CHICAGO—October 5, 2016—Envestnet, Inc. (NYSE: ENV) today introduced technology solutions and consulting services that will assist advisors and enterprises in complying with the Department of Labor’s (DOL) Fiduciary Rule.
“Regulatory changes and other market forces are converging to transform the wealth management industry,” said James Patrick, Executive Vice President and Head of Advisor Services at Envestnet. “With the new DOL Fiduciary Rule requirements due to go into effect in April 2017, positioning advisors and enterprises to adapt to the changing regulatory environment is a top priority.”
Envestnet’s comprehensive Fiduciary Rule compliance solutions include the following:
- • Best Interest Assessment: Determining the client’s best interest requires a comprehensive understanding of a client’s financial situation and objectives. Envestnet delivers integrated client-permissioned account aggregation to support “knowing your client” and accelerate the on-boarding process. The Fiduciary Rule solutions also integrate with the leading financial planning providers.
- • Product Shelf Development: Investment Consultants from Envestnet | PMC provide chief investment officer (CIO) support and investment consulting services to enterprises and advisors to develop compliant investment portfolios and programs.
- • Account Documents and Disclosures: Enhancements to Envestnet’s new account and proposal technology will enable firms to meet the Fiduciary Rule requirements for account documentation and disclosures. These enhancements include:
- o Best Interest Contract Provisions and Disclosures
- o Investment Product and Program Expense Analysis
- o Fee Rationalization Illustrations
- o New Account Documentation and Retention
- • Enterprise Business Intelligence Solutions: Envestnet’s Vantage enterprise-level data aggregation solutions, combined with the data analytics and visualization capabilities of the Envestnet Intelligence platform, will deliver efficient and timely visibility into all of the investment products in service at an enterprise. This visibility is critical to help bring legacy assets into compliance with the Fiduciary Rule as well as provide ongoing monitoring and surveillance.
“We are building on a long history of empowering a fiduciary standard with integrated solutions—including financial planning and data aggregation—that enable advisors and enterprises to deliver advice that is in the best interest of investors,” said James Lumberg, Executive Vice President of Envestnet. “These latest enhancements to our platform and service offering help advisors and enterprises spend more time servicing clients and delivering better outcomes, with the added peace of mind that they are in compliance with changing regulations.”
Envestnet has made significant investments in resources and dedicated teams focused on providing advisors and enterprises with the tools they need to remain in compliance when the Fiduciary Rule goes into effect, including:
- • Thought Leadership: Delivering guidance and insights that help advisors and enterprises implement the Fiduciary Rule provisions.
- • Platform Enhancements: Providing state-of-the-art tools that enable advisors and enterprises to stay competitive and compliant.
- • Collaboration: Working closely with advisors and enterprises to provide the practice management support they need to remain in compliance with evolving regulations.
Additional resources and information about Envestnet’s DOL Solutions is available at http://www.envestnet.com/DOL.
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.
Envestnet’s Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practices. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 11 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.
Information provided should not be construed as legal or regulatory advice or guidance.