Chicago, IL, September 10, 2015—Envestnet, Inc. (NYSE: ENV) has successfully executed the first stage of integration between its ENV 2 platform and Finance Logix’s financial planning software.
Financial advisors using Envestnet and Finance Logix can now leverage the two systems to seamlessly create more holistic wealth management plans and, ultimately, generate more meaningful engagement with clients.
“Our platform development strategy consists of tightly integrating advisor applications in an open architecture environment,” said Jud Bergman, Chairman and CEO of Envestnet. “Advisors have been requesting a wealth management platform where financial planning flows into investment planning and portfolio management. Now that the integration of Finance Logix is underway, its goals-based approach to financial planning will empower advisors to deliver better outcomes to their clients and gain productivity.”
An automatic authentication process between ENV 2 (Envestnet’s next-generation platform) and Finance Logix has already been rolled out in the initial stage of the integration. Client accounts and financial plans in Finance Logix are subsequently updated with data imported from Envestnet on a nightly basis, enabling daily updates of financial plan scenarios. The nightly data updates allow advisors and clients to track account and financial plan progress—and understand the context of any changes—in real time.
In addition, advisors can now use the imported information to build a financial plan in Finance Logix, and then send data from individual client financial plan scenarios to ENV 2, where they can create a proposal without logging out of Finance Logix. This key integration enables advisors to put together more engaging and robust financial plans and proposals for clients in less time.
Envestnet acquired Finance Logix in May 2015, and deeper integrations between ENV 2 and Finance Logix’s software are expected to be rolled out before the end of this year.
“The combination of Finance Logix’s hybrid goals-based and cash-flow-based financial planning application with Envestnet’s broad suite of investment solutions, portfolio analytics, account servicing, and reporting capabilities will establish an end-to-end wealth management platform driving efficiencies and unlocking value for advisors and clients across the entire lifecycle of planning and investing,” said Oleg Tishkevich, Founder of Finance Logix and now Chief Technology Officer of Financial Planning at Envestnet.
“As a longtime user of Envestnet’s managed account platform and Financial Logix’s planning software, Securities America is pleased to see the integration of these two powerhouse solutions,” said Dennis King, Senior Vice President of Business Development at Securities America Advisors. “Our advisors can now create more holistic, goals-based financial plans with greater ease and efficiency, and monitor them more effectively.”
Envestnet has announced several deals in the past year, including the acquisition of Finance Logix, to further build out its unified platform. The firm completed a strategic investment in AlphaHedge Capital Partners, LLC in April to offer access to long/short equity strategies through separately managed accounts. In February, Envestnet acquired Upside, a provider of digital advice solutions, and leveraged the benefits of the acquisition by launching the Advisor Now™ digital advice portal in May. Envestnet also acquired Placemark Holdings, Inc., a leading developer of unified managed accounts (UMA) programs, in October, which positioned Envestnet as one of the top five UMA program providers.
Last month, Envestnet announced a definitive agreement to acquire Yodlee, Inc. (Nasdaq: YDLE), the leading cloud-based platform driving digital financial innovation. After the deal closes, Yodlee’s powerful data aggregation and analytics tools will empower advisors to provide a more informative and interactive digital advice experience for clients than ever before. The eventual integration of Yodlee’s software into ENV 2 will enable Finance Logix’s goals-based financial planning tools, as well as other offerings on the Envestnet platform, to produce an even more powerful picture of every end client’s financial health.
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.