CHICAGO—September 10, 2020—After celebrating 10 years of being a public company in July, Envestnet, Inc. (NYSE: ENV) is commemorating the 20-year anniversary of its unified advice platform with a microsite featuring a timeline that highlights major growth and innovation milestones over the past two decades.
Since it first launched its Software-as-a-Service (SaaS) offering for wealth management in 2000, Envestnet has grown to become a leading platform and financial wellness network empowering advisors and financial service providers with innovative technology, solutions, and data-driven intelligence. Over 103,000 advisors across more than 4,900 companies—including 16 of the 20 largest banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest registered investment advisors (RIAs), and hundreds of FinTech companies—leverage the Envestnet platform to grow their businesses and strengthen client relationships.
Envestnet’s unique network was built through a multi-pronged strategy, which included organic initiatives, strategic acquisitions, and a core goal of integration. This is the same approach the firm employs today as it continues to disrupt the industry and deliver the technology advisors need to help their clients achieve their financial goals. To learn more about Envestnet’s 20-year journey, please visit https://www.envestnet.com/20/.
“As we celebrate two decades of enhancing financial advice and look ahead to more of the same, we want to take a moment to say ‘thank you’ to our clients, and the entire industry, for supporting us over the years as we worked together to help to improve the lives of more people,” said Bill Crager, CEO and Co-Founder of Envestnet. “Since our founding more than 20 years ago, Envestnet has and will continue to be a champion for wealth management professionals. We are guided by our mission to deliver cutting-edge technology fueled by intelligent data, which advisors need to drive better financial outcomes—and ultimately, make financial wellness a reality for everyone.”
Below are some of the key events and milestones from Envestnet’s first two decades:
- 1999—Envestnet Founded: Envestnet is founded by Jud Bergman, Bill Crager, Brandon Thomas, and Jim Lumberg. Together with a team of other seasoned industry peers, they begin development of a wealth management platform to provide advisors with the tools they need to compete in an ever-evolving marketplace.
- 2000—Investment Services: Envestnet launches its Software-as-a-Service (SaaS) unified advice platform for wealth management in 2000 with two major custodial partners. Headquartered in Chicago and with an office in New York, Envestnet starts small with only 50 employees.
- 2001—PMC Acquisition: Envestnet’s business begins to grow, as it signs service agreements with two major securities broker-dealers with nearly 5,000 financial professionals nationwide. The firm also acquires Portfolio Management Consultants (PMC), a pioneer in managed accounts.
- 2002—The First Advisor Summit: In 2002, Envestnet hosts its first national conference, the Advisor Summit, in Denver with nearly 200 attendees.
- 2004—Welcome Oberon & NetAssetManagement: Envestnet acquires Oberon Financial Technology and NetAssetManagement, two providers of innovative turnkey, unified wealth management solutions.
- 2008—Socially Responsible Investing: Envestnet introduces the first Socially Responsible Investing (SRI) platform in the industry—The Sustainability Platform™—giving financial advisors overlay capabilities to filter out inappropriate stocks from portfolios and choose from a selection of SRI products managed by pioneers in sustainable investing.
- 2010—Going Public: On July 29, 2010, Envestnet goes public, trading on the New York Stock Exchange under the symbol ENV.
- 2012—Welcome Tamarac: Envestnet announces the acquisition of Tamarac, the premier portfolio management platform provider for independent RIAs.
- 2015—Welcome Yodlee: Envestnet announces the acquisition of Yodlee, the leading cloud-based platform for data aggregation, data analytics, and personal financial management apps. This marks Envestnet’s first acquisition of another public company. The acquisition enables investors and the advisors who serve them to access and make better sense out of their disparate and complicated financial picture.
- 2016—Welcome Wheelhouse Analytics: Envestnet acquires Wheelhouse Analytics, a technology company that provides data analytics, mobile sales solutions, and online education tools to financial advisors, asset managers, and enterprises. By combining Wheelhouse Analytics’ tools with Yodlee’s industry-leading data and analytics solutions, Envestnet strengthens its data-driven insights that enable firms to better manage their businesses and deliver better outcomes to their clients.
- 2019—Welcome MoneyGuide: Envestnet acquires MoneyGuide, bringing the series of industry-leading goals-based financial planning solutions into its ecosystem.
- 2020—Continuing to Lead the Industry Forward: With the onset of the COVID-19 pandemic, Envestnet takes the lead on helping advisors adapt to significant changes in the industry and client expectations brought about by this crisis, publishing The Advisor’s Playbook for Leading Your Clients Forward.
“We’ve come an incredibly long way and we cherish and celebrate each ‘leap and bound’ made during our journey,” said Mr. Crager. “Today, our unified advice platform and financial wellness network empower advisors to expand their definition of advice to address their clients' entire financial lives—a paradigm which embodies the future of wealth management. We are beyond proud to be already delivering it.”
Envestnet, Inc. (NYSE: ENV) is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions, and intelligence to make financial wellness a reality for everyone. Over 103,000 advisors across more than 4,900 companies including 16 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies, leverage the Envestnet platform to grow their businesses and client relationships.
JConnelly for Envestnet