Envestnet

Wealthtech platform Envestnet has agreed to be acquired by private equity firm Bain Capital in a $4.5 billion deal that includes heavyweight investors like BlackRock, Fidelity Investments, Franklin Templeton and State Street Global Advisors.

Wealthtech platform Envestnet has agreed to offer its in-house unified managed account tools to BlackRock, Fidelity, Franklin Templeton and State Street to boost more customized direct indexing for advisors.

As technology advances, so does the cost and time it takes to deploy new tools. Some firms are choosing to build in-house, while others are partnering with vendors and more specialized tech providers.

Tech titans Envestnet and Salesforce said they are partnering to offer a broader, more streamlined platform for advisors.

As one of many providers of the existing and expanding capabilities, Envestnet is urging more financial advisors to consider after-tax optimization.

At least one industry consultant thinks the large fintech provider has lost its "innovative spirit" since Bill Crager took over from his fellow founder in 2019.

Speakers at FP’s INVEST Conference explained why recruiting and adoption of new tools loom so large over the future of wealth management.

Private equity firms have been using their war chests to go shopping for technology-focused financial services firms.

The TAMP has also created a new chief digital officer role to oversee improvements to the firm’s technology infrastructure.

The move for the company’s primary advisory accounts will cut costs for clients and build its fee-based business, President Elizabeth “Libet” Anderson says.