Envestnet founder and CEO Jud Bergman killed in automobile crash

Envestnet founder and CEO Jud Bergman killed in automobile crash
Co-founder Bill Crager was named interim chief executive.
OCT 04, 2019
Envestnet CEO Judson Bergman, 62, and his wife, Mary Miller, were killed early Thursday morning in an automobile accident in San Francisco. Mr. Bergman founded Envestnet in 1999 to create a software desktop for independent financial advisers. Envestnet released a statement early on Friday: "On behalf of our Board of Directors, management team and employees, we extend our deepest sympathies to Jud and Mary's family. As Envestnet's founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet's success." [Recommended video: Envestnet's Bergman: A simple strategy in a time of change] Today Envestnet is the market leader among turnkey asset management providers with a 36.7% market share, according to Cerulli Associates. Envestnet serves 3,500 institutional clients, counts 96,000 financial advisers on its platform and serves more than $3 trillion in assets. [More: Jud Bergman: Defining the standard for data stewardship] The car accident occurred around 12:30 a.m. when an intoxicated woman driving the wrong way on the highway collided with a taxi carrying Mr. Bergman and his wife, according to the Associated Press. The intoxicated driver and the taxi driver were also killed in the accident. Envestnet's board of directors has enacted the company's emergency succession plan and appointed Bill Crager, co-founder and president of Envestnet and chief executive of Envestnet Wealth Solutions, as interim CEO. Ross Chapin, lead independent director of Envestnet's board of directors, will serve as interim chairman of Envestnet's board. [More: Advice industry reacts to Jud Bergman's death]​ "We have all experienced a great loss at Envestnet," Mr. Chapin said in the company statement. "While it is difficult to imagine anyone replacing Jud's vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend, Bill Crager, to carry on in Jud's place. Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days. Jud was a giant as a businessman and human being. We will miss him immensely." Mr. Bergman was included in InvestmentNews' inaugural list of industry innovators in 2016. Ms. Miller was the founder of Hanover Hill Wealth Advisors in Chicago.

Latest News

Farther debuts AI investment proposal tool for advisors to win clients
Farther debuts AI investment proposal tool for advisors to win clients

"Im glad to see that from a regulatory perspective, we're going to get the ability to show we're responsible [...] we'll have a little bit more freedom to innovate," Farther co-founder Brad Genser told InvestmentNews.

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

Are you optimally efficient?
Are you optimally efficient?

Taking a systematic approach to three key practice areas can help advisors gain confidence, get back time, and increase their opportunities.

Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida
Advisor moves: Father-son duo leaves Raymond James for LPL, RayJay adds Merrill Lynch alum in Florida

Meanwhile, Osaic lures a high-net-worth advisor from Commonwealth in the Pacific Northwest.

Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B
Beacon Pointe adds six RIAs in two-month acquisition spree, boosting AUM by $2.7B

The deals, which include its first stake in Ohio, push the national women-led firm up to $47 billion in assets.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.