CHICAGO—May 16, 2018— Envestnet introduced today the Envestnet Insurance Exchange, a program that integrates insurance solutions into the wealth management process on the Envestnet Platform to further streamline and enhance advisors’ ability to deliver the lifecycle of advice. The offering was announced today during the Envestnet Advisor Summit, which is currently underway at the Ernest N. Morial Convention Center in New Orleans.
The Envestnet Insurance Exchange will seamlessly connect select insurance carriers and established account processing vendors with Envestnet enterprise clients, allowing advisors to deliver cohesive and consistent holistic advice by incorporating insurance solutions into the wealth management process. The exchange will service large financial institutions including bank wealth management, independent advisors, broker-dealers and Registered Investment Advisors (RIAs), among others. It will offer fixed, fixed-indexed, variable, contingent-deferred, and private placement annuities with leading insurance carriers.
“We’re launching the Envestnet Insurance Exchange in response to the growing demand for integrated advice and the growing need for retirement income solutions,” said Bill Crager, President of Envestnet. “Our mission at Envestnet is to help advisors not only streamline their wealth management practice but to also help them guide their clients towards their financial goals. The Insurance Exchange does both of these things.”
Insurance solutions offer several advantages to goals-based investing including: tax deferral, death benefits, guaranteed income, principle protection and estate planning.
Through the Envestnet Insurance Exchange, advisors will benefit from:
- - A curated selection of next-generation, fiduciary-focused insurance product
- - Insurance solutions tailored to the investor’s needs
- - Fee-based and commission-based insurance offerings
- - Simplified fee structure with increased transparency and liquidity
- - A guided selection process helping to ensure the product fits the benefit needs
- - An integrated solution to streamline workflows with carriers on one platform
The Envestnet Insurance Exchange will be available through various tools and features within the advisor portal of the Envestnet Platform later this year. Financial advisors will need an insurance license to introduce insurance products. For those advisors who are not licensed, Envestnet will be offering a service called Guidance Desk that will allow unlicensed RIAs access to the consulting and fiduciary services that would enable them to use the Insurance Exchange. This service is still in development.
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software for advisors. Envestnet | Retirement Solutions provides an integrated platform that combines leading practice management technology, research, data aggregation and fiduciary managed account solutions.
More than 87,000 advisors and 3,000 companies including: 16 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences and help drive better outcomes for enterprises, advisors and their clients.