Turnkey asset management platform and adviser technology giant Envestnet is making a minority investment in registered investment adviser network Dynasty Financial Partners to launch a new product it calls the Advisor Services Exchange.
With the Exchange, Envestnet clients can access some of the business development support Dynasty provides its members, including access to growth capital, business management tools, marketing and outsourced chief financial officer services.
When asked for details on the investment, a spokesperson on behalf of Envestnet said, "This is a non-material minority investment for Envestnet, and we don’t have further details to share."
By offloading business development tasks, Envestnet head of wealth strategy, Aaron Bauer, believes the Exchange will help advisers focus more on working with clients.
"Through the Advisor Services Exchange, we believe Envestnet's clients will be able to save time on day-to-day business management activity, and bolster their services to deliver comprehensive, unified advice," Mr. Bauer said in a statement.
The firms did not specify when the exchange would launch, or how much it will cost advisers.
Envestnet serves more than 100,000 advisers at some of the largest banks, broker-dealers and RIAs. Dynasty counts 45 independent RIAs on its network, managing a cumulative $40 billion in client assets.
The two firms have long enjoyed a close partnership.
"When we founded Dynasty over nine years ago, Bill Crager and Envestnet were there for us in the early days and have been with us every step of the way as we have grown the business," Dynasty CEO Shirl Penney said in a statement. "I am looking forward to partnering with Envestnet, a firm that stands alone as a pioneer in wealth management technology and investor intelligence."
Envestnet also announced the addition of O.N. Investment Management Co. to its Insurance Exchange, which provides advisers access to annuities on the Envestnet wealth management platform, and added TD Bank,
Nationwide, First Citizens Bank and LightStream (a division of SunTrust) to its Credit Exchange, which enables advisers to offer pre-qualified loans to clients.
Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."
FINRA has been focused on firms and their use of social media for several years.
RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.
The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.
Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
