Envestnet, a wealth management technology company, said Thursday acquired Upside, which provides registered investment advisers with online investment services, for an undisclosed sum. Upside advises and manages client investments on an automated platform. Executives from both companies said that the combination of Upside and Envestnet will help place RIAs ahead of their "robo-adviser" competition. (More: 3 'must do's' from the T3 Conference) "There's been a lot of attention around the robo-adviser," Bill Crager, president of Envestnet, said. "What Upside does is gives us that front end portal but behind the scenes, Envestnet has the infrastructure to help advisers perform." Envestnet will use Upside's portal for financial planning and investment management alongside its own services, which include portfolio analytics, reporting and account servicing. Juney Ham, co-founder and president of Upside, said Envestnet and Upside shared the same goals. "The visions are so closely aligned," Mr. Ham said. "We've been focused on building the next generation, we both support the same group of people and we both want advisers to win." Mr. Ham and Tom Kimberly, co-founder and CEO of Upside, will join Envestnet as senior vice presidents. Envestnet's Advisor Suite offers advisers management tools.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income