Capabilities Integration Gives Advisors Comprehensive View of Client Accounts for Performance Reporting, Including Held-Away Assets
Envestnet, Inc. (NYSE: ENV), a leading provider of innovative investment and practice management solutions for financial advisors, and ByAllAccounts Inc., the financial advisors’ choice for data aggregation services, are pleased to announce a strategic partnership that gives financial advisors a new opportunity to grow client wealth and increase their assets under management through the Envestnet|Vantageä performance reporting solution. This strategic partnership delivers a comprehensive view of client accounts and performance reports on a variety of investable assets, including 401(k)s, 529 plans and annuities, within a single web-based platform.
Envestnet|Vantage’s™ performance reporting solutions make it possible for advisors to eliminate manual data entry and to advise on held-away assets. By easily incorporating client portfolio data with wealth management and performance reporting tools, the solution reduces time spent on administrative tasks and improves efficiency, transparency and the ability for advisors to present holistic views of their client’s wealth, including assets that are held away.
Advisors have already started to weigh in on the benefits of the new strategic partnership. “Before the Envestnet|ByAllAccounts relationship, there was no eloquent way to get access to accounts not in the Envestnet feeds, such as held-away assets,” said Kent Fitzpatrick, managing director of Asset Strategy Consultants – Boston. “The ByAllAccounts’ data aggregation technology automatically delivers the needed positions, transaction details and balances. Now we can view and monitor these assets daily as well as do performance analytics and this has changed the game completely. Where we have actively solicited clients’ held-away assets we have increased our AUM by 40 to 50 percent.”
“Advisors today are given a plethora of tools that enable them to deliver better customer service, increase productivity and focus on critical business needs. But without the flexibility to incorporate these tools into their systems advisors face unnecessary complications,” said James Carney, ByAllAccounts president and CEO. “Our strategic partnership with Envestnet® gives financial advisors the freedom to use our service within a familiar workflow that they already know, trust and use. They stay in control and don’t have to change a thing.”
“Envestnet® is committed to delivering industry leading reporting solutions that create value for advisors and their clients. Our relationship with ByAllAccounts further serves our mission by giving financial advisors robust tools to report, bill and provide advice on held-away assets,” said James Lumberg, Envestnet’s managing director for reporting solutions. “Our goal is to make it easier for advisors to provide holistic views of their client’s wealth and enhance the value of their advice while increasing assets under management. The level of access and insight that Envestnet|Vantage™ delivers gives advisors a competitive edge in an increasingly crowded field. ”
Live Webinar Thursday, July 19, 2011 at 2pm ET: Increase AUM and Gain Peace of Mind
Envestnet and ByAllAccounts will host a joint webinar. Learn how one advisory firm’s decision to outsource back-office functions and data aggregation led to increasing assets under management – and peace of mind.
To register, please visit: http://discover.byallaccounts.com/EnvestnetBAAwebREG.html
This webinar will cover how the strategic partnership between Envestnet® and ByAllAccounts delivers a comprehensive view of client accounts and reports on a variety of investable assets, including 401(k)s, 529 plans and annuities, within a single web-based platform. This webinar will feature Kent Fitzpatrick, Managing Director of Asset Strategy Consultants – Boston as he covers: Firm's challenge; Selecting an Outsourcer: Criteria and Process; Increasing Revenue Generation with Account Aggregation; Benefits Realized
About ByAllAccounts, Inc.
ByAllAccounts, the financial advisors’ choice for account aggregation since 1999, is the only service that retrieves, enriches and consolidates reconciliation-ready account data from any custodian. ByAllAccounts’ patented aggregation engine, through which hundreds of billions in assets flow daily, aggregates all client account data - from any source - within an advisor’s wealth management platform or trust accounting system for a truly comprehensive view. Thousands of advisors rely on ByAllAccounts to save administrative time and costs, mitigate risk associated with having incomplete information and grow revenues through client referrals and new business development. ByAllAccounts integrates seamlessly with all of the most popular wealth management platforms. For more information, visit www.byallaccounts.com.
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. is a leading provider of technology-enabled wealth management solutions to financial advisors. Envestnet's technology is focused on addressing financial advisors’ front-, middle- and back-office needs. Envestnet is headquartered in Chicago with offices in Boston, Denver, New York, Silicon Valley and Trivandrum, India. The firm has over $152 billion in total assets served and more than 925,000 investor accounts.* For more information on Envestnet, Inc. please go to www.envestnet.com.
* Data includes assets under management and administration and licensing agreements as of 3/31/2011.
For Envestnet®: Jami Schlicher
For ByAllAccounts: Leslie Swid