 2019 @ 12:42 am

By Ryan W. Neal

Envestnet CEO Judson Bergman, 62, and his wife, Mary Miller, were killed early Thursday morning in an automobile accident in San Francisco.

Mr. Bergman founded Envestnet in 1999 to create a software desktop for independent financial advisers.

Envestnet released a statement early on Friday: "On behalf of our Board of Directors, management team and employees, we extend our deepest sympathies to Jud and Mary's family. As Envestnet's founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet's success."

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Today Envestnet is the market leader among turnkey asset management providers with a 36.7% market share, according to Cerulli Associates. Envestnet serves 3,500 institutional clients, counts 96,000 financial advisers on its platform and serves more than $3 trillion in assets.

[More: Jud Bergman: Defining the standard for data stewardship]

The car accident occurred around 12:30 a.m. when an intoxicated woman driving the wrong way on the highway collided with a taxi carrying Mr. Bergman and his wife, according to the Associated Press. The intoxicated driver and the taxi driver were also killed in the accident.

Envestnet's board of directors has enacted the company's emergency succession plan and appointed Bill Crager, co-founder and president of Envestnet and chief executive of Envestnet Wealth Solutions, as interim CEO. Ross Chapin, lead independent director of Envestnet's board of directors, will serve as interim chairman of Envestnet's board.

[More: Advice industry reacts to Jud Bergman's death]

"We have all experienced a great loss at Envestnet," Mr. Chapin said in the company statement. "While it is difficult to imagine anyone replacing Jud's vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend, Bill Crager, to carry on in Jud's place. Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days. Jud was a giant as a businessman and human being. We will miss him immensely."

Mr. Bergman was included in InvestmentNews' inaugural list of industry innovators in 2016.

Ms. Miller was the founder of Hanover Hill Wealth Advisors in Chicago.

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