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.
&Partners has also added a $357 million Texas family practice, while Janney recruits a $250 million Edward Jones advisor in Miami
Linda Patel will lead J.P. Morgan Advisors in Florida and Georgia as Bank of America adds nonprofit specialists in New York
Interval funds and other semi-liquid or illiquid products are typically two to three times more expensive than plain vanilla stock or bond mutual funds or exchange-traded funds.
The royalty statements looked normal - until someone checked the electronic files.
They allegedly fabricated SEC certificates to dupe investors.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
