Envestnet and Betterment have expanded their offerings for advisors with new partnerships aimed at integrating charitable planning and estate solutions into the advisor workflow.
Envestnet's integration with Foundation Source, announced Tuesday, will see Envestnet integrate Foundation Source’s technology – supporting private foundations, donor-advised funds, and planned giving – into its platform, alongside administrative, compliance, and tax services.
According to Foundation Source, the integration is designed to help advisors streamline and scale charitable giving services, with features such as configurable dashboards, comprehensive reporting, and enhanced compliance oversight.
Joseph Mrak III, chief executive of Foundation Source, said the partnership aims to address a “critical resource gap” for advisors and improve operational efficiency, allowing them to “spend more time helping clients achieve their philanthropic goals with ease and confidence.”
Blake Wood, head of platform strategy at Envestnet, said the new functionality “aligns with our mission to elevate the advisor experience and create new opportunities for impact.”
The partnership comes as Envestnet embarks on a five-year strategic roadmap, which would see the firm pour $1 billion investment in research and development. The firm’s plan includes enhancing its wealth management software and focusing on platform unification, alternative investments, and expanded tools for advisors serving high-net-wealth clients.
Envestnet’s research highlights that as investors’ wealth increases, their priorities shift toward investment management and tax efficiency, with nearly half of high-net-wealth and ultra-high-net-wealth investors citing investment management as their primary reason for working with an advisor. For many well-heeled investors, philanthropy can play a central role in reducing taxes on their wealth and income.
Meanwhile, Betterment Advisor Solutions has launched a partnership with Vanilla, a provider of estate planning technology, to give advisors access to advanced estate planning tools and educational resources.
Advisors who custody assets with Betterment will be able to use the Vanilla platform and participate in exclusive webinars and workshops led by Vanilla’s estate planning experts.
Alison Considine, director of strategy and operations at Betterment Advisor Solutions, said the partnership is intended to “offer complementary estate planning tools, making it even easier for advisors to deliver comprehensive, personalized advice.”
Gene Farrell, chief executive of Vanilla, said the collaboration empowers advisors to “build stronger, longer-lasting client relationships through estate planning.”
In its second annual State of Estate Planning report, Vanilla underscored the growing demand for comprehensive advisor services, with 80% of surveyed consumers expecting estate planning to be included in their advisor’s offerings. Even more participants, 93%, agreed that estate plans ought to be discussed with loved ones.
The report also found that 82% of respondents are open to advisors using artificial intelligence or automated software for estate planning, provided there is professional oversight and cost savings.
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