CHICAGO, Oct. 18, 2021 -- Envestnet announces that investment advisor (IA) reps affiliated with MML Investors Services, LLC (MMLIS) can now offer Envestnet Credit Exchange services to access residential real estate and unsecured consumer loan opportunities.
"The Envestnet Credit Exchange can help ease the transition for an advisory practice from an asset-centric enterprise to a firm providing a full range of financial solutions for clients," said Andrew Stavaridis, Chief Relationship Officer at Envestnet. "Credit is a key area of a consumer's financial life for advisors to be able to address—and through the Envestnet Credit Exchange, advisors and their clients can get a head start on the search for viable lending opportunities.
The Envestnet Credit Exchange provides MMLIS IA reps with access to a broad range of residential real estate and unsecured lending providers. MMLIS IA reps can introduce loan opportunities to their clients to help meet what is typically their largest loan—a mortgage—together with unsecured loans for funding virtually any other need.
According to the Federal Reserve Board of New York, mortgages comprised 69% of consumers' personal credit balances as of the end of the first quarter of 2021. At quarter-end, there had been 116 million credit inquiries made by Americans in the previous six months.
The Envestnet Credit Exchange helps wealth managers support more client financial goals, such as cash flow, education, home purchases and refinancing, business investments, and tax obligations.
MMLIS launched the Envestnet Credit Exchange—powered by the Advisor Credit Exchange (ACx), and available through the sponsor and advisor portals on the Envestnet platform—for residential real estate and unsecured lending solutions on a pilot basis earlier this year.
"By bringing asset management and liability management together in one platform, we are making it possible for wealth managers to work with clients to manage both sides of their balance sheets," said Peter Stanton, CEO of Advisor Credit Exchange. "The connections we foster can give advisors the power and confidence to advise clients on all aspects of lending and help them find the ideal credit solutions to address their needs."
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet 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. Nearly 108,000 advisors and more than 6,000 companies—including 17 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 Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.
About Advisor Credit Exchange, LLC
The Advisor Credit Exchange (ACx) is a technology-empowered network that brings together lenders and wealth managers, enabling investment firms and advisors to deliver financing solutions to build their clients' net worth and meet their financial goals. By integrating liability management with asset management and protection solutions, ACx has created new opportunities for advisors to help clients achieve financial wellness.
For more information on the Advisor Credit Exchange, please visit www.advisorcreditexchange.com.
Envestnet, Inc. has a financial interest and occupies board of director positions in the Advisor Credit Exchange. ACx provides lending solutions to advisors and their clients via the Envestnet platform through Envestnet's affiliate, Envestnet Financial Technologies.
Neither ACx nor Envestnet offers any loan products or makes any lending decisions. The funding and administration of all loans is undertaken by separate and unaffiliated financial institutions.
JConnelly for Envestnet