Envestnet Wealth Trading has launched as the company’s redesigned trading platform to streamline portfolio management workflows for advisors and home office teams.
Features include nine types of trading options—Rebalance, Trade to Target, Quick Trade, Invest Cash, Liquidate, Raise Cash, Worksheet Trading, Harvest Gains/Losses, and Upload—as well as a worksheet trading tab for advisors to monitor and edit proposed orders within client portfolios.
“There's the need to provide sophisticated, scalable trading—think not just one or two accounts that they want to trade for the day, but rather at scale. How do I manage my entire portfolio without spending half a day doing a rebalance across all of our portfolios?” Tyler Davidson, head of product management at Envestnet, told InvestmentNews. “The tool is designed to be able to do both one account or the entire portfolio.”
Envestnet Wealth Trading was designed to offer fewer clicks and greater trade transparency to advisors. Bain Capital-backed Envestnet holds $7 trillion in platform assets and says its software is used by a third of all financial advisors across banks, wealth managers, brokerages, and RIAs.
Existing trading tools on Envestnet operated under FolioDynamix, which Envestnet acquired in a cash transaction for $195 million back in 2017.
“It is a unified platform. So we removed if you're this type of user, you get this or that,” says Eric Bondar, principal director of product management at Envestnet.
Bondar was a product development VP at FolioDynamix, which three years before being acquired by Envestnet was sold to Actua Corp in 2014. Envestnet Wealth Trading includes a new entitlement system that lets firms customize the levels of access for their staff.
“We work with our clients collaboratively to build out the appropriate roles of access that control what they're able to see, do, and trade effectively on the platform,” said Bondar.
Other redesigned tools in Envestnet Wealth Trading include a Portfolio Explorer menu interface as well as screens for Action History, Trade History, Order Review, and Order Management.
“We have some of our biggest clients already on the platform, and that's a really good proof point to get other firms comfortable,” said Davidson. “Although we know that trading is a very sensitive experience, and so by no means are we just absolutely forcing everybody onto the platform if they're not ready.”
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