Less than a month after shareholders approved its deal to be taken private under Bain Capital, Envestnet is expanding its product offerings and distribution capabilities to help financial advisors better serve high-net-worth and ultra-high-net-worth clients.
This move comes in response to the increasing importance of HNW and UHNW investors, who now account for over two-thirds of investable assets, according to the firm.
"Understanding the needs and expectations of HNW clients is crucial for advisors looking to grow their business and engage with this sophisticated client segment," Michael Featherman, head of advisor sales and wealth consulting at Envestnet, said in a statement Thursday.
The company said it has boosted its national distribution efforts by 50 percent within its Private Wealth Consulting busines, with.a geographically dispersed Advisor Sales and Wealth Consulting team focused on equipping HNW advisors with technology tools and wealth solutions to help attract and retain clients. Among other tools, Envestnet's wealth management platform includes tax overlay services, direct indexing solutions, and structured investments, all aimed at providing personalized advice..
Envestnet said it's bolstering its product and technology suite to offer more customized solutions, particularly in portfolio management. The firm planted the seeds for this strategy in June, when it announced it was deepening ties with a number of large asset managers including BlackRock, Fidelity, Franklin Templeton and State Street to broaden its range of customizable direct indexing and UMA model strategies available to advisors.
The firm said its private wealth consulting team is offering high-touch services for accounts exceeding $1 million, which can be tailored to meet individual client needs. Beyond that, Envestnet also introduced a Proposal Desk, supported by its Wealth Consulting team, to streamline the process of generating managed account proposals for HNW clients.
"Our enhanced product and distribution efforts... are poised to significantly benefit the industry, while also providing greater value to investors," added Featherman.
Envestnet's latest initiative focusing on advisors to the ultra-affluent comes several weeks after it shared the results of a special shareholders' meeting approving its multibillion-dollar take-private acquisition, which was led by a consortium of investors including Bain Capital and Reverence Partners. The $4.5-billion deal, first confirmed by Envestnet in July, is expected to close in the fourth quarter of this year.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
Stan Gregor, Chairman & CEO of Summit Financial Holdings, explores how RIAs can meet growing demand for family office-style services among mass affluent clients through tax-first planning, technology, and collaboration—positioning firms for long-term success
Chris Vizzi, Co-Founder & Partner of South Coast Investment Advisors, LLC, shares how 2025 estate tax changes—$13.99M per person—offer more than tax savings. Learn how to pass on purpose, values, and vision to unite generations and give wealth lasting meaning
